February weather can be cold, snowy and cruel in northern Michigan. It can be a time to cuddle up in front of the fire with a good book or reflect on the resolutions one made for January that are still not begun. Maybe one of those resolutions was to look into estate planning in light of getting a new job or having a new baby. Both are good reasons to consider establishing a plan. Any adult can, and should, have an estate plan.
Creating a plan may seem like a daunting task. One thing to remember is that it is not a once-and-done task. It is meant to grow and change as one’s life changes to possibly include a spouse, children, retirement assets, personal property and so on. The plan is also more than one document.
A will allows one to specify who will receive his or her property as long as that property is in the testator’s name alone. This would include such things as a car, family heirlooms and other personal property items. Insurance policies typically have designated beneficiaries. A will specifies only what is to be done in the event of one’s passing. A healthcare proxy, on the other hand, can specify a person’s wishes should that person become mentally or physically incapacitated.
While it may seem to be a daunting task, estate planning can be successfully accomplished with the advice and guidance of an attorney experienced in the field in Michigan. He or she can review one’s current situation and help mold and establish a plan that will provide for eventualities in the present and allow for changes that may come in the future. All of which can make that resolution easier to keep.