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Michigan estate planning: unique, varied in every instance

On Behalf of | Oct 23, 2020 | Estate Planning

There’s just something about the estate planning realm that breeds procrastination and a maybe-later mindset among many prospective planners in Michigan and nationally.

What promotes the disinclination among legions of would-be planners to timely and purposefully act concerning subject matter they know is important?

Industry commentators sometimes point to a few core misconceptions concerning the legal realm that are common among the general public.

Here’s one: Estate planning is just not for me.

Candidly, that is a view proven false in huge numbers of instances each day across the country. In fact, a sound and tailored estate planning strategy can meaningfully address scores of relevant life concerns for a huge demographic. Planners often focus upon key matters like these:

  • Asset preservation and the handing down of property to future generations
  • Protection of young children through guardian selection, special needs trusts, life insurance policies and more
  • Lawful avoidance of taxes relevant to asset transfer
  • Safeguarding of privacy interests
  • Dampening of potential family conflict through timely planning and candor
  • Business succession
  • Power of attorney designations relevant to financial and health care matters in the event of disability
  • Gifting, charitable outlays and family legacy concerns

Another misconception that is common in the planning sphere is one entertained by many people who do concede that crafting a plan does promote important goals.

That is this: Most plans are essentially boilerplate, and I can get by with a cookie-cutter set of forms and documents.

The above and highly diverse bulleted list of planning matters instantly belies that view. Every individual and family is flatly unique and has a singular set of concerns and goals when it comes to the planning process.

A proven estate planning legal team can provide further information.

Estate planning 101

There’s a certain sadness sometimes associated with estate planning. It can be painful to consider our own mortality, which is why so many people delay this vital process. After all, it’s easy enough to say, “I’ll get to it tomorrow.” That is until something goes...

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