Skipping out on the possibilities associated with an estate plan only serves to make things more difficult for your loved ones. Plenty of studies have detailed just how many people overlook the importance of having a will or an estate plan.
Approximately half of Americans over age 55 don’t have a legally binding answer to what happens to their property if they pass away, according to a new study released by Merrill Lynch and Age Wave. Financial planners have been reporting problems prompting older clients to get their estate planning in order.
Many of these clients are uncomfortable talking about an unpleasant subject. But other problems might prevent people from being able to sit down and do important estate planning tasks. For example, if parents cannot agree on who they want to be named as guardians of their children, the parents might put off a will until a future date when they might be able to come to a conclusion. The risk of putting things off is that the process might be ignored altogether. Many other people find themselves getting frustrated or confused by complexities associated with estate planning decisions.
A worst-case scenario is when a person begins to draft a will or attempts to create one online but does not have the appropriate forms or materials, resulting in an invalid document. Articulating your wishes through a clear will is one of the most important steps you can take in crafting an estate plan. Scheduling a consultation with an estate planning attorney in Michigan is the first step in outlining what you hope to happen after your passing so that your loved ones are protected.