You Should Have an Estate Plan. Here is Why!

Protect Yourself

Who will take care of you when you cannot take care of yourself? As we age, we become increasing reliant on those around us. Things such as taxes, finances, and doctors’ appointments, which once seemed routine become more and more difficult to manage. Naturally, this responsibility often falls to a spouse or our children.

But what if your spouse is unable to help, or you are single or widowed? What if you do not have any children, or your children are unable to cooperate? Who will help you with your finances? Who will help you with your medical decisions? Creating an estate plan can answer all of these questions so that you are protected in your time of need.

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Protect Your Family

Having an estate plan is crucial to take care of your family if you pass. A plan allows you to appoint the proper person to manage your estate. Someone who is capable. A person you know and trust. Without an estate plan you cannot choose who manages your estate.

An estate plan also allows you to distribute your estate to the persons or charities you choose. You can ensure your children, spouse or other ones are properly provided for financially. You can place restrictions on your gifts or provide a financial incentives to someone for accomplishing a specified goal. Without a plan, your assets may end up in the wrong hands or be spent carelessly by an heir. Lastly, an estate plan allows you to appoint someone to care for your minor children. Without such an appointment, you will not have any control over who provides for your children if you are unavailable. Rather, this decision is often left to the Court.

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Protect Your Property

You have worked your entire life. The keepsakes and wealth you have amassed is more than just assets. It is your legacy. It is what you leave for the next generation. Having an estate plan is vital to ensure that the legacy you leave behind is preserved for the next generation.

Protecting your legacy begins with ensuring your property is left to the right people. Without a plan, your wealth may pass to someone you would not want to have your property. Such as a child’s spouse. This can also happen with blended families, and second marriages.

Next, an estate plan can stop your heir’s creditors from gaining assets to their inheritance. It can also ensure that an heir’s inheritance is available to them without interfering with their state or federal benefits. Lastly, a properly crafted estate plan can avoid the high costs and complications associated with the probate process.

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Your Local Estate Planning Attorney!

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Our office is located in Plymouth, Michigan. Our Plymouth attorneys serve all of Southeastern Michigan and Ann Arbor. We offer exceptional legal services in the areas of Elder Law, Estate Planning, Trusts, Probate, Will and Trust Administration, Private Foundations, and Charitable Trusts.

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Aaron R. Shahan, ATLAS LAW, PLC