Over the course of a lifetime assets are acquired. When we pass on those assets remain and they will be reallocated. The question is, will you have a say in the matter?
Estate Planning is the process that gives you a say. If you become incapacitated, and even when you’re gone, estate planning keeps you in control.
There a variety of tools, including wills and trusts, that assure you keep control even when you are unable to speak on your own behalf. Which instruments are used depend on the specifics of your circumstances.
Estate planning is beneficial for single, married, and cohabiting individuals. A short list of benefits our estate planning attorney can provide include:
- Assure distribution of your assets in a manner appropriate for your circumstances.
- Assure inheritance does not become a detriment to your beneficiary.
- Assure someone you can rely on is appointed to handle your assets and affairs.
- Avoid disagreements among family after your gone.
- Reduce or eliminate estate taxes.
- Direct how you will be treated if you became incapacitated.
- Maximize the assets available to your beneficiaries when you have passed.
- Minimize or eliminate the cost of probate fees.
- Assure your children will have a guardian of your choosing if you are unable to raise them.
- Peace of mind knowing you minimized the stress of your circumstances for your family.
- Assure your partner gets the assets and control you want them to have.
- Avoid probate without increasing your liability with joint tenancy designations.
- Allow for immediate distribution of your assets.
There are many estate planning myths:
- Being married guarantees your spouse will avoid probate .
- By creating a will your loved ones will avoid probate.
- Only wealthy people should have an estate plan.
- A power of attorney allows your agent to distribute your assets when you pass.
- If I die without a will, all my assets will go to the government.
- If I have a trust, I will give up control of my assets.
- If I have a trust, my heirs do not have to pay my creditors when I’m gone.
- I can’t afford professional estate planning advice.
- I can’t leave anything to my special needs loved one.
The only things that go away with time are snowflakes, youth, and opportunities. You have an opportunity to plan for you and your loved ones. Don’t let it pass.
If you have questions about any type of estate planning tool or technique, contact Michigan estate planning attorney Dean E. Patrick at (248) 663-2566 for a free initial consultation on all matters of estate planning, including guardianship, conservatorship, wills, trusts, and durable power of attorney.
Learn more about estate planning tools by clicking the links below: