While estate plans can help Michigan residents protect their assets while alive and after death, they can cost money to create. The amount of money that a person may spend on their plan depends on their needs. However, it is advised that those who are looking to hire an attorney or a trust administrator should hire a licensed professional instead of trying to save money.
It is also a good idea to hire someone who has experience with special needs trusts or business succession planning even if it might cost more. In many cases, attorneys may charge for a packing of core documents such as a revocable trust and a will. For those who need only basic versions of those documents, it could be possible to do it themselves online. Individuals should consider whether a basic will meets their needs prior to choosing who they create it through.
As with any other choice of service provider, an individual may benefit from meeting with multiple estate planning attorneys. Some attorneys offer free consultations, which might provide an opportunity to have an in-depth conversation about what a plan could or should look like. Depending on the complexity of an estate, it may be worthwhile to have a CPA or other financial professional involved with the meeting.
Ideally, an estate plan will account for what happens if a couple gets divorced. For instance, it could have provisions that a former spouse receives a certain percentage of the estate while the children get the rest. Creating a plan as early as possible may allow a couple to have an amicable divorce that may be resolved in a timely manner. This could make it easier for a divorced person to better plan for and focus on his or her future goals.