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How to get started on your estate plan: Think about your loved ones

Most of us want to pass our assets to our children or immediate family. But assets can be left to distant family, a church, charity, school or other foundation. There is no right or wrong answer. However, it is important to understand some of the pros and cons when creating an estate plan. Leaving assets for children (or a small number of loved ones) means these loved ones will receive more (or a greater amount) of assets. It will also simplify administration of these assets

Will: An estate planning document

The Will is the most well-known estate planning document. A Will can be as simple as a standardized form or as complex as a Trust. Regardless, everyone should have a Will. Declarations Your Will should identify yourself, your spouse and your children. This is important because assets owned just by you must be distributed through your Will. Michigan law requires your Will be probated in Probate Court. The first question the Judge wants to know is whether your spouse or child s