Do I need to do an Estate Plan?

Yes. You still need to set up a financial Durable Power of Attorney, a medical Durable Power of Attorney and you will need to identify where your assets should pass at the time of your death. In the event you become incapacitated you will need to name someone to make medical decisions for you and someone to pay bills and potentially oversee your financial affairs. If you have not taken the time to set up a medical or financial Durable Power of Attorney your family will have to petition the Probate Court to get permission to handle these matters for you.

At your death, you want to make sure that you have control over the distribution of your assets. If you do not put your wishes in writing, by preparing either a simple will or Trust, the State of Michigan will decide how your assets are divided for you.