You are told that everyone should have an estate plan regardless of their assets. But can you wait until you are old to create one? What if you decide not to have a plan or die before developing one?
Your Estate Is in the Hands of the Government
If you die without an estate plan, it will be up to governmental employees you have never met to process your estate. In that case, your assets may end up being placed with family members who you do not wish to have any of your belongings.
You can avoid this situation by filing an estate plan; it is never too soon. Tragedy can strike anytime without warning, and filing an estate plan can help family members and friends cope with their loss as well as avoid any disagreements regarding your estate.
What if I Die Without an Estate Plan?
According to Michigan’s intestate laws, your estate will be wound down and distributed to heirs. In layperson’s terms, the government will make decisions about your assets and property that may or may not align with your wishes. Therefore, the only way to make your voice heard is to have an estate plan.
Consider Your Family and Friends
Losing a loved one is hard on family members and friends, and the last thing they may want to do is worry or disagree about your estate and how it will be divided. By filing an estate plan, you can help ease the minds and hardship placed on family and friends, giving them mental security knowing your belongings are divided according to your wishes.
Contact a Michigan Estate Planning Attorney to Protect Your Wishes
These are many more reasons and situations when having proper estate planning in place would be beneficial. Even if you don’t own much, having an estate plan in place protects both your interests and those of your family. On the other hand, those with complex estates and a high net worth have additional special considerations when creating their will, trust, and tax planning. The State of Michigan has resources to assist you with getting your affairs in order, but it’s extremely important to consult with an experienced estate planning attorney to set goals that work for your situation. Contact us today to learn more.