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If you own assets in your name alone, they may pass from you to the people you love, as long as you leave a Will. Without a Will, your assets pass according to the State’s rules, also known as intestacy. The State may not pass your assets to the people you care about.
A Will is just instructions to the Probate Court on how to distribute your assets… And an opportunity for attorney’s to charge you more money. Consider that there may be a better way to do things! Come to a LifePlan™ workshop and learn how to Avoid Probate.
Planning for your estate is a smart idea; if you do not make a plan for what will happen to your estate – another word for your assets and property – then the future of your estate will be uncertain. While Michigan law will still allow your estate to go to your closest relatives, who gets what will be out of your control.
In addition to making it clear how your assets will be distributed upon your death, estate planning also allows you to ensure that your loved ones are provided for, including a spouse, minor children, grandchildren, or disabled family members. An estate plan can also minimize the stress experienced by family members when you die, and avoid the tedious probate process. An estate plan that is well-devised can also minimize tax liabilities, too.
Do not put your future at risk; if you do not have an estate plan already, the time to create one is now. We can help – contact us today!