Getting started on your financial plan

On Behalf of | May 10, 2022 | Estate Planning, Uncategorized

You don’t have to dread getting started on your estate plan in Michigan. This is not a process that, by nature, needs to be lengthy, tedious, and contentious. The whole point of drawing up an estate plan is to protect and provide for your loved ones. It’s a way of ensuring your wishes are carried out after you pass.

You need to get your priorities straight

The process of estate planning will involve identifying all of your assets and making provisions to divide them in a fair manner after you pass. You need to make sure there is enough money in the plan to provide for the needs of all of your loved ones.

You will then need to identify the main goals that you want to achieve with your estate plan. Part of the money may pay for your funeral expenses. Part of it may cover your children’s higher education. Some of it may go toward the well-being of your current spouse.

Your estate plan may need periodic changes

There are certain crucial items that will need to be a part of your estate planning checklist. All of the assets that you wish to be divided among your heirs should very naturally be included. However, this checklist can be subject to change over time. You need to be sure to update your final estate plan document to take account of alterations that need to be made.

You may have children or grandchildren born that need to be taken care of. You may also get divorced and then remarry. If this is the case, you need to change your estate plan to protect your current rather than your former wife. A periodic check of your plan may reveal other changes that need to be made.