Estate Planning Attorney in Muskegon, MI
Over 30 Years of Experience in Estate Matters in West Michigan!
Estate Planning Is For Everyone
Estate planning is not just for the “elderly,” though people do tend to think about it more as they age. However, no one can predict how long they will live, and illnesses and accidents happen to people of all ages.
Everyone Has An Estate
Everyone has an estate. People often think that an “estate” is something only the wealthy have. But the Internal Revenue Code defines your estate, in simple terms, as everything you own— your car, home, other real estate, checking and savings accounts, investments, life insurance, business interests, furniture and personal possessions. No matter how large or how modest, everyone has an estate and something in common—you can't take it with you when you die.
When that happens—and it is a “when” and not an “if”—you probably want to control how those things are given to the people or charities you care most about. To make sure that your wishes are carried out, you need to leave directions identifying the persons you want to receive something of yours, what you want them to receive, and when they are to receive it. You will, of course, want this to happen with the least amount paid in taxes, legal fees, and court costs.
That is estate planning—making a plan in advance and naming who you want to receive the things you own after you die. However, a good estate plan is about more than just who gets your stuff after you die.
What Makes A Good Estate Plan?
Estate Plan
-
List Item 1
1. Include instructions for your care if you become disabled before you die and appoint persons to make decisions in accordance with your instructions.
-
List Item 2
2. Name a guardian and asset manager for minor children.
-
List Item 3
3. Provide for family members with special needs without disrupting government benefits.
-
List Item 4
4. Protect assets for loved ones who might be irresponsible with money or who may need protection from creditors or divorce.
-
5. Balance the interests of your spouse and any children from prior marriages.
-
6. Consider insurance needs, potentially including:
- life insurance to provide for your family at your death
- disability income insurance to replace your income if you cannot work due to illness or injury
- long-term care insurance to help pay for your care in case of an extended illness or injury.
-
New List Item
7. Determine how much discretion your spouse will have to change your plan if you die first.
-
New List Item
8. Minimize taxes, court costs, and legal fees.
-
New List Item
9. Be an ongoing process, not a one-time event. Your plan should be reviewed and updated as your family and financial situations (and laws) change over your lifetime.
-
New List Item
10. Provide for the transfer of your business at your retirement, disability, or death.
Frequently Asked Questions About Estate Planning
Do I Really Need an Estate Plan if I Am Not Wealthy?
Estate planning is not about how much you own, but rather making sure your wishes are documented and followed. Even modest estates can benefit from having clear instructions in place for loved ones.
When Should I Start an Estate Plan?
There is no correct age to start an estate plan. Adults of any age can benefit from an estate plan, especially if they own property, have children, run a business, or simply want to be prepared.
What Happens if I Don’t Have an Estate Plan?
If you pass away or become incapacitated without establishing an estate plan, Michigan law will determine how your assets are distributed and who is in charge of making decisions. This can create unnecessary stress, delays, and expenses for your family, and there is no guarantee that your wishes will be reflected.
How Often Should an Estate Plan Be Reviewed or Updated?
Estate plans can be changed and updated as your life evolves. Major life events like marriage, divorce, the birth of a child, retirement, or changes in assets are all reasons people may choose to update their estate plan.
Do You Work With Clients Who Have Complex Family Situations?
Yes, The Law Offices of David E. Waterstradt supports all types of families in balancing competing interests and planning thoughtfully for loved ones. Estate planning is especially important for blended families, second marriages, and nontraditional family structures.
Can Estate Planning Be Personalized?
Yes, estate planning with our team is a completely personalized process. We take the time to understand your family, goals, and concerns so your plan reflects your unique situation. No estate plan is universal. The Law Offices of David E. Waterstradt ensures that your estate plan meets your personal needs and the needs of your loved ones.