Forbes explains how your estate planning needs may change over time. Michigan residents may find it valuable to periodically revisit and refine their estate plans based on evolving family circumstances.
We have helped clients design estate plans to meet their individual needs.
Your plan may take shape when you find a life partner
When you marry or enter a committed relationship, you may want a will to direct the distribution of your assets at death. You may also find it prudent to adopt durable powers of attorney that give your partner or other family members the right to make decisions concerning your health care and finances if you are unable to do so. Purchasing life insurance may help your partner meet financial obligations after your death.
Planning may take on urgency when you have children
When you have children, you want to protect their future if something were to happen to you and your partner. Your will may designate a guardian to raise your children and make important decisions on their behalf. To provide for your children’s financial well-being, you may also want to reexamine your directions for distributing your property and other assets at death. This is also a good time to look into life insurance and durable powers of attorney if you have not already put these pieces into place.
The “sandwich generation” presents unique challenges
You may find yourself in the “sandwich generation,” expending financial resources to take care of both your aging parents and your children. You may want to create a trust to cover your family’s financial needs as this may allow for expedited distribution of assets outside of formal probate proceedings.
Wills and trusts may both play a role in meeting your financial and family goals. You may visit our website for more information about these estate planning tools.