Don't make this mistake when estate planning

It is easy to get caught up in the death side of an estate plan. To whom will assets go? Who will take care of young children? The list goes on and on. What some people in Michigan and elsewhere fail to consider is the personal care side of estate planning.

A good estate plan not only provides protections for assets and beneficiaries in the event of one's death. It will also provide protections in the event one is left incapacitated. Such an estate plan will answer a variety of questions like:

  • What medical care do I want?
  • Who will be my voice?
  • Who will take care of my financial affairs?

Failing to consider the personal care side of an estate plan is a mistake -- a big mistake that many people unfortunately make. Doing so can have terrible effects for oneself and one's family down the line. Significant decisions could be left up to someone that is not entirely trustworthy or has different values. In some cases, a judge may get the final say in certain matters. Who really wants that?

Michigan residents can protect themselves by having a full estate plan. One that considers both the protections needed in the event one becomes incapacitated and the event of one's death. An estate planning attorney can assist those who are unsure where to start in creating a plan that suits their needs. Further help can also be provided in the future should an estate plan require any modifications due to life changes, or changes in wants or wishes.

Source: Forbes, "The Biggest Estate Planning Mistake People Make", Brad Wiewel, Aug. 16, 2017