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What determines if estate planning is needed?

Young adults frequently embark on the journey of adulthood with plans to build their fortune. The term estate planning conjures up images of considerable assets to be bequeathed to one’s heirs at the time of one’s death. However, anyone who has a family can probably benefit from establishing an estate plan in Michigan. While facing one’s own mortality is not easy, the reality is that no one knows the length of his or her time on earth. In particular where children are concerned, parents may wish to designate guardians in the event that they pass away before children reach adulthood.

Guardianship is only one aspect of an estate plan. Preparing a plan can help one address other questions that may arise in regards to one’s future. A plan can address issues ranging from health care decisions if one becomes incapacitated to how one will be cared for in the event of serious illness or injury. Appointing a medical power of attorney can alleviate concerns regarding these issues and provide a trusted individual who will have the authority to make those decisions.

Financial issues may also be a concern. An estate does not need to hold a large amount of financial assets to be worth protecting. A person may wish to ensure that certain assets are designated to go to certain causes or people. Tax implications may also be an issue, and there are certain steps that can be taken to protect against excessive taxes. Designating a durable power of attorney allows one to choose a trusted person to manage one’s financial affairs in the event that one becomes mentally or physically incapacitated.

All of these reasons and more indicate that the need for estate planning is not measured by the dollar amount of a person’s holdings. There are many other aspects of a person’s life that can benefit from having a comprehensive estate plan in place. A person in Michigan considering a plan could benefit from a comprehensive review of one’s situation with an experienced planning professional.