The very human tendency to avoid thinking of our mortality leads us to similarly put off creating an estate plan for when we pass. We all know we should address this issue, and the older we become, or when something happens to a friend or relative, the anxiety level goes up. Instead of simply ignoring the situation, why not make decisions now and takes steps to provide comfort and stability for your loved ones.
Choose your BeneficiariesIf you pass without a will or trust, which is termed dying “intestate,” you forfeit all ability to decide how your estate will be divided. Without a written instrument from the deceased, the state of Michigan has a statutory scheme of how assets are to be distributed. Not only are the specific heirs determined by law, so too are the percentage share each will receive.
Avoid Probate
If your estate is required to go through probate, statutory fees based on a percentage of the value of your estate must be paid. Strategic planning during your lifetime through such vehicles as a living trust, use of non-probate transfer options and other techniques can significantly reduce the cost and delay of probate or eliminate it entirely.
Control your Destiny
Determine how and in what manner your final disposition will take place. Determine who will take charge of your business matters if you become temporarily incapacitated. Determine what medical procedures you want to receive and those you choose to reject in the final days of your life. In short, take control of your destiny.
Contact an Estate Planning Lawyer in Ann Arbor MI for Legal Advice
For information or to set up a free consultation on any estate planning matter, visit Hermanowski Law.
