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March 2014 Archives

An unwritten estate plan may cause confusion later

Many people in Michigan may believe that it is not necessary for them to put their estate plan on paper. They have made their wishes known to their spouse and other relatives, so when the time comes, their assets will be quickly and quietly distributed according to their wishes, right? So why go through the time of writing up a will, trust or both with an estate planning attorney?

Not making an estate plan can be irresponsible

Studies show that only 35 to 45 percent of people in the U.S. have a will. Creating an estate plan can be uncomfortable, so many people in Michigan avoid doing so. It is understandable. Few like to contemplate their own death. Others may be worried about disappointing a potential heir by leaving him or her less than expected.

When a change in a parent's estate plan is suspicious

One of the nice things about establishing an estate plan is that it is not set in stone. You can amend the terms of your will, trust and other aspects of the plan at any time. As life goes on and people come in and out of your life, it is a good idea to review your estate plan from time to time, to make sure it still reflects your wishes.

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