Estate Planning Awareness Month: Why Everyone Needs a Plan

October is National Estate Planning Awareness Month. This is the right moment for Michigan families to think about their future. When many of us hear “estate planning,” we picture millionaires, piles of paperwork, and complicated legal terms. At Bassett Murray Law Group, we see it differently. Estate planning is about protecting the people you care about and making sure your wishes are followed. It lets you decide what happens with your life, your health, and your money instead of leaving it to the state.

The Top 3 Reasons We Delay Planning And Why Waiting Is Risky

1. “I’m not wealthy enough.”

If you have a bank account, own a home, or care for a minor child, you have an estate. Without a plan, the state decides how your assets are shared. This can cause a long, costly, and public probate process that may create disputes among loved ones (source).

2. “I’m too young and healthy.”

Accidents and illness can happen at any age. A complete plan includes healthcare directives and a durable power of attorney so someone you trust can carry out your medical and financial wishes if you’re unable. Waiting until you need it is often too late (source).

3. “It feels too overwhelming.”

The process is often simpler than you think with the right guidance. A little discomfort now can save your family stress later (source).

Planning Ahead For What Matters Most

Meet Sarah and Tom, parents to a four-year-old. The thought of “what if” kept them awake at night. Who would raise their son? Where would their savings go? After making their estate plan, they named trusted guardians, set up a trust to manage their child’s inheritance, and appointed each other as healthcare and financial agents. They now sleep better knowing their child and their legacy are protected.

Your Plan, Your Family, Your Future

Every Michigan household has different needs:

• Young Parents: Naming guardians and making financial provisions for minor children.
• Blended Families: Keeping asset distribution fair between a spouse and children from previous relationships.
• Retirees: Protecting assets from long-term care costs and reducing estate taxes.
• Families with Special Needs Dependents: Preserving government benefits while securing care for loved ones.

Getting Started: Your Estate Planning Checklist

• Establish a will and consider a trust to avoid probate.
• Designate financial and healthcare powers of attorney.
• Regularly review and update your beneficiary designations.
• Work with a qualified Michigan estate planning attorney to align your plan with state laws.

Take the First Step This October

Do not let another year pass without protecting your family’s future. In honor of Estate Planning Awareness Month, we invite you to schedule a confidential consultation with our team by calling 734-930-9200 or our Petoskey office at 231-427-2292 or reaching out through our contact page. At Bassett Murray Law Group, we are “Invested in Improving Lives” and that starts with helping you create a plan you feel confident about.