Who needs estate planning? YOU
Posted by catherine jacobs on Wed, Jun 16, 2010 @ 09:34 AM
Who Needs Estate Planning?
Regardless of whether your estate is large or small everyone can benefit from estate planning. It's important for all of us to designate someone to manage our assets and make health care and personal care decisions for us when we become unable to do so for ourselves.
If any of the questions below seem relevant to you, then an estate plan is important for you and your family to pursue.
- Who will receive your assets after your death?
- Who will pay your last debts?
- Who will make health care decisions for you if you are unable?
- Does your family know your feelings when it comes to life support?
- Would you like any of your assets donated to charity?
- Do you know how to preserve your assets for your beneficiaries and reduce or postpone the amount of estate tax which otherwise might be payable after your death?
When individuals fail to plan ahead, a judge appoints someone to handle your assets and personal care. Your assets will be distributed to your heirs according to a set of rules known as intestate succession. Under intestate succession your assets may not be given to your choice of heirs. An estate plan gives you control over who will inherit your assets after your death. If the court has trouble locating your heirs after a period of time, your estate will escheat (be given) to the State of Michigan.
CATHERINE JACOBS, AT DYKEMA LAW OFFICES, CAN ASSIST YOU WITH ALL OF YOUR ESTATE PLANNING NEEDS. CALL TODAY FOR A FREE CONSULTATION.
616-363-6611 OR EMAIL AT: chj.dykema@tds.net