No one wants to think of their passing, but residents of Michigan should take the time and effort to make a plan regarding what to do with their assets when they die. If someone dies without a will, the state is in charge of distribution, and there is a progression of who the assets are passed to. To avoid complications or legal battles among intended heirs, it is always a good idea to have a legal document detailing how your assets should be allocated.
What is an advance directive?
It does not matter what age you are, all adults in Michigan should have an advance directive. This includes legal instructions for what decisions should be made medically if you are unable to do so yourself. Hopefully it will never be needed, but in the event you are in an extreme medical situation it is an important document.
Are you considering setting up a special needs trust?
If you have an adult child who has a disability, you want to be able to provide for him in the best way possible, in terms of his physical, mental and financial well-being. As parents, your biggest worry may be how to ensure he is well cared for after you are gone.
When and how to change beneficiaries
People in Michigan who have a will should regularly review the assets in it as well as the named beneficiaries. This is especially true during life-changing events, as this may call for the need to make changes regarding who the property and other assets are left to. This can save a lot of heartache and legal battles later on down the line.
Choosing the right beneficiary for your retirement account
The beginning of the year is a good time for people in Michigan to review their estate and ensure the right beneficiaries are named. Retirement accounts are often one of the biggest assets one can pass to an heir, and there can be costly tax-related mistakes if not done correctly.
