Why not wait to consult an estate planning attorney until later in life?
While many people believe that they can put off estate planning until they're of advanced age. Some erroneously believe that they needn't do any estate planning because they are not extremely wealthy.
Here are some of the reasons you should not procrastinate when it comes to estate planning.
- You can become incapacitated by injury or illness at any age. Unless you have designated someone to manage your affairs under such circumstances, the courts will select such a person without your input.
- You should make provisions for the care of your children if you are incapacitated or pass away before they are grown.Though disturbing to think of, such events do happen. If you do no pre-planning, the courts will decide on your children's legal guardian.
- You should make clear to whom you want your assets to go after you die. If you die without a will, the courts will make such decisions.
- If you have married more than once, the situation can become complicated. Through estate planning, you can determine which part of your estate goes to your current spouse and which goes to children from a previous marriage.
- If you have a child with special needs, special provisions must be made so that your child is not disqualified from receiving government benefits, such as Social Security Insurance, as a result of inheriting from you. A Supplemental Needs Trust may be the answer.
- If you want to keep your child's spouse from inheriting your assets, you have to have a plan in place to ensure that your assets pass directly to your grandchildren.
- Estate planning is the proper way to provide financial security to your family, allowing them to continue living their current lifestyle.
- Estate planning can help you to designate a beneficiary for any retirement accounts you have with as few tax consequences as possible.
- By planning your estate with a competent attorney, you can make sure that any business you own will continue to be controlled by a family member you designate.
- With carefully constructed estate plan, your assets will not be a matter of public record and you will avoid probate fees and delays.
Once you make the wise decision to consult a highly skilled estate planning attorney in greater Detroit or surrounding areas of Michigan, please content Andrew Byers at 248.301.1511.
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