Make Sure You Know Where Your Money is Going
When you’re planning for your future, more than likely you’ll starting planning for what happens to your assets—including your money—when you pass on. Knowing where your money is going is probably important to you; however, many people fail to create a will or similar plans of action that dictates precisely where their finances are directed. This can cause undue distress among family members, especially if your funds are allocated or retrieved by the government or other issuing bodies.
The Importance of a Will
Having a will doesn’t only protect you, it also protects your family members should they require financial assistance following your death. If you’re a husband or wife who cares for the wellbeing of your family, having a will can help ensure your current financial assets are going toward them in just the precise increments at just the precise times you wish. In addition to having a solid life insurance policy in place, a will can enable you to care for your family regardless of whether you’re there or not.
While you can certainly put a will together on your own, it’s best to take your ideas or wishes to a professional attorney, especially one that’s experienced in estate planning. He or she can then help you plan a will that’s legally sound as well as on that provides every aspect that’s essential for the wellbeing of your family. An attorney can also help you find ways of dividing all of your assets equally among family members, regardless of whether or not these assets are substantially valuable. An attorney can also discuss, in addition to a will, a trust that will protect your assets much more so than a will while ensuring your loved ones are protected.
Plan Your Future with Ease
At The Elder Law Firm PC, we’re dedicated to helping our clients feel secure in their future. Not only do we provide Medicaid planning for Michigan residents seeking assistance in paying for healthcare costs, we’re also here to provide guidance on various other long-term asset management. If you have a question regarding asset management, feel free to call us at (877) 933-7252 to learn more about your options.