What is Estate Planning & Should You Have One?

Everyone has an estate.  It includes everything you own.  Your home, bank accounts, cars, personal property, pets and even your social media accounts.  A common misconception is that Estate Planning is only meant for the elderly or for the wealthy. 

Estate Planning protects your decisions on everything from who gets your stuff if you pass away to planning for a period of incapacity. Incapacity can occur due to something unexpected like a car accident or from losing your ability to make decisions from a disease like Alzheimer’s or dementia. Proactive Estate Planning can help you pay less taxes when you die, protect your hard-earned assets from long term care costs, or help safeguard you against unexpected situations like lawsuits, bankruptcy, or creditors.

If you do not put a plan in place for you and your family, the Probate court will. This is called intestate succession.  In our experience, the court’s plan for your assets is far from what someone would most likely prefer to have happen. Would you really want the Probate court to decide who would be the parents of your children if you couldn’t be?  What about who gets access to your retirement accounts?  Another common Estate Planning & Probate misconception is that all your assets will automatically be granted to your spouse if you do not have a plan in place. Probate court opens your estate up to anyone who would like to make a claim, including those long-lost family members and creditors.

What is typically included in a comprehensive Estate Plan?

• Will (including guardianship appointment)

• Asset Protection Trust

• Financial Power of Attorney (Durable Power of Attorney)

• Healthcare Proxy (Patient Advocate Designation)

• HIPAA Wavier

How Do I Find an Estate Planning Lawyer Near Me?           

Rutkowski Law Firm: Asset Protection & Estate Planning has an excellent record of creating Estate Planning and Asset Protection plans for people throughout Michigan. We promise our clients a custom, comprehensive asset protection plan backed by a lifetime of education and support.

Because we conduct all our meetings virtually, we can assist clients who live anywhere in Michigan. Take the next step to protecting everyone you love and everything you own through thoughtful planning. Call us today at (248) 792-9193 or fill out our online form to schedule a virtual consultation.

The information in this blog post (“post”) is provided for general informational purposes only and may not reflect the current law in your jurisdiction. No information in this post should be construed as legal advice from the individual author or the law firm, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting based on any information included in or accessible through this post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country, or other appropriate licensing jurisdiction.