Now is a great time to make your estate plan

On Behalf of | May 20, 2020 | Estate Planning |

If you have switched on the news or opened a paper in Michigan recently, one thing is clear: Many people are dying before they expect to. 

Knowing that you are going to die one day, it is essential to prepare for the unexpected. If you have time on your hands, this could be the ideal moment to work out your estate plan if you have not got around to it before.

Estate planning may sound like a complicated process. That may be the reason you have kept putting it off. Nevertheless, like completing your tax form each year, action taken now can save a lot more work later. Only in the case of estate planning, it is not you that will have to do that work later, but your family and beneficiaries, if you fail to take action now.

Speaking of taxes, if you need a reason to get your estate plans in order sooner rather than later, taxes could be it. Proper estate planning can reduce the taxes paid on the property and assets you hope to pass on. Failure to plan your estate early will mean more money goes to the taxman and less to your family. 

A well-made estate plan can also reduce the likelihood of family feuds that could result if your intentions are not made clear and put down in a legal document. 

A Sterling Heights attorney can explain how Michigan inheritance law works and guide you through the process of creating your estate plan.