Estate Plan
Do I Need an Estate Plan?
One of the most common things we hear is:
“I don’t have much. Do I really need an estate plan?”
The short answer is: yes—almost everyone does.
The longer answer starts with understanding what people usually mean when they ask this question.
“I Don’t Have Much” Means Different Things to Different People
Everyone’s definition of “much” is different. What we find most often is that people aren’t really asking whether they need an estate plan—they’re asking whether they need a trust.
Estate planning is not about the name of a single document. Many people use the word “trust” as shorthand for all estate planning documents, but that can be misleading—especially in Michigan.
A trust alone, without the proper supporting documents, can fail. While many Michigan estate plans include a trust, many solid plans do not. The right plan depends on you, your assets, your family, and your goals—not just the name of a document.
What Is an Estate Plan, Really?
An estate plan is a plan that explains what you want done with your estate—your “stuff.”
More importantly, an estate plan also covers what happens if you become ill or incapacitated, who can make medical decisions, who handles financial matters, and how your loved ones are protected.
It’s you and your stuff—and you get to choose.
The Two Most Common Estate Plans in Michigan
Will‑Based Estate Plans: Typically require probate after death.
Trust‑Based Estate Plans: Often avoid probate and provide more control, privacy, and protection.
The Cost of Probate in Michigan
Even modest estates can incur probate costs of $3,500 or more, plus approximately 3% of the estate’s value. A $100,000 estate can easily cost a family $6,500 or more.
Common Mistake: Adding Kids to Accounts
Adding children to deeds or bank accounts can cause capital gains taxes, expose assets to creditors, and disrupt Medicaid planning.
Estate Planning Is About Protection
Estate planning protects your family, independence, and wishes—not just wealth.
Before moving or transferring any assets, speak with a Michigan estate planning attorney.