Estate planning provides for your family after your death

Do you know what happens to your money and other assets when you die? If you do not have a will in Michigan, your estate will go to probate, which can be time-consuming and expensive. It also means that distribution of your assets may not occur as you wish. At Vandervoort, Christ & Fisher, P.C., our experienced team helps clients create wills, trusts and other aspects of an estate plan that is valid, per state law.

According to U.S. News & WoMichiganrld Report, estate planning is critical for unmarried couples and blended families. The court awards assets to biological family members, without considering your partner. In blended families, the state may split your estate evenly among the children of the current and previous marriage. Having a will enables you to ensure your loved ones receive the assets as you planned after your death.

Estate planning is about more than who gets your property and other assets. It allows you to provide for your family in the event you pass away unexpectedly. Do you have young children? Who will raise them if you and your spouse die in an accident? A will ensures guardianship goes to the friends or family members that you choose. It can also dictate how to distribute life insurance and money to help care for them.

Experts recommend that you review your plan at least every five years. It helps ensure you make appropriate changes based on heirs who may have remarried or passed away. Extensive updates may be necessary if you marry or divorce, or if your chosen administrator is no longer capable of completing his or her duties. Visit our webpage for more information on this topic.

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