There is an idea that only “rich” people need an estate plan. This could not be farther from the truth! An estate plan can have many benefits for anyone who wishes to ensure that their loved ones have a smooth transition after their passing.
A group who can hugely benefit from estate planning is young families. An estate plan can be used to designate guardians for a minor child if their parents were to pass away- otherwise a court would decide who is the best person to care for them! It can also be used to ensure that their wishes for their children are addressed: for example, by leaving sufficient funds for education, or a home, or simply to ensure that their daily needs are met in the manner the parent wishes to provide for them. Another way it can provide peace of mind is not only creating that vehicle for transfer, but also ensuring that the person you want in charge of your children’s financial future is the person who actually is in charge - again, not someone the court designates!
Did you know that a will alone will not help you avoid probate if you own a home? Many many people call saying they need a “simple will” to ensure their family does not have to go through probate. But a will alone does not ensure that your family does not need probate.
For wealthier families there may be concerns of children having unfettered access to funds, or concerns of protecting their wealth from taxes or liability. An estate plan can accomplish this as well!
Don’t have children? Do you know who your heirs are? We recently met with a woman who had no children and no close relatives and a large amount of wealth- we were able to set up a plan to provide for the people who were not her family, but she wanted to provide for, rather than having to have someone search for her heirs after her passing, people who she barely knew.
As you can see, everyone and anyone can benefit from an estate plan. Call our experienced estate planning attorneys in Plymouth, Michigan today at 734-821-7411 to set up a consultation and see how an estate plan can benefit you.