Why should you finalize an estate plan? It is a great act of love that allows for you to put systems in place to ensure your voice is heard when you are unable or unavailable to protect yourself and your loved ones. If you do nothing, either the Legislature of the State of Michigan through statute or your local probate judge will make those decisions for you.
At minimum everyone should have a Will, Durable Powers of Attorney for Finances, and Durable Powers of Attorney for Medical Care. Without those documents, your loved ones will be forced to file petitions in the local probate court requesting the power to make financial and medical decisions on your behalf. Obtaining a hearing in court sometimes can take up to one to two months, depending on the court’s schedule.
It is always best for prepare for an emergency before it occurs. As young children we practiced fire drills in school in case of a fire. So why wouldn’t you take the time to outline your preferences for your own healthcare? Why wouldn’t you decide who should inherit your assets and take care of your finances if something should happen to you? If you do nothing, you are risking being a burden your friends and family to file petitions and appear in court on your behalf to make sure you are protected.
