Make A Plan For Your Family’s Future
Many people think that estate planning is only for the elderly and the rich. But the truth is, estate planning is a prudent move for everyone. It doesn’t matter how big your estate is. Whether you own multiple homes or just the items inside your home, you probably care about what will happen to your property after you are gone. Estate planning is the way to ensure that items of both financial and sentimental value are passed on to the appropriate people when the time comes.
And there’s no way to know when that time will come, which is why it is never too early to begin estate planning. Whether you are young or old, healthy or sick, you simply can’t predict when an unexpected accident might deprive of you of the power to clarify your wishes regarding your property, health care decisions and more.
It’s not pleasant to think about what the world will look like after you are gone, but a little bit of effort right now can give you peace of mind for years to come: the knowledge that no matter what happens, you have done everything in your power to provide your family’s future.
Wills: The Cornerstone Of Estate Planning
Wills are the most common estate planning instrument. As drafted by a qualified estate planning lawyer, wills are a way to officially record your wishes so that they are plainly known to all relevant parties in the event of incapacitation or death.
For some people, a completed will comprises their entire estate plan. For those with more complicated finances, a will is a useful guiding document that spells out the intention behind various trusts and other holdings. In every case, a clear and thorough will can help your loved ones avoid confusion and legal disputes.
Trusts: A Versatile Tool
There are many kinds of trusts, but their underlying function is to hold funds that will be disbursed at a time of your choosing — for example, after your death. Trusts are often used in conjunction with wills; the wills provide the instructions while the trusts hold the actual funds. Trusts can also be tailored to help you minimize your tax bill.
In addition to holding assets, certain trusts like a special needs trust can be used to provide for specific people with extraordinary needs, such as a disabled child or other family member.
Let Us Help You Achieve Peace Of Mind About Your Estate
To learn more about how our firm can help you create an estate plan that meets your specific needs, call McGivney Law Firm, PLLC, at 810-229-2971 or reach us by email to schedule a free initial consultation with one of our estate planning attorneys. From our offices in Brighton and Stockbridge, we serve clients throughout Livingston County and elsewhere in Michigan.