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A guide to help you properly plan your estate

If you want to control what you leave behind for your loved ones in Michigan after you pass away, it’s important to have an estate plan. While it might sound difficult, creating an estate plan becomes much easier after doing some research. Here is a guide to help you get started.

Create a list of all of your assets

It’s impossible to properly create an estate plan without knowing what you have. You’ll need to create a list of everything you own. This doesn’t mean you have to catalog and document the worth of all of your belongings; just record the value of larger assets like your homes, jewelry, stocks and other valuable items.

Determine your beneficiaries

Another essential element of estate planning is determining your beneficiaries. These are the people who will receive some or all of what you leave behind. It’s also imperative that you determine what assets each of your beneficiaries will receive. If you’re leaving behind assets to minors, you can come up with a plan to determine how they’ll receive their inheritance.

Update your estate plan when necessary

Some people assume that once they make an estate plan, they’re not allowed to change it. Fortunately, that’s not true. You have the power to make changes to your estate plan as long as you’re alive and mentally able to do so. Considering how unpredictable life can be, it’s a good idea to regularly look over your estate plan. You should also consider having powers of attorney in place if you’re incapacitated or otherwise unable to actively make decisions for yourself.

As you can see, creating an estate plan is something that takes time and effort. If you need help making an estate plan, it’s wise to think about working with an estate planning attorney. An attorney may help ensure that your will or trust reflects your final wishes.