There are many benefits to putting an estate plan into place early on in life to ensure your wishes are carried out appropriately should something unexpected happen.
Estate planning is an essential task for everyone, regardless of income and net worth. It is just as important for individuals and couples who have a large amount of assets as it is for those who have little net worth or only debt. Either way, it is important to have a plan in place to address your financial wishes should something happen to you.
In fact, when it comes to estate planning and financial planning the earlier you begin planning the better. No adult is too young to consult an estate planner to start putting the details together. Unfortunately, many adults under 40 rarely address these needs even though they should!
So, to get you started, here are a few tips for successful estate planning:
Talk It Out
Before walking in to speak with an estate planning lawyer, it is important to think through some of the important details. Gather information on your current financial situation including debt, assets, and insurance plans. Also, it is important to speak with family and friends about important wishes you would have in the event of your death. This may include details about your will, care for young children, and the motives and intentions behind your decisions.
The sooner you begin planning the better and easier it will be for you and your loved ones. For those who have young children, it is an essential step. You need to identify what assets may be available to dependents in the event of your death and how you want the funds used and managed. This may address the management of current debt, assets, and insurance funds.
Put All the Pieces in Place
An estate planning lawyer can help you identify the different components you will need to have in place which may include:
These four basic items will ensure that your wishes are protected if something happens to you. Young couples and especially those with children need to take the time to research life insurance options and secure a plan that meets your needs should something happen to one or both parents. Best of all, the earlier you apply for a life insurance policy, the better chance you have of securing a lower rate compared to older individuals.
Focus On the Basic Components
Experts say life insurance, a will, a patient advocate designation, and a durable power of attorney are all important aspects of an estate plan that should be established at the start of the planning process.
In addition to securing life insurance, it is important to create a basic will. Even if you have few assets and details to cover, you can have peace of mind knowing your wishes are defined and can be carried out in the event of an untimely death. You should also create a durable power of attorney that covers your wishes should you become disabled or injured in a way that prevents you from making important decisions regarding your financial situation. A patient advocate designation establishes how you want to be treated in the event of an emergency and who may have the ability to make medical decisions for you.
Understand Your Needs
There are many factors in your life that will determine what your needs are in regards to a will and estate plan. Meet with a professional estate planning lawyer to learn more about basic estate plans that will fit your individual needs.
Michigan Legal Solutions
Our experienced attorneys are committed to providing our clients with the guidance and support that they need to resolve their estate planning issues. With over five decades of serving clients in Southeastern Michigan, the attorneys of Michigan Legal Solutions (Seglund Gabe Quinn Elowsky & Pawlak, PLC) have the knowledge and resources to resolve your issues.
No two families are alike and our attorneys are qualified to handle every type of estate planning situation, no matter how confusing or complex it may seem. We stay up to date on state and federal laws concerning estate planning and the latest laws regarding Medicare changes, Medicaid changes or nursing home issues. Our attorneys will provide you with the guidance you need and the service you expect so that you and your family get the result you want and the protection that you deserve.