Senior citizens gathered in Negaunee today to work on their own estate planning.
It was part of a seminar hosted by Members of the State Bar of Michigan. Elder Law experts explained the many aspects that go into a solid estate plan, narrowing the scope to three essential factors: avoiding probate, preparing advanced directives, and thorough deed planning. Attorneys believe these components allow asset holders the ability to maintain control, even if they become sick.
“If you don’t set up your estate properly, then you’re asking the state of Michigan to be in charge of everything, perhaps a judge. We don’t want that. And then, you’re asking a hospital or doctor to make medical treatment decisions for you. That’s not right, it should be your decision,” said Robert Anderson, Certified Elder Law Attorney.
Estate planning can be very complex. Sometimes its compounded further by laws that are subject to change every six months. Some might be tempted to try to save money and set up their own estate using websites like Legal Zoom, but Anderson advises against it.
“I’ve seen self–made Legal Zoom kits not even comply with Michigan Law. So that would be like operating on yourself if you need medical treatment. You wouldn’t do that. So don’t do this on your own,” Anderson added.
Anderson suggests updating your estate plan every three to four years.
Those interested in more intensive seminars can attend the ELDRS’ Fall Conference on Mackinac Island, which begins on October 1st