Top 3 Things You Should Do Before Starting Estate Planning

Having an estate plan is a must for everyone. This isn't something reserved for the well-to-do or families with young children. When someone passes away in the family, having a well-thought-out estate plan in place may help ease the burden on loved ones and the probate process. You need an Ann Arbor elder law estate plan if you own any property so that it may be shielded from creditors and the courts in the event of your death.

 

 

The following three suggestions are the first things you should do before starting estate planning:

Identify the goal of your estate strategy

The first step in creating an estate strategy is figuring out what you want to achieve with estate planning attorney Michigan. One such goal may be to keep more of one's hard-earned money by reducing or eliminating estate taxes. In addition to this, you may want to: shorten the probate procedure; provide for beneficiaries with particular needs; safeguard family treasures; or prevent beneficiaries from engaging in financially reckless conduct.

Determine Your Executor Today

Appointing an executor or executrix in an estate plan ensures that your last intentions are carried out as you intended. Your financial advisor may also recommend naming other executors in case your initial pick is unable or unable to carry out their responsibilities. The person you appoint should be someone who is acquainted with your estate and has enough time, money, experience, and familiarity with the position that they can do it without much help.

Make a Health Care Power of Attorney Document

For those with elderly loved ones who may need substantial care, such as nursing home care, professionals in the financial planning industry recommend drawing out a durable power of attorney for healthcare. In the event that you become unable or unwilling to make choices about your healthcare, this agreement will let a trusted individual to act on your behalf. Without this form, a substitute decision maker may have trouble obtaining your medical information, dispensing your prescriptions, or even having you admitted to the hospital.

About Castle Wealth Group Legal:

If you need assistance with any aspect of elder law, Castle Wealth Group Legal is the company for you. best lawyers in Michigan in the field of elder law can handle any and all issues that may arise, saving you the trouble. In addition, they may aid you in preventing family problems via their expertise in elder law preparation.

To consult elder law attorneys, visit https://michiganestateplanning.com/

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