Some people think that they don’t need an estate plan. If you don’t have tons of assets, what’s the point of doing all that paperwork? Those folks are wrong though. Anyone can benefit from having their own plan in place, and a Washtenaw County estate planning attorney from our firm would be happy to help you with yours.
How Much Money Do I Need to Have an Estate Plan?
You actually don’t need to have a ton of money to make an estate plan! Some people think that they need to be rich, with multiple homes, expensive cars, and loaded bank accounts to pass down to their beneficiaries. You really do not need all of that.
Even if you only have a few things that you want to pass on to your children, grandchildren, and other loved ones, an estate plan can benefit you. It can make it clear who should get what, minimizing the potential for fights or conflicts after you have passed away. Your plan can also help you minimize the impact of the probate process. If you pass away without a will or instructions for how to distribute your assets, the probate court does it for you. Your assets might not even end up with the people you wanted to leave them to as a result.
What Else Can an Estate Plan Be Used For?
An estate plan also allows you to make end-of-life plans and choose who should be the guardians for any minor children. You can create a living will, a document that tells people your healthcare preferences. Do you want to be kept alive on machines in the event of an accident? What kinds of surgeries and treatments are acceptable to you? You can tell family members in this document so that there’s no confusion.
You can also give trusted loved ones your power of attorney. This allows them to make legal decisions for you if you are incapacitated. There’s also the healthcare power of attorney, which gives someone the right to make your medical decisions. You can give both of these powers to one person, like a spouse, or split them up. It’s up to you.
When you make your plan you can also explore the most effective ways to leave assets behind for loved ones. Does a trust work for you? Do you want to give gifts or make assets available to loved ones before you pass away? Tell us what your goals are and we’ll help you make an estate plan that fits your needs.
Contact Our Law Firm Today
When you are ready to make some plans of your own, contact Collis, Griffor & Hendra. Whether you have multiple properties to divide up or just a few heirlooms that you want to get to the right people, our experienced attorneys can help you make an estate plan that will give you and your loved ones peace of mind.
