Your personal plan for what you want to happen with your assets after you pass away can provide peace of mind for you, but it also serves as a structured approach to distributing your belongings when you are no longer around to decide their fate.

The estate planning process should not just be visited once and then forgotten about. Rather, your estate plan should be viewed as a living and breathing document that you return to every time you have major changes in your life or are impacted by changes in the law. Often, people are unaware of those changes until it’s too late, so it is prudent to stay in regular contact with your estate planning attorney to be made aware of any changes or amendments to the law that might impact you.

The broad array of goals that estate planning can help you accomplish are often overlooked. Consider the following 7 goals that estate planning can help you achieve:

• Compiling arrangements for end of life care
• Minimizing taxes while creating a legacy of wealth
• Making charitable donations after you pass away
• Determining who will receive assets you own after you pass away
• Making financial and legal arrangements for minor children
• Taking care of any outstanding debts
• Giving another person the ability to manage your finances if you become incapacitated

Multiple factors will help you determine how detailed your estate plan needs to be, and this is a conversation best had with your estate planning attorney. Schedule a consultation today to discuss how your estate plan can help to protect you and your loved ones.

Did you know our office currently has a special on virtual planning? Take advantage of this opportunity to get your affairs in order by contacting our Michigan estate planning law office today.