Two Estate Planning Essentials

Having an estate plan is an important aspect of maintaining protection over your assets, and most people realize this. The issue is, the vast majority of people today have no will, trust, power of attorney, or long-term care plan in place. While creating an estate plan does mean you have to temporarily consider your own mortality, the reality is that it affects many more people (and lasts much longer) than you know.

Estate Planning Essentials

Estate planning doesn’t have to be morbid, boring, or tedious. In fact, if you’re working with a professional estate planner, you’ll begin to feel good that you’re doing everything in your power to protect your assets and your loved ones. During the estate planning process, you’ll have to work with a few different documents, some of which may include the following:

Power of Attorney

A power of attorney is an estate planning tool that enables protection of your family during your life. In the unlikely event that you are unable to control your own finances or other assets, the power of attorney gives someone you trust the right to handle these items as well as other legal matters in your stead. Drafting a power of attorney document is a legal process that should always be performed in the presence of an estate planning attorney.

Will

The will is a legal document that dictates who receives your assets, whether they’re in the form of money or items, following your death. Wills can distribute tangible property and money to family, friends, organizations, or even strangers. Since wills can have some caveats that prevent your wishes from being carried out, it’s important to draft this document with an attorney who is experienced creating this type of document.

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 (616) 840-3754 to learn more about your options.