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Myths About Estate Planning
September 18th, 2017
Many members of the general public consider estate planning to be expensive, morbid, and exclusively for rich people. The fact is that nothing could be farther from the truth. It is in your best interest, and in your family’s best interest, for you to have a comprehensive estate plan that protects your assets for the future generation and sets forth your wishes for your remaining assets. In this blog post, our goal is to disprove some of the common myths about estate planning and show how important estate planning is to your family.
First, many people tend to think that only rich people need an estate plan. Estate planning is not just for the wealthy; it provides many benefits to your family, regardless of the amount of assets or property you own. The goal of estate planning is often to protect property and ensure that it goes to the people you choose, but it also serves others goals. Estate planning can allow you to make provisions for minor or disabled children, your pets, and the care that your spouse may need after you are gone. By engaging in estate planning, you can ensure that you made your wishes clear and took care of your family.
Next, some people believe that if they don’t have a will or trust when they die, then the state of Michigan will end up with all of their property instead of their heirs or surviving family members. This is simply not true in the vast majority of cases. Michigan intestacy laws, which only come into place if you die without a will, determine how your property will be distributed. These laws are designed to give your closest surviving relatives your property, or to remote relatives if no closer relatives exist. In the rare case that an individual dies without any surviving relatives that can be found, property would go to the county in which he or she was living at the time of death.
These are just a few of the myths that exist about estate planning, but they illustrate how important it is to have actual knowledge about estate planning and how it works. At Legacy Law Center, we dedicate our practice to protecting your interests, as well as the interests of your family through the estate planning process. Creating a comprehensive estate plan that meets all of your needs is no small task, and we know that you will need guidance in navigating through this often complex process. Call our Ann Arbor office today to set up an appointment and learn how to best protect your small business.
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