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.
While our loved ones might have carefully crafted an estate plan, making it easy on beneficiaries and heirs during the estate administration process, this does not mean that the probate process is not needed. Although many residents seek to utilize tools to avoid probate when drafting an estate plan, this doesn't mean that the probate process is something that is bad to go through.
There are many considerations that people make as they plan their estate. Estate planning can be a complicated and extensive undertaking. There are details that people may not consider as they move forward with the process, and dealing with them may seem tedious. However, ignoring the small details can lead to significant challenges for family members following an individual's passing.