Drafting four important documents and keeping them current is an essential part of estate planning that protects individual, allow them to take care of themselves when they are alive and provides protection for their heirs. Age or net worth are not barriers to having these documents.
We do a wide variety of things to protect ourselves. We take precautions, make detailed plans, purchase insurance and even set up security systems. However, what about taking steps that also protect our loved ones at the same time. When it comes to your assets and property, it is important that these are passed on to the correct heirs and beneficiaries. Thus, wills and trusts are drafted to memorialize your wishes, ensuring that they occur at the time of your death.
Developing an estate plan can serve many purposes for residents in Michigan and elsewhere. While the documents contained in an estate plan could help individuals and their heirs sort through difficult decisions at the time of or after a loved one's death, it is important to understand that by simply drafting an estate plan, the probate process can be bypassed or eased.
Jerry Lewis was a popular entertainer that appealed to individuals across different generations. Michigan fans of the recognizable star may have been surprised to learn that he passed away just last month from heart failure. Lewis was 91-years-old at the time of this death and left behind a wife, six children born from a prior marriage and an adopted daughter from his current marriage.
Life can be rather complex. It is difficult to pinpoint all the important facets, especially when it comes to protecting your future and the future for your heirs and beneficiaries. Because we are living in the digital age, estate planning means more than bequeathing your physical property and assets to heirs and named beneficiaries. An estate plan today needs to consider you existence online and how to protect those interests.
There comes a point in every person's life when they need to take steps to protect their assets and their future. While this can happen earlier in life for some, most people hold off drafting an estate plan far too late in life. No matter when an individual in Michigan decides to begin the estate planning process, it is important to understand what the process entails and what can be done on their part to ensure that their interests and rights are well protected.
As a previous post highlighted, the estate planning process often revolves around various desires and expectations. For some residents in Michigan, this means carefully drafting an estate plan so that they can avoid the probate process. While probate is not an entirely negative process that must be avoided, it can be long and costly. And, if you seek to help out your beneficiaries after your death, it is possible to take specific measures to help ensure that probate can be avoided.
Avoiding probate is a common desire by many testators. Therefore, it is important to understand how this could be accomplished and whether taking such measures is in the best interests of the estate plan.
While thinking of one's demise is certainly not the most pleasant thought, having all Ts crossed and Is dotted is crucial to everyone's life plan. A solid estate plan can be an extremely helpful in the event of a family member's death in that it can remove the stress of the unknown. Even with its helpfulness, however, there are still many aspects estate planning that may be less understood than others.
While the estate planning process is used by many residents in Michigan to prepare for what will happen to assets upon death, it is often difficult to prepare for what could occur if the probate process is initiated. When heirs and beneficiaries hear that the estate administration has begun for a deceased loved one, those individuals may expect to receive what the will details. However, if a will doesn't touch on all assets and properties, the probate process must occur.