Although each person’s individual estate might look different, there are several common elements of basic Michigan estate planning that apply to pretty much everyone. In general, the process of estate planning in Michigan refers to the arranging and anticipation of management of a person’s assets and healthcare during their life, through potential incapacity or incompetency, and after their death.
A typical estate in Michigan probate may include many different types of assets which can be passed on to beneficiaries and heirs using estate planning tools like trusts and wills.
Typical Michigan estates include dividends, bank accounts, real estate, insurance proceeds, retirement accounts, bonds and stocks, vehicles, and personal property. If you pass away with no estate plan in Michigan, the State is responsible for creating one for you through the courts based on existing laws. The State looks to statutory guidelines to determine how your property will be distributed. This form of probate is called intestate succession. In Michigan, if you die without any planning or with just a will, your estate will go through the probate process.
The process of Michigan probate can be public, expensive, and slow. This is why it is often recommended for people living in the state of Michigan to consult with an experienced and dedicated Michigan estate planning attorney.
No matter the size of your Michigan estate, you deserve to get your questions answered and to verify that your estate planning documents are fully updated and relevant for your needs.
Estate planning often goes far beyond a Will, even though the Will is the cornerstone document. Schedule a consultation today with a dedicated and experienced Michigan lawyer.