East Lansing Bankruptcy Attorneys
Free Initial Phone Consult  |  517.337.4600
  • Home
  • Our Attorneys
    • Richard Foster
  • Practice Areas
    • Criminal Defense
    • Divorce Law
    • Estate Planning
    • Social Security
    • Mediation
    • Family Law
    • DUI & Drunk Driving
    • Drug Charges
    • Embezzlement/Fraud
    • Bankruptcy
    • Adoption
    • Workers Comp
    • Personal Injury
    • Vehicle Accidents
    • Dog Bites
    • Brain Injuries
  • Blog
    • Bankruptcy FAQs
    • What Is A Traumatic Brain Injury
    • 5 Steps to Take After a Car Accident
    • How a DUI Can Impact Your Life
    • Do I Need a Social Security Attorney
    • Consequences of a DUI Conviction
    • 4 Mistakes to Avoid During Divorce Proceedings
    • How Personal Injury Attorneys Help After Car Accidents
    • Do I Need a Social Security Disability Attorney
    • DUI Consequences in Michigan
    • Auto Accidents Caused By Aggressive Driving
    • 5 Things You Should Know Before Adoption
    • Do I Need an Estate Plan if I Have Few Assets?
    • How Drug Charges Can Impact Your Teenager
    • How Filing for Bankruptcy Will Affect Your Life
    • Legal Steps After a Dog Bite
    • What Is Estate Planning and Why It Is Important?
    • 5 Things to know about Filing for Workers Compensation
    • Workers' Compensation FAQ
    • 5 Things to Do Before Filing for Divorce
    • Minimize the Effect of Custody Battles on Children
    • Mediation FAQs
    • Do I Need An Estate Plan?
    • Adoption Tax Credit?
  • Contact
    • Free Initial Phone Consultation

Do I Need an Estate Plan if I Have Few Assets?

Estate Planning Lansing, MI

Most people don’t like to think about their own mortality, which is why estate plans are often not thought about until it is too late. If you are married, have children, or wish for your assets to be distributed to someone other than your legal heir, you will want to create an estate plan. An experienced Lansing MI estate plan attorney can help you draft an estate plan that ensures your loved ones are taken care of in the event of your death.

What assets need to be included in an estate plan?

One of the most common questions we get is whether or not estate planning is necessary for someone with few assets. The answer is that even if you don’t have very many assets, you will want to make sure you have a customizedestate plan in place.

The following are assets that should be included in your estate plan:

  • Life insurance benefits
  • Annuities
  • Retirement plans
  • Real estate
  • Bank accounts

We recommend you consult with a reputable estate planning lawyer so that you can avoid having your estate held in probate.

What is probate?

Probate proceedings are not necessary for assets with surviving joint owners or beneficiaries. For example, a life insurance policy that lists the spouse as the beneficiary would not be considered probate.

When it’s not clear who inherits which assets, the will is used to honor the wishes of the deceased. For example, probate will be needed if you own a car or other property that’s only in your name. However, if you don’t have a will in place, you won’t be able to control how certain assets are distributed after death. In this scenario, the probate court would appoint an executor to distribute assets on your behalf.

Can I appoint guardianship?

Even if you don’t have many assets, you will want to create an estate plan to secure your children’s future. If you and your child’s other parent were no longer able to provide care, it’s important that you appoint a guardian.

Since childcare is expensive, it’s also a good idea to designate assets so your appointed guardian is able to financially support your children. An experienced estate planning attorney can help you plan for your children’s secure future in the event of your death.

Who can help me create an estate plan?

A knowledgeable Lansing estate planning attorney will be able to help you determine the best course of action for your unique circumstances. For estate planning, we cannot recommend highly enough that you hire an attorney with prior experience in estate planning. While a specialist attorney may be more expensive, you’ll feel more at ease than if you hired someone unfamiliar with estate planning law.

If you are in need of a Lansing MI estate planning lawyer to provide legal representation, please contact our Lansing law firm at (517) 337-4600 for your free initial phone consult. At Foster & Harmon P.C., our experiencedattorneys want to make sure that you receive expert legal advice for managing your estate.

Practice Areas

  • Criminal Defense
  • Divorce Law
  • Estate Planning
  • Social Security
  • Mediation
  • Family Law
East Lansing Criminal Defense Attorneys MI
  • DUI & Drunk Driving
  • Drug Charges
  • Embezzlement/Fraud
  • Bankruptcy
  • Adoption
  • Workers Comp
  • Personal Injury
  • Vehicle Accidents
  • Dog Bites
  • Brain Injuries
  • About Us

    The law firm of Foster & Harmon P.C. has gained an excellent reputation throughout the legal and local communities of Lansing. Learn about our Lansing attorneys →

  • Practice Areas

    Criminal Defense
    Divorce Law
    Personal Injury
    Family Law

  •  

    Legal Articles
    Mediation FAQ
    Do I Need An Estate Plan?
    Adoption Tax Credit?

  • Contact Info

    Foster & Harmon P.C.
    903 E. Grand River Ave.
    East Lansing, MI 48823

    517.337.4600


Copyright © 2023 Foster & Harmon P.C. | All Rights Reserved.

Web Design & SEO by Internet Marketing Company, Web Traffic Partners, Inc.