There is a great deal of information available on the internet concerning the issues that parents may face that require a solid estate plan. The volume of storylines addressing estate planning for young parents may seem to suggest that married couples without kids need not be as concerned about their legacies. In reality, estate planning for people without children is vitally important.
You Can Decide Who Should Inherit From Your Estate
Without a tailored estate plan, the state of Michigan will decide how to distribute your assets should you pass away unexpectedly. In general, your spouse will typically inherit your entire estate. While most couples may find this step acceptable and elementary, an individual may be surprised to learn that the estate will then pass to the family of the surviving spouse's family, leaving the first spouse's family completely disinherited.
- To the government through paying taxes
- To relatives and friends
- To a favorite charity, or many charities
Creating a tailored estate plan may help you to minimize taxes -- providing a larger amount to the people and charitable organizations that you care about. Moreover, you decide how your legacy should be handled. Even if you are in good health, accidents occur without warning and can give the state the power to control your estate. Similarly, passing without a will or other estate tools in place may create friction among your loved ones, leading to an increased potential for probate litigation.
Healthcare Decisions And Financial Powers Of Attorney Should Be Considered In An Estate Plan
Accidents, or a sudden medical emergency, can also leave otherwise healthy adults incapacitated for a short or long period of time. Michigan law allows you to designate who should make important decisions and manage your finances should you be unable to speak for yourself through financial and healthcare powers of attorney. Many married people choose their spouse, but having a backup plan available should your spouse also be incapacitated can give you peace of mind the your wishes will be understood and followed.