Estate planning in Walled Lake, Michigan is simply the act of deciding what you want to happen to your assets after your death. It usually 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 usually not the only element. There are many other important things that most estate plans should include.
In addition to a well-drafted will, a comprehensive estate plan should include 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.
For anyone who has children who are still minors, it is very crucial to make arrangements for their custody and care, just in case the unthinkable happens. You should think of a family member or very close friend who you know would be willing and able to take care of your children, and designate them as the person who would take custody. Of course, it's important to discuss this matter with that person before you actually do it.
What Type of Estate Plan Do I Need in Walled Lake, Michigan?
The answer to this question depends on your individual needs, your priorities, your health, and the size and nature of your estate.
If you are young and unmarried, estate planning probably doesn't need to be on your radar, unless you are very ill, independently wealthy, or perhaps if you work in a very dangerous job, such as the military.
If you're not married in Walled Lake, Michigan, but have a life partner, estate planning is essential. If you want your partner to be treated as your spouse, your estate plan should make arrangements to give him or her power of attorney in the event that you become incapacitated. Additionally, your will should clearly name your partner as a beneficiary, if you want them to inherit any of your assets.
Individuals who are elderly and/or have a large amount of money in Walled Lake, Michigan are probably more in need of an estate plan than almost anyone else. Most people place a lot of value in the peace of mind that comes when they know that the people they love, or the causes they care about, will be taken care of after their death. Of course, nobody likes to confront the facts that this process always involves, but it's essential.
Do I Need a Walled Lake, Michigan Estate Planning Attorney?
In Walled Lake, Michigan, estate planning is rarely simple, even if it's not the most complicated thing in the world. Given the importance of what's at stake (the financial security of your loved ones), a good estate plan is essential, as is the help of an attorney who specializes in wills, trusts, and estates law.