Unfortunately, many assume they do not need to plan their estate until they are older or have accumulated more assets. However, this process is not only for older adults or wealthy individuals. In fact, it’s never too early to begin planning your estate. If you’ve decided to get your estate in order but aren’t sure what you can do to prepare, you’ll want to keep reading. The following blog explores what you can do to help make your meeting with a Washtenaw County estate planning attorney as simple as possible.
What Should I Do if I Want to Begin Planning My Estate?
If you want to begin planning your estate, the first thing you can do before meeting with an attorney to make this process easier is take inventory of the assets you own. Though you may assume you don’t have many assets, you likely have more than you think! You’ll want to include a list of tangible assets, like real estate, vehicles, collections, and any personal belongings like jewelry or photographs. Next, you’ll want to create a list of intangible assets, which will include bank accounts, life insurance policies, debts, business ownership, and stocks.
Once you have this list, you can start assigning assets to beneficiaries. This helps make the process of writing a will go smoothly, as you already have an idea of who will receive what upon your passing.
Next, you should consider what forms of healthcare treatment you would like to receive. Many consider creating a medical power of attorney, which grants someone of their choosing the ability to make medical decisions and advocate on their behalf. As such, determining what forms of treatment you would and would not like in situations is crucial, as you can include this information in the document upon its creation.
Do I Need to Do Anything After I Finish?
Once you meet with a lawyer and create your estate plan, you may assume this process is complete. However, it’s essential to understand that your estate plan will change with your life. For example, you may want to update the terms of your will after you welcome grandchildren into the family or if you obtain a new piece of property. As such, any time a significant life event occurs, you should update the terms of your will to reflect these changes.
Why Do I Need a Lawyer for This Process?
If you want to plan your estate, it is crucial to enlist the assistance of an attorney. Unfortunately, many assume they can complete this process on their own, which is far from the truth. Estate planning is a complex process, and simple mistakes can invalidate the terms of the documents you create, leaving your estate and wishes up to the state. As such, working with an experienced attorney can help reduce the risk of errors while helping ensure your estate plan accurately reflects your wishes.
At Collis, Griffor & Hendra, our dedicated legal team understands the many complexities of estate planning. That’s why we’re dedicated to helping our clients through this process so they can achieve peace of mind for the future. Contact us today to learn how we can help you.
