Planning for death is a difficult but necessary part of life. Wills constitute a key component of end-of-life planning because it is important for people to have a way to make their wishes known in a legally enforceable way. Wills can address who will care for your children in the event both you and the other parent die while the children are minors. Wills can also address the distribution of personal property to beneficiaries, how your assets will be handled after your death, and who will manage your estate and/or make key decisions.
What are the basics of long-term care planning?
When most people think of planning for their futures, they think about retirement savings or drafting a will. Many people overlook planning for long-term care because they misunderstand what long-term care actually refers to or underestimate how likely it is that they will need some form of long-term care. Overall, approximately 70% of people age 65 or older have a realistic expectation of requiring some form of long-term care in the future.
Trusts should not be overlooked when estate planning
Many Michigan residents put off discussing estate planning or making plans for after their death because it is uncomfortable to think about. However, the desire to leave money, assets, or other possessions to one's children often motivates people to take the steps to begin this planning process. Although there are many different options available for protecting one's own interests, as well as the potential interests of prospective heirs, trusts should not be overlooked.
The key elements of a health care power of attorney
Powers of attorney are intended to provide a legal way for Michigan residents to manage their own affairs and make their own decisions even when they are physically or mentally unable to take action or convey their wishes. One very important type of power of attorney is a medical power of attorney. This kind of power of attorney relates to certain "life-or-death" medical decisions and end-of-life care. Since a power of attorney is a legal document, it is binding if it is created correctly. It is important for people think and plan carefully regarding who they choose as their agent and to discuss their wishes with that person.
We can help guide you through the estate planning process
Aging and dying are not things that most Michigan residents like to think about, both because the future is so unknown and because planning for the end of your life is generally not pleasant. However, there are many different reasons that you should seek advice regarding estate planning and administration.
