Top 10 Advantages to Michigan Estate Planning
1. Provide for your loved ones.
Individuals want to ensure their surviving loved ones are provided for after they pass. Particularly those persons with children under 18 should have a Michigan estate plan nominating personal guardians for their minor children, and making other provisions for the continued care, education, and upbringing. Otherwise, a Michigan court will decide without your input where your kids will live, and who will make important decisions about their money, education, and way of life.
2. Transfer your Michigan property to your beneficiaries quickly.
Having a proper Michigan estate plan in place may avoid Michigan probate court oversight of your property’s transfer to your chosen beneficiaries, sparing your beneficiaries costly, time-consuming, and unnecessary delays in accessing their inheritance.
3. Plan for your incapacity.
A Michigan estate plan should include documents to help you prepare for your own possible mental or physical incapacity. A Michigan living will, and a Michigan health care power of attorney may enable you to decide in advance about life support and appoint someone you trust to make important decisions for you about medical treatment. Likewise, a Michigan financial power of attorney can be an effective document to make your wishes know regarding your finances.
4. Minimize expenses.
Good estate planning can keep the cost of transferring Michigan property to your heirs as low as possible, leaving more money for your beneficiaries at the end of the probate process.
5. Choose executor for your estate.
A well written Michigan last will and testament will help ensure that the executor of your choice has the necessary authority under Michigan law, which can save money, reduce the burden on your survivors and simplify the administration of your estate through the Michigan probate process. The person you select as your executor will be responsible for filing your Michigan last will and testament with the Michigan probate court.
6. Ease the strain on your surviving loved ones.
Your Michigan estate plan may include provisions for your funeral arrangements that can relive the burden fro your grieving survivors. You can specify if you which to be buried or cremated and any final arrangements you have made in advance. If you have already purchased a funeral plot in a Michigan cemetery, your estate should also make this known.
7. Provide help for a favorite cause.
Though your Michigan estate plan, you can help support religious organizations, educational and other charitable causes, either during your lifetime or upon your death, and at the same time take advantage of Michigan tax laws designed to encourage charitable giving.
8. Reduce conflict among your heirs.
Having a well thought out Michigan estate plan is an excellent way to reduce potential conflict among your heirs. The passing of a loved one is a stressful time, having a clearly written Michigan last will can go along way to preventing conflicts between those you wish to benefit.
9. Provide for people who need help and guidance.
Do you have an elderly parent living in Michigan, child or loved one with special needs, or a grandchild whose education you want to assure? You could establish a special trust fund under Michigan law for family members who need support that you won’t be there to provide.
10. Make sure your business continues smoothly.
If you own a Michigan small business you can provide for an orderly succession plan and continuation of your Michigan business by clearly spelling out what will happen to your business interest through your Michigan estate plan. In Michigan small businesses represent a significant portion of an individuals estates, making sure that your business interest passes clearly is just as important as the instructions you provide regarding bank accounts, real estate or life insurance.