It may be surprising, but nearly everyone has an estate whether you believe that or not. Your includes everything you currently own – your home, vehicle, checking and savings accounts, investments, personal possessions, etc.
It does not matter how large or even how simpleyour estate consists of, each and every person has one. However, one issue that individuals often overlook is the fact that you cannot take your estate away when you when you pass away.
The realization that eventually we will die is a tough thought for some to accept, but at the same time if you postpone your estate planningwithout the help of an estate planning attorney, it could end eventually become too late. By waiting, you could ultimately lose control of how your estate is going to be divided up between the people or organizations you care most about.
Postponing estate planningmay also hurt those that you love. By not utilizing the proper legal guidance of an estate planning lawyer, loved ones may not inherit your estate the way you would like due to unnecessary taxes, administration costs, and the disagreements that could occur amongst your heirs. To be sure that your wishes are conveyed, you need to give specific instructions stating whom you would like to receive something from your estate and when they are to receive it. Of course, you want these things to happen with the least .
To make sure all your wishes are followed through on, you will need the services of an experienced estate planning attorney. Throughestate planning, you are able to create a solid plan in advance for your personal possessions while making sure that all your loved ones are taken care of after you pass away. No matter how small your estate may be, it ensures that your property will go to the individuals or organizations that you want it to.
With the help of an estate planning lawyer, agood estate plan would include the following:
- Instructions for your care in case you become disabled before you die
- The name of a guardian and an inheritance manager for children who are minors
- Instructions for passing your values (religion, education, hard work, etc.) in addition to your valuables
- Where to transfer your business at your retirement, disability, or death
- Life insurance provided for your family at your death or disability income insurance to replace your income if you cannot work due to serious health issues
- Protection for loved ones who may be irresponsible with money
- Instructions for your care if you become disabled before you die
is necessary for everyone and should be a continuous process as an individual’s estate evolves throughout their lifetime. Your estate plan should be updated as your financial situations and family status change throughout your life. Knowing that you have specifically prepared a plan with the help of an experienced estate attorney with detailed instructions in place that will give you and your family relief incase something heartbreaking were to occur. Estate planning is one of the most important and thoughtful things you could do for your loved ones.
If you want that peace of mind of utilizing our estate planning servicesin order for you and your loved ones to know they are taken care beyond death, please contact our Lansing estate planning attorneys at (517) 337-4600. At Foster & Harmon, our attorneysprovide estate planning services to the entire state of Michigan from our three convenient offices.