Whether you are a new parent or a parent of older children, your estate planning should undoubtedly reflect the role that you play in your children's life. Failing to have an estate plan that incorporates your children and your desires for their future can expose them to unnecessary challenges. Here are three common questions that you should consider in preparing to meet with your Michigan estate planning lawyer.
A health care power of attorney and financial power of attorney can give you a layer of protection in case something happens to you and you are no longer able to make decisions for yourself. A medical procedure, a stroke or a vehicle accident are common examples of these unfortunate situations, and your power of attorney documents name who will be managing your financial decisions and making medical decisions for you. A well-drafted power of attorney can keep you and your kids out of court and allow for much smoother and more efficient decision making.
Rarely will parents want to rely on the probate courts to allow someone else to raise their children. A will allows you to name who you wish to step in and care for your children if something happens to you and your spouse. Used in conjunction with a Living Trust, proper planning allows you to provide a strong personal and financial foundation for your children in your absence. This gives you peace of mind that so long as the party you name is around and able to serve, that your children will be cared for by someone they know.
If you are thinking about passing assets on to your minor beneficiaries, establishing safeguards in places such as trusts can help them until they learn how to manage this money. Putting age restrictions in place is one of the most common ways to approach this challenge inside a trust. Sit down with an experienced Michigan estate planning lawyer to talk about how to create or adapt your estate plan after you have children.
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