Estate planning in Grand Ledge, Michigan is simply the act of deciding what you want to happen to your assets after your death. It typically entails making plans about funeral arrangements, as well as plans for end of life care.
The creation of a will (the document laying out what is to be done with your property after your death) is an essential element of an estate plan, but it is typically not the only element. There are many other critical things that most estate plans should include.
In addition to a well-drafted will, a comprehensive estate plan should contain things like a living will (healthcare directives made in advance, in case you become incapacitated and unable to make or express such decisions), funeral instructions, and instructions relating to organ donations.
If you have young children, it is absolutely crucial that you make arrangements for their care, as well as their custody. Obviously, if you want someone specific to take custody of them in the event something happens, you need to discuss the matter with them, to ensure that they are actually able and willing to care for them.
What Type of Estate Plan Do I Need in Grand Ledge, Michigan?
This typically depends on your individual goals and priorities, your age, health, and the nature and quantity of your assets.
For example, if you're unmarried, and in your early 20's, estate planning is probably not the most critical thing in your life. However, if you're seriously ill, and/or unusually wealthy, estate planning might be a priority for you.
If you are unmarried, but have a life partner in Grand Ledge, Michigan, estate planning is crucial, if you wish for your life partner to be treated as if he or she were your spouse (to the extent possible). In such a case, the estate plan should make arrangements to give your life partner power of attorney in case you become incapacitated. Your will should also precisely include your partner (if you wish for them to inherit any of your assets).
There is another considerable group of people who would benefit from having a good Grand Ledge, Michigan estate plan: the elderly and those with a lot of money really need to consider making a comprehensive estate plan as soon as possible. While this necessarily includes facing some uncomfortable realities, it is critical and unavoidable.
Do I Need a Grand Ledge, Michigan Estate Planning Attorney?
Because estate planning can be a confusing process, the expertise of a good lawyer in Grand Ledge, Michigan who specializes in wills, trusts, and estates can make the process a great deal easier.