Many individuals may think that because creating an estate plan falls into the area of elder law, only older parties need to worry about making such plans. However, estate planning can be useful to adults of all ages. Unexpected life events can occur at any time -- often when individuals are least prepared -- and therefore, Michigan residents may benefit from considering their options for creating a plan.
Once individuals become legal adults, their parents can no longer make medical decisions for them. This means that if a person becomes incapacitated and has not created any estate plan documents, his or her health-related decisions could be placed into the hands of someone the person would not have chosen him or herself. However, appointing power of attorney agents early on could keep such complications from arising.
No matter how many assets a person has, creating a will is an important step. Without a will, a loved one could miss out on gaining assets that may be important to them. Unrelated parties often have no legal rights to a deceased individual's property, and therefore, if a person hopes to leave assets to a significant other or close friend, a will can help ensure that those desires are carried out.
Estate planning has many benefits, and because anyone could find him or herself in a difficult spot, having these plans in place could save individuals from much confusion and potential heartache. Interested Michigan residents may want to find out more information on their viable planning options and useful tools. Speaking with experienced attorneys could help interested parties begin their planning journey.
Source: Yahoo, "Why You Should Start Estate Planning in Your 20s", Maryalene LaPonsie, March 16, 2017