When Should You Get an Estate Plan in Michigan? The Best Time to Start Planning

Have you ever thought about who would receive your assets if something unpredictable happened? Many people assume estate planning only applies later in life, yet that’s not always correct. Putting a plan in place today can help ensure your wishes are honored and your loved ones remain secure.

At Bassett Murray Law Group, we’ve served Michigan families for over three decades. We work to address your immediate objectives while also laying the groundwork for what may lie ahead.

Before diving deeper, let’s look at what estate planning actually involves and why it’s viewed as such an important step.

Why Is Estate Planning Important?

Estate planning is the process of preparing legal documents that detail how you want your assets distributed. It also sets up decision-makers if you’re ever unable to act on your own. This can include specifying beneficiaries for real estate, investments, or sentimental belongings, plus creating instructions for healthcare or financial matters.

Without a proper plan, families often face lengthy court proceedings and possible confusion about final wishes. Probate can stretch out for months, leading to added emotional strain and unplanned expenses. A clear plan helps sidestep these hurdles.

By taking time to shape your estate plan, you reduce the risk of conflict among loved ones and safeguard them from legal problems. This step can bring you a sense of relief, knowing those you care about have clear instructions on how to handle both your property and medical concerns.

Understanding the nature and value behind estate planning is one thing, but deciding when to start is another. Let’s explore the factors that make timing so important.

The Right Time to Begin Estate Planning

Some folks believe they don’t need an estate plan until retirement approaches. Yet life doesn’t always follow a predictable path, which is why starting sooner can be helpful. A well-crafted plan can shield your family from guesswork during a crisis.

In your 20s or 30s, you might have a savings account, a first home, or even dependents who rely on you. Putting a basic plan in place at this stage can help ensure guardianship for children and clarity about bank accounts or property. If you remain healthy, you can always update the documents later.

Those in their 40s and 50s are likely to have more assets, such as retirement funds, real estate, or a growing investment portfolio. Family duties also become more complex, making it wise to review or expand existing plans to reflect your changing household.

For individuals well into their retirement years, estate planning becomes even more pressing. By solidifying your and your spouse’s directives, you help maintain financial security and a smoother transfer of wealth. This helps your family avoid confusion at a time when clear instructions are needed most.

Since everyone’s situation is different, it’s useful to look at the core parts that make up an estate plan in Michigan. That way, you’ll see how these documents work together and how they can help at any age.

Life Events That Should Prompt Estate Planning

Changes in your marital status, the birth or adoption of a child, or buying a home are usually strong signals that it’s time to either set up or update your estate plan. These changes can drastically shift your assets and your responsibilities, making old documents outdated.

Receiving an inheritance, starting a business, or facing large medical bills can also alter your financial picture. Even adult children moving out of the home might lead you to rethink how you’d divide property or distribute funds. Here are some of the events that might need estate planning:

• Marriage or remarriage
• Divorce or separation
• Arrival of children or grandchildren
• Starting or selling a company
• Moving to or from another state

The good news is that you can adapt an existing plan whenever a milestone occurs. Paying attention to these triggers and refining your documents as time goes on is far better than letting old plans linger.

On the other hand, not having any plan at all can spell trouble down the road. Let’s talk about the potential downsides of skipping this essential part of life in Michigan.

Consequences of Not Having an Estate Plan in Michigan

If you pass away without a valid estate plan, your assets follow Michigan’s intestate succession rules (Mich. Comp. Laws §700.2103). Decisions about who gets what may not be in line with your wishes. Family members could find themselves in a long probate process, and there might be disagreements over items you’d have wanted to pass along more clearly.

If you become incapacitated during your lifetime, things can get complicated without documents like powers of attorney and advance directives. Loved ones may struggle to access bank accounts, pay bills, or handle property taxes on your behalf. The courts may need to step in and appoint someone to manage your finances or healthcare choices—someone you may not have picked yourself. Without clear healthcare instructions, your family could also face difficult decisions in a medical crisis, not knowing what treatments you would want.

When disagreements arise, your relatives could face court battles, added legal fees, and stress. Setting up a well-structured plan in advance typically helps families avoid these roadblocks and ensures that your intent remains obvious.

If any of these risks concern you, it may be the perfect time to create or update your estate plan and get peace of mind.

Ready to Start Your Michigan Estate Plan?

Bassett Murray Law Group is invested in improving lives. We’re here to clarify your estate planning concerns and help you begin. Feel free to call us at 734-930-9200 (Ann Arbor) or 231-427-2292 (Petoskey) or visit our Contact Us page to schedule a consultation.

We listen carefully to what matters most to you, then work on legal strategies to match your goals. Taking action now can help settle uncertainties and provide a clear course for the future.