Raising kids is expensive and time consuming, which is often the reason parents put off the taking the time to get an estate plan (aka the fancy way of saying a will and Michigan trust). However, the expense and time it takes to raise children are exactly the reasons you need to get a Michigan will and trust in place.
Because you need a Plan B, and you need it to function flawlessly if it is ever needed.
WHERE PARENTS ARE GOING WRONG: Makeshift Estate Planning.
As an estate planning attorney in the Detroit metropolitan area, one of the single most common mistakes I see parents making seems harmless enough. I assure you, however, it is not. The mistake is makeshift estate planning.
It usually looks something like this:
You are *finally* going on that much deserved vacation without the kids ask your brother if he and his wife will be guardians of your children. He agrees, and you even jot down “I want my brother to be guardian of my kids” on a napkin (yes, true stories from Fjord Law offices).
Then, you decide to name your brother as a beneficiary on your life insurance policies because “he will use it for the kids.” You walk away knowing your plan is not perfect, but it will have to do for now. You intend to make it official and work with an estate planning attorney when you get back to Michigan, but it gets put on the back burner.
You Have Problem(s). Yes, Plural.
While you may expect your make shift estate plan to work, the reality is starkly different. This type of estate planning work around can leave your children in a worse position than if you did nothing.
You may see "its better than nothing." An experienced will and trust lawyer sees:
- Thousands of dollars in litigation costs over guardianship, because your in-laws love your children so much they would do anything to make sure your children get the best. And, your in-laws think they are the best caregivers for your children.
- Your brother’s business starts to go under, and “it would be in the best interest of your children for that not to happen”. He uses $10,000.00 to help keep the company afloat. It didn’t work, so he takes $25,000. He honestly plans to pay it back. The business eventually goes under, and your children’s college fund is gone too.
- Your sister-in-law lost her job, and now they are struggling to make ends meet. The credit card debt starts to add up. Eventually, creditors start showing up. They don’t care that you thought your brother would use the money for your children.
- Your brother does not handle the life insurance proceeds strategically to protect it, and now he is going through a divorce. His ex-wife takes half of your children’s college fund.
Take Getting a Will and Trust Off the Back Burner.
If you are a parent of minor children in Michigan, you need to create a Plan B that you know will work. Consult with a Detroit Metro estate planning attorney to learn how you can safeguard your children today.
Don’t make this mistake and leave your children vulnerable. Contact Fjord Law, PLC’s experience wills and trust attorney in Michigan today at 248-5741-5158. You will speak directly with Attorney Amy M. Robertson for a free consultation. Find out how you can protect your kids.
Schedule online at www.fjordlaw.com/book-online.