December 21, 2021
Michigan Estate Planning Lawyer: When Should You Make an Estate Plan?
Determining the right time to make an estate plan is a serious task. When you visit a Michigan estate planning lawyer, there are some factors the lawyer will look at, such as your current family, medical, and financial situation, to see what kind of estate plan will fit you the best. Here are some of the ways these factors can impact the estate planning process:
Your current family situation can make a huge impact on your estate planning decisions. For example, your marital status needs to come into account when considering who you name as agents and executors on your Power of Attorney, Living Will, and Last Will and Testament. In addition, whether or not you have underage children or other relatives may affect how you plan out beneficiaries and distributions. A <insert city> estate planning lawyer will look at your family situation and help you determine who would serve best as your agents in case of incapacitation and the most efficient way your assets can be distributed to your beneficiaries according to your wishes.
When making your estate plan, your current medical situation must come into account. If you are facing a medical crisis at the time that will make it difficult to handle your affairs, you will want to have your documents drawn up in such a way that allows your agents to make difficult decisions as easily as possible. Make sure you discuss your medical situation with a <insert city> estate planning lawyer so all of your options can be considered and the best possible decisions can be made.
Finances always play a key role in determining how to shape your estate plan. For example, many people think estate plans are reserved only for the super rich; however, if own your own home in addition to having other financial assets, you’ll want to have a responsible way to pass those things down to loved ones. You will also want to keep track of how your bank accounts are set up, especially in terms of joint ownership and beneficiary designations.
Making an estate plan is a large step for anyone, but it is important to know that you will be protected no matter what happens. If you have questions about how an estate plan will impact your current situation, please contact our office to set up a consultation with a Michigan estate planning lawyer.
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