If you’re like most people looking for information on Wills, Trusts, and Estate Planning, you have spent (or are currently spending) A LOT of your time searching the internet for answers to questions like: 

• Will those online forms and fill in the blank wills really protect me, or is this the sort of thing that I will need to contact an attorney to do right?
• Can I choose who will raise my kids?
• What’s the difference between a Will or a Trust?
• What’s the difference between a living trust and an irrevocable trust? 
• How much does estate planning cost? 

This may come as a surprise to you but a lot of the information you find on the internet is…less than accurate and not very reliable. Shocking, right?! Many complex state laws cover Wills, Trusts, and Estate Plans. A lot of the information you find on estate planning can be state specific as well. If you are in Michigan needing help there is a chance you are finding laws that only apply to estate planning in another state.

Let’s get into this a little more starting with what exactly is estate planning. Estate planning is the act of preparing for the transfer of a person’s wealth and assets after his or her death. Assets, real estate, life insurance, personal effects, cars, 401K accounts, and even a person’s debts are all part of what is known as the estate.

If you want to divide all of those items up and have them go to different members of a family or people who are in your life you want to put that in writing in a legal way. That is estate planning—making a plan in advance and naming whom you want to receive the things you own after you die. It can be confusing, complex, and overwhelming. That’s why nearly everyone uses a lawyer or estate planning attorney near them to make sure they set everything up correctly.

While most people think about planning to pass things on as they age, estate planning is for everyone. We have all been impacted by illness and accidents that have taken people way before they should be gone. Just as Estate planning is not only for the elderly, it is also not just for someone considered wealthy. It’s easy to delay answering uncomfortable questions such as “What happens to my assets and my loved ones when I die?” So it’s no surprise that roughly half of Americans don’t have a will, and even fewer have an estate plan.

For that reason you will want to leave a clear road map and instructions for passing your values belongings on to people you know, love and trust. In a typical estate planning document you will include instructions for:

1. Your care if you become disabled
2. Guardians for minor children.
3. Provide for family members
4. Protection loved ones from creditors or divorce.
5. Do you have a business you want to pass on? Ensure the transfer of ownership goes as planned.
6. Minimize taxes, court costs, and legal fees.

Too many people don’t plan. If you don’t have a plan, Michigan has one for you, but you may not like it. If your name is on the title of your assets and you can’t conduct business due to mental or physical incapacity, only a court appointee can sign for you.

If you die without an intentional estate plan, your assets will be distributed according to the probate laws in Michigan. That means your spouse could receive only a fraction of your estate, which may not be enough to live on. If you have minor children, the court will control their inheritance. If both parents die (i.e., in a car accident), the court will appoint a guardian without knowing whom you would have chosen and it may not always be the best equipped individual.

Wouldn’t you prefer to keep control of who receives what and when? And, if you have young children, wouldn’t you prefer to have a say in who will raises them? Would your family know where to find your financial records, titles, and insurance policies if something happened to you? Planning your estate now will help you organize your records, locate titles and beneficiary designations, and find and correct errors.

It is much better to hire a qualified lawyer to set things up for you. Take the time to do this correctly now rather than have your family on the hook to pay an attorney to try to fix things later.

A lot of people put off the Estate planning because they think it costs a lot of money. It does not have to be expensive. If you don’t think you can afford a complex estate plan now, start small. For a young family or single adult, that might just mean a will. Maybe you are just seeking term life insurance, and powers of attorney. Don’t try to do this yourself to save money. An experienced attorney will be able to provide critical guidance and peace of mind that your documents are prepared properly.

The best benefit is peace of mind. Let our attorneys help you achieve your estate planning goals. Contact the lawyers at Kern Law today to schedule your appointment.