Writing a will is important, but it’s not the same as having a complete estate plan. A will is a big part of an estate plan, but there are some other steps to take and other documents that you should prepare. Exactly what you should or can do depends a lot on the size of your estate and what your preferences are. A Washtenaw County wills attorney from our firm can help you learn more and make informed decisions.
What Does a Will Do?
A will has some specific purposes. First, it allows you to choose your beneficiaries and tell everyone what you want to happen to your assets once you are gone. If you want to pass the summer home down to your kids and gift your grandchildren college funds, this is how you do it. A will can be useful even if you do not have an enormous estate or complex holdings.
If you have minor children, a will serves another important purpose. It allows you to choose a guardian for them.
What Else Should Be Included in an Estate Plan?
Writing your will is a great first step. After that, it’s time to start drafting an estate plan of your own. This includes your will, but it also includes important documents like your living will and power of attorney.
A living will tells your family what kinds of medical treatments you would want if you were incapacitated. You can assign someone your healthcare power of attorney and allow them to make decisions in line with your wishes. What doctors you go to, which procedures you want, and whether or not you want life support can all be covered.
You should also assign someone your financial power of attorney. This allows someone to make financial decisions for you when you are incapacitated. This document is a crucial part of any estate plan.
Is a Trust Part of an Estate Plan?
It can be. Trusts can be a great way to pass down assets. Some even allow beneficiaries to make use of their inheritance while you are still around.
There are many types of trusts and they all have their own rules. Some can allow you to provide for a loved one with special needs. Others are ideal for managing property. We can help you figure out your best options.
How Can Lawyers Help Make an Estate Plan?
You have many options available to you when making an estate plan. An experienced attorney can help you figure out what works best for you, your assets, and your beneficiaries. From crafting a legally binding will to setting up a special needs trust, our attorneys have all of your possible needs covered.
Talk to Our Estate Planning Lawyers
When you are ready to make an estate plan, our experienced attorneys are ready to assist you. So contact Collis, Griffor & Hendra to schedule your consultation. We want to hear more about your assets and what you want to do with your estate.
