When many people think about estate plans, they ask themselves, do I need one? Are they only for the old or the rich?
However, it is important for you to know that everyone needs an estate plan. Estate plans are written into the law, and under this state law we all have one. More so, not planning out your estate plan can often become much more expensive than planning it ahead of time.
You do not have to be old to need an estate plan, there is more to estate planning than merely where your stuff goes when you pass away. People with small children will want to plan out who will take care of their children if something were to happen to them. Furthermore, it is important to have a power of attorney and a medical power of attorney to avoid the need for a guardianship or conservatorship for yourself when you get older.
You also do not need to be rich to have an estate plan, in fact anyone with assets should have a plan. Children can fight over stuff just as easily as they can fight over money. Items that have sentimental meaning can end up causing fights quicker than large amounts of money. Having personal property listed out and distributed property is important.
Creating an estate plan including a trust will allow you to avoid probate, make things easier, and avoid potential unnecessary fights. As you can see you do not need to be old or rich to have an estate plan, and there are many beneficial reasons to start planning your future today.
Dafoe Law, PLLC is a Life Care Planning law firm serving the Estate Planning, long-term care, probate, and trust administration needs of clients in Saginaw, Bay, Genesee, Huron and Tuscola Counties. Dafoe Law serves Frankenmuth, Bridgeport, Birch Run, Reese, Millington, Clio, Vassar, Saginaw, Saginaw Township, Freeland, Thomas Township, Spaulding Township, Burt, Bay City, Essexville, Munger, Kochville Township, Caro, Cass City, Sebewaing, Unionville, Pigeon, Bad Axe. Travis I. Dafoe is a member of the National Academy of Elder Law Attorney and WealthCounsel. Dafoe Law, PLLC is also a member of the Life Care Planning Law Firm Association. Start estate plan