Who Needs Estate Planning?Oct 14, 2016
Estate planning isn’t about how much money you have, it's about protecting what you have for you, during your life and for those you love, after you’re gone. It ensures what you have gets to the people you love, the way you want, when you want – and it ensures that you will be properly provided for when you can no longer do it for yourself.
If you were to die – or become disabled - today, are you comfortable everything will be taken care of the way you wanted? Will your family know how to make the hard decisions that must be made? Estate planning is legally ensuring things will be handled the way you want by providing sufficient instructions, and it is reducing the burden on those that must take care of things when you are no longer able to.
Estate Planning really is for everyone. It doesn’t matter if you have $40,000, $400,000, or 4 million. You still have to plan for the future. Whether it’s to name a guardian for your minor children, or ensure your children don’t blow through your assets if you unexpectedly die or become disabled (Terri Schiavo case), or to provide for your spouse if you have to go into a nursing home.
True estate planning can only be done by attorneys, and it can be as simple as a Will, Health Care Proxy, Living Will and Power of Attorney. It can also include a Revocable, probate-avoidance trust, asset protection trusts, multi-generational tax-saving trusts, tax-saving charitable trusts, private family foundations, and many other fact-specific strategies.
Keeping your Estate Plan Current...
Once completed, your estate plan should be reviewed and kept current with life events such as birth, death, marriage or divorce of anyone included in your plan. In addition, you should review your plan if there is a significant increase or decrease in your finances or if the laws related to your estate plan change.
Learn more about Guardianships & Healthcare click here.
Don’t Let Fear Stop You From Planning.
Having a Great Estate Plan Will Save, Not Cost, You and Your Family Thousands, if not More.
This article regarding estate planning by Michigan lawyer Nicole Wipp and the Family & Aging Law Center PLLC is not, and should not be construed as, legal advice. It is for general informational purposes only. To better understand how this legal concept can be applied to you, consult with an attorney.