Estate planning is not just for those who are wealthy

Many people in Michigan and elsewhere do not want to take the time to think about end-of-life matters or what will happen to their loved ones or assets in the event of incapacitation. For some, it is a lack of significant assets or income that makes it feel unnecessary. However, estate planning is not just for those who are wealthy. It has a place and a purpose for everyone and will only prove beneficial in the long run.

Quite a few people seem to think that an estate plan is needed only to protect assets. But, in reality, they do so much more. They are especially important if one has minor children.

In an estate plan, one can place very specific instructions for long-term care in the event of incapacitation; can name a personal representative who will be in charge of medical and/or financial decisions; can assign a guardian to take care of minor children; can name beneficiaries and can express any final wishes -- among numerous other things. Having all of this decided and a plan in place long before it is needed will only help to prevent arguments among family members in the future. It will also ensure that assets and loved ones are fully protected.

Even if one is in a financial position that makes estate planning seem pointless, there are always good reasons to go through this process. No one wants the court or strangers to decide who will take care of their kids or how their assets will ultimately be divided. Anyone in Michigan or elsewhere, regardless of financial status, can benefit from the security and protections offered by having a solid estate plan in place. To learn more about the advantages of estate planning and how an attorney can help you get started with this process, please visit our firm's website.