Many people believe that estate planning is just for the wealthy. This couldn’t be further from the truth. Regardless of your income, you need an estate plan. Below are a few reasons that estate planning is so important.
An estate plan protects young children
If you have young kids, you need to make sure they’ll be taken care of if anything ever happens to you. You can use an estate plan to do just this. With an estate plan, you can decide who will care for your children if you ever become unable to do so. If you fail to name guardians for your children, the courts will make this decision for you.
An estate plan protects your beneficiaries
An estate plan can be used to pass on assets to beneficiaries. If you fail to designate beneficiaries in an estate plan, the court will decide what happens to your assets. Not only does this take decisions regarding your assets out of your hands, but the process can be expensive. The bottom line is this: if you want to control what happens to your assets after you’re gone, you must create an estate plan.
An estate plan saves on taxes
With a valid estate plan, you can help protect your beneficiaries from the IRS. During the estate planning process, your Michigan estate planning attorney will work with you to draft an estate plan that reduces your beneficiaries’ taxes. When you fail to create a plan, however, the tax burden on your heirs can be significant.
An estate plan helps avoid family conflicts
An estate plan can stop fights before they start. When you create an estate plan, you choose who will control your finances and assets when you’re no longer able to do so. This takes the decision out of your family’s hands and reduces the odds of interfamilial conflict. In addition, by designating specific assets to pass on to specific beneficiaries, you reduce the chances that your heirs will fight over your assets after you’re gone. When you create an estate plan, you create a clear record of your wishes regarding your assets. This goes a long way in ensuring that your estate doesn’t become a source of conflict within your family.
Contact a Michigan estate planning attorney
If you have any assets at all, you need an estate plan. When you leave decisions regarding your estate to the court, there’s no telling what may happen. Therefore, if you’re ready to begin the estate planning process, you should contact an experienced Michigan estate planning attorney to get started. At Keating Law PLC, our experienced Michigan estate planning attorney will help you with all aspects of the estate planning process, including drafting a will and designating beneficiaries. If you’re ready to get started, please contact us today for a free consultation.