People spend their adult lives worrying about their loved ones. People go to work to afford the things they need for their families. They take care of their homes to provide their children with a stable and happy environment to grow up in. And, they save money to provide the best future possible for themselves and the people they love.
Many Michigan residents were undoubtedly devastated when they learned that the musician Prince had died. The gifted vocalist and guitar player had a recognizable style and presence that was well-known by even those who may not have been big fans of his music. Though news of his untimely death dominated many media outlets in the wake of his passing, an interesting fact about his estate emerged in the weeks following his death.
Many people in Michigan know that they need to have an estate plan in place in order to pass property from themselves to another. However, many people never actually take the opportunity to develop an estate plan during their lifetime.
Life is full of unforeseen circumstances. No one really knows what will happen today, tomorrow or well into the future. People can only try to be as prepared as possible for adverse events. While older adults may be prepared for their death, many younger adults are not. Thinking about a person's own death is not often pleasant. Instead, people want to push that possibility to the back of their minds and worry about it later. However, when it comes to estate planning this can be a mistake.
Famed billionaire Kirk Kerkorian spent his life investing in a variety of businesses across the United States -- including in the automakers that have made parts of Michigan so famous. He was also key in developing many properties in Las Vegas and many businesses in other industries throughout the United States. However, last June Kerkorian died at the age of 98.
Many Michigan residents go to great lengths to create an estate plan. An estate plan can be a comprehensive set of documents that dictate how a person's assets and affairs should be handled following the person's death. While creating an estate plan is a valuable undertaking, it should not be something that is only done once in a person's life. An estate plan needs to be an evolving set of documents that take new life situations into account. In particular, it is important for individuals to review their wills following major life events.
Older Americans can face a variety of health problems. As America's baby boomers age, these problems are becoming more prevalent in our society. One of the most devastating diagnosis that a person can receive is that of dementia. Dementia occurs when adults are diagnosed with a variety of diseases. These diseases can include Parkinson's disease, Alzheimer's disease and other disorders. People with dementia are often unable to live independently or to make decisions in their best interests.
Michigan residents need to plan for the future. This doesn't just include planning for the coming days and weeks, but also for the longer-term. They need to plan for their deaths, for example. Estate planning and administration are important topics for Michigan residents to consider. People need to plan to ensure that their families are taken care of when they are no longer around.
For many Michigan residents, estate plans may be in the back of their minds. Many people may recognize that it's important to have an estate plan in place, but they never take affirmative action to complete one. However, individuals should know that estate plans are not just important for one person, but they are important for the entire family.
Many Michigan residents understand the importance of having a will. A will can help people allocate their personal property and distribute assets once they have passed away. With the will, people can sometimes ensure that their family members are taken care of long after they are gone.