Most individuals spend their entire lives working hard and accumulating wealth and assets to secure their future and to provide a better life to their loved ones. No matter how much property a person has accumulated, they should make sure they work out an estate plan so their assets are distributed the way they want after they pass away or when they are in a state that they can no longer make proper decisions on their own.
An estate plan should contain certain factors based on a person’s individual needs and what they are looking to achieve. However, everyone will need to create wills and trusts so they can sort out long-term care arrangements for themselves and so they can choose individuals they trust to represent them in probate court and in other matters regarding the distribution of their wealth. Estate plans will also include drafting guardianship arrangements. If a person makes the mistake of not taking their life seriously and they don’t make an estate plan, their family members will have to face the losses.
If a person dies without a will or trust, they will die intestate and their property will be divided based on how the state laws mandate it and not based on what a person wanted. It does not matter if a person writes down what they want in a homemade will. Their desires will only be considered if they have created a legally acceptable will and trust plan.
Of course, a person gains more benefits by creating a trust when they have a larger estate, but anyone with assets should seriously consider taking this course of action. The more wealth a person has amassed, the more chances they will have tax deductions and other complications arise when the probate process begins. An estate planning attorney will create the perfect plan so a person does not have their money reduced significantly and so their loved ones can enjoy the distribution of their assets.
Can I make an estate plan myself in Traverse City, MI?
Despite popular misconception, a person can not just make an estate plan on their own, they will need the help of an attorney who thoroughly understands the legal process of creating wills and trusts that are considered valid by the court. Anyone who wants to help their loved ones easily get access to their assets without complicated situations and litigation arising should make sure they connect with an estate planning lawyer as soon as possible.
Get in touch with an estate planning attorney at the Neumann Law Group today.
Reach them at:
300 E Front St #445
Traverse City, MI 49684
Phone: (231) 221-0050
Fax: (231) 221-0051
250 Monroe Ave NW, #400
Grand Rapids, MI 49503
Phone: (616) 717-5666
Fax: (231) 221-0051