A person may own a lot more than they initially think. For example, a Michigan resident who does not own a home and has a modest income may not believe that they actually need an estate plan. However, they likely have many items of personal property, checking and savings accounts, and maybe even retirement investments that will need to be distributed upon their death.
Estate planning is important
The failure to have a will in Michigan is not an absolute disaster, especially when a decedent wanted to have an outright distribution of assets to their children.
Do you need a generation-skipping trust?
If you are a Michigander seeking ways in which to pass your estate down through your family, you may wish to consider establishing a generation-skipping trust. These trusts generally designate your grandchildren as beneficiaries, thereby bypassing your children and saving your estate the double estate taxes it would pay if your children first inherited followed later by your grandchildren.
Wills have strict requirements
Disposing of property and assets after death must be done following strict legal requirements. To avoid legal disputes, wills must comply with numerous legal requirements. First, rules govern their signature and execution. While these rules may appear unnecessarily formal, any flaw can lead to a will contest or invalidation.
