Estate planning is an important process, and it’s something that everyone should undertake at some point in their lives. However, before getting started, you should ask yourself several questions, including:
- Who will be my children’s guardian?
- What types of things should I put in my will?
- Who will be my estate’s executor?
- Do I need a power of attorney?
- Do I need to establish a trust for my children?
Depending on your familiarity with the estate planning process, you may or may not know the answers to these questions…and that’s okay! At Keating Law, PLC, we realize that not everyone has experience with estate planning, which is one of the reasons that our experienced estate planning attorneys are always eager to answer any questions you may have about the process. In the meantime, though, below is some basic information to help you get started with the estate planning process.
Who will be my children’s guardian?
It’s important to designate a guardian for your children during the estate planning process. If you fail to name a guardian, however, this decision will be placed in the hands of the court.
What types of things should I put in my will?
Your will should include, at a minimum, the names of the people chosen to receive your property and the property to be distributed. However, certain types of assets and property should be omitted, including certain kinds of retirement accounts and life insurance policies.
Who will be my estate’s executor?
Your estate’s executor is the person you designate to ensure that the terms of your will are carried out. You should also name a successor executor in case the primary executor is unable to perform his or her duties.
Do I need a power of attorney?
Most attorneys advise drafting a healthcare power of attorney and durable power of attorney during the estate planning process. Both types of documents designate an individual to make financial and health care decisions for you in the event that you become incapacitated.
Do I need to establish a trust for my children?
Trusts are an excellent way to ensure that your children will be cared for after your passing. Therefore, if you have children, you should consider establishing a trust.
Michigan Estate Planning Attorneys
Estate planning can be difficult, and it’s easy to overlook important steps when attempting to navigate the process. Therefore, we highly recommend that you consider contacting an experienced estate planning attorney to discuss your options. Establishing an estate plan is one of the most important steps you can take to protect yourself and your loved ones. Proper estate planning not only puts you in charge of your finances, but it can also significantly reduce the expense, delay, and frustration experienced by your loved ones upon your passing or incapacitation. If you’d like to begin the estate planning process, please contact one of our experienced Michigan attorneys for a consultation.