At the time of your death, your estate consists of your financial assets, real property, and tangible personal property (i.e., jewelry, furniture, etc.). Planning ahead for what will happen to your assets after your death can provide peace of mind for both you and your family. Failing to plan can lead to confusion and frustration for your loved ones. Without a plan, Michigan law will direct your assets to your closed living relatives, but the specific details of who gets what will be out of your control.

In addition to providing details on how your assets will be distributed upon your death, an estate plan will also ensure that all loved ones including spouses, minor children, grandchildren, disabled family members, etc. are provided for appropriately. A properly drafted and executed estate plan will not only minimize the stress experienced by family members following your death, but it can also avoid the tedious probate process and minimize tax liabilities.

All individuals who own assets should consider an estate plan; for those with significant wealth, an estate plan is a necessity.