Estate planning is planning ahead to guide your family on how to handle your affairs after you have gone.Â It protects your property, making sure assets go where you want them to, and your family, making sure that they are well cared for after youâ€™ve passed.
When creating an estate plan, there are many different assets you will need to consider, including both intangible and physical assets. Talk to an attorney before continuing to ensure you fully understand your options.
The old clichĂ© used to be that if you didnâ€™t write a will, the state would write one for you through intestacy laws.Â Much the same thing is true of an estate plan.Â As you and your spouse get old, some tasks that used to be easy become hard.Â And, if you lose your spouse, some matters, like medical decisions, can become even harder.Â Having a complete, overall estate plan can anticipate and resolve all these issues.
Estate planning isnâ€™t just about having a will anymore.Â It can involve your retirement, your business succession, significant charitable donations, planning for healthcare and disability, leaving a legacy, and planning for gifts.Â A Michigan estate planning attorney can help you figure out how to handle any of these that apply to you and your family.Â Â
Gather information on your assets, both physical and intangible, and other considerations. A few assets to keep in mind include your life insurance policy, mutual funds, stocks, business assets and individual retirement plans.
A fiduciary is an appointed individual who has a legal responsibility to continue duties of the estate plan in the case that the original party cannot do so, such as after death. This individual is tasked with supporting your best interests as outlined in your estate plan.
As life changes, your estate plan may need to be updated. An attorney can help you make necessary modifications to better suit your ongoing needs. Divorce, the birth of a child, getting a new job and other major life events can impact your plan.
Itâ€™s always easy to put off making an estate plan.Â But, as you get older, the problems and issues can get bigger.Â The best plan for your estate is to contact a Michigan estate planning attorney today and begin the process of securing your estate for your heirs.Â
Our consultations offer an opportunity for you to meet our team and discuss your legal issues.
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