As the new year approaches, many of us make resolutions to improve our lives. While goals like losing weight, saving money, or learning new things are common, one resolution that you can actually stick to is hiring an estate planning attorney. Estate planning allows you to decide how your assets will be divided after your passing.
What is Estate Planning
Estate planning is about taking proactive steps to manage and protect your assets, both during your lifetime and after you’re gone. It’s a way to make sure your wishes are honored when it comes to how your property, investments, and personal belongings are handled. Beyond that, it helps you plan for unexpected situations, like an accident or disability and sets a plan for what happens to minor children.
At its heart, estate planning is about caring for your loved ones. It’s about making things easier for them by reducing legal or financial challenges and giving them clarity about what you want.
What Does an Estate Planning Attorney Do
An estate planning attorney helps make sure your plans for the future are clear and followed just the way you want.
- Write Your Will: A will is how you decide who gets what after you’re gone. An attorney can help you create one that’s legally valid and follows your wishes.
- Set Up Trusts: Trusts can be used to manage and protect your assets for your family. Whether it’s for general use, special needs, or something else, an attorney can help you figure out what’s best for you.
- Create Powers of Attorney: If you’re not able to make decisions for yourself in the future, a power of attorney lets someone you trust step in to help with finances or healthcare. An attorney will make sure these documents are done right.
- Plan for Healthcare: A healthcare directive, or living will, lets you share your wishes for medical care if you can’t speak for yourself.
- Reduce Taxes: Taxes can take a chunk out of what you leave behind. An attorney can help you find ways to reduce taxes and keep more for your family.
- Protect Your Assets: An attorney can help you take steps to protect your money and property from things like creditors or lawsuits so it goes where you want it to.
- Plan for Your Business: If you own a business, an attorney can help you figure out how it will be managed or passed on when you retire or if something happens to you.
- Choose Guardians for Kids: If you have kids or dependents, an attorney can help you name someone to care for them and make sure their needs are met.
Working with an estate planning attorney makes it easier to plan for the future and gives you peace of mind knowing your loved ones will be taken care of.
Who Needs an Estate Planning Attorney
Estate planning is important for everyone, but there are certain situations where having an estate planning attorney can make a big difference:
- If you have a lot of assets: Managing wealth, investments, or finances can get hard. An estate planning attorney can help you manage the legal and tax details of passing your wealth to your loved ones.
- If you own a business: Planning for the future of your business is important. An attorney can help you set up a plan for ownership and management if you retire, become unable to run things, or pass away.
- If you have a family member with special needs: An attorney can help you set up a special needs trust to make sure they’re cared for long-term without losing access to important government benefits.
- If you’re part of a blended family: When there are children from different relationships, it can get complicated. An estate planning attorney can help make sure your assets are distributed fairly and conflicts are avoided.
- If you own a lot of real estate: If you have multiple properties, an attorney can guide you on how to structure ownership and make sure everything is smoothly transferred.
- If you want to give to charity: Donating a portion of your estate to causes you care about is a good way to give back to the community. An attorney can help you set up charitable trusts or other plans that go with your goals while minimizing taxes.
- If you have international ties: If you have assets or loved ones in other countries, cross-border estate planning can get complex. An attorney can help you navigate the laws and make sure everything is in order.
Conclusion
Estate planning is an important way to make sure your assets and wishes are taken care of after you’re gone. Adding estate planning to your New Year’s resolutions is a good way to get at least one thing checked off your list.
A Michigan estate planning attorney can help you create the right documents, plan for taxes, and make sure your wishes are followed. It’s a chance to take control of your future and give your family the peace of mind they deserve.
As we head into 2025, talk to an estate planning attorney like the one at The Law Office of Francis O. Wey. Call us today at (248) 883-8784 to schedule a consultation and have a Happy New Year.