People generally believe unless they are very wealthy they do not need an
estate plan. While this may sounds good in theory, anyone who owns property in
their own name or has assets exceeding $15,000 would be well served by meeting
with Oakland county lawyers who
focus their practice on estate planning.
Why Estate Planning
Matters
When someone meets with an attorney to plan how their assets will be
distributed at the time of their death, they maintain complete control over
those distributions. Those who have assets at the time of their death and
die without any type of estate plan will have a personal representative
appointed by the court and the court will determine the distribution of their
assets. There are also some specific instances where a good estate plan should
be considered including:
- Family Members With
Special Needs
– Family members with special needs can be cared for when an estate plan
includes a trust as well as appointing conservators or drafting
guardianship documents to care for them when they lose a parent or other
caretaker.
- Divorced Couples With Children – Generally speaking, most parents want to leave their assets divided equally among their children. This can be challenging when one or both parents remarry and have new spouses. An estate plan can ensure the children of the marriage are provided for after the death of a parent.
Some of the other documents that should be part of a well thought out estate
plan include powers of attorney in the event the maker becomes incapacitated,
health care directives and life insurance trusts. Each person will have to work
Oakland County lawyers who understand elder and estate issues to determine what
type of plan they should set up to meet their needs.
What About Small
Estates?
Even when someone has a small estate, there may be a need for a good estate
plan. In fact, real estate, automobiles, jewelry and artwork can be left to
heirs upon the death of the owner but if there is no will or other estate
planning document, the court may determine the distribution of these assets
which may involve selling them first.
Regardless of the size of an estate, having a plan in place for end-of-life
care, addressing special needs of family members or ensuring assets are
distributed in accordance with the wishes of the owner is important. Working
with Oakland County lawyers who are well-versed in elder issues and probate
issues makes sense regardless of the size of an estate.
