It is common for people to believe that estate planning is only for those with a lot of money or large assets. However, an estate plan can be for anyone in Michigan. In fact, even you do not have a lot of money, there are some times when a plan is very important. Fidelity explains that if you have children, you should definitely have an estate plan.
An estate plan helps to provide for your children after your death. If they are minors, it can help establish guardianship. Even if they are not minors, it can help them with settling your estate, including outstanding debts and managing any property you own.
If you die without a plan in place, the state steps in. What the state decides to do may not be what you wanted to happen. However, without a legal declaration of your intentions, the state can only follow the law when distributing assets and handling the custody of minor children.
An estate plan is protection for your loved ones. It will help to ensure your wishes are known and carried out when you are no longer there to do so yourself. Furthermore, it is the best way to help eliminate frustration and issues for your loved ones upon your death.
If nothing else, you should at least have a will. If you do not have a lot of assets or money or minor children, a will is still a good idea. It can lay out what you want done with the things you do have. This information is for education and is not legal advice.