Even if you think that you are not old enough to have an estate plan, we still recommend making one of your own. Having an estate plan can alleviate any confusion and make things much easier for your family when you pass away. A Washtenaw County estate planning attorney can walk you through the process and help you make a plan that everyone will find agreeable, so stop delaying and meet with our team today.
Who Needs an Estate Plan?
Many people think that only the rich need estate planning, but this is simply untrue. A plan can benefit families even if there are not that many assets that need to be distributed. When you make an estate plan you get the chance to ensure that your money is used for its intended purposes and that every one of your beneficiaries gets exactly what you wanted to leave for them.
So do not think that these plans are just for multimillionaires and billionaires. Instead, talk to our estate planning lawyers and figure out how we can help you make a plan that works for you.
Can I Make a Trust Part of an Estate Plan?
If you want to create a trust that can be used by some beneficiaries, then we can show you how to do that when you establish an estate plan. A trust leaves assets behind for some of your beneficiaries but usually puts someone else in charge of distributing the money. So you can make a trust for your teenage son, but make an adult who has always been reliable with money the trustee who is actually in charge of how and when money gets paid out.
You can also make a trust that is designed to provide for a loved one with special needs. Our lawyers can help you establish a trust that will not interfere with their ability to get the benefits that they need to live. There are also ways to establish trusts that can be used to care for minor children or even pets.
Can an Estate Plan Help Reduce Tax Burdens for Beneficiaries?
When you make an estate plan you can also take steps to reduce the tax burden your family members will face when you pass away. Depending on the size of the estate and what assets are being passed down, our lawyers might have some innovative options for you to take advantage of.
What Happens if Assets Are Not a Part of a Plan?
When people do not make a plan, the fate of their assets has to be decided in another way. This often means probate court. This process can take a long time and create more expenses for your family. The court is also unlikely to split up your assets like you would have, so you miss your chance at passing down specific things to specific beneficiaries.
Schedule Your Consultation
When you are ready to create an estate plan of your own, contact Collis, Griuffor & Hendra to schedule an appointment. We can tell you everything else you need to know about this process. We look forward to assisting you.