We recommend that our clients review their estate planning documents once every five (5) years or so, especially after a major personal or financial change. Without doubt, new laws will be passed by the state and federal government as well as the IRS. As the years pass, you and your family will age, perhaps grow in number, and your assets will change. They can get quite complex.įinally - This website on Creative Funeral Ideas, was done by a website friend and thought I'd pass it along as it might really help someone.Your estate plan is all about you! It’s an investment in you and your family’s future. Your kids only get their share at a specific age, or whatever particularĬircumstances that you might dream up. You to say HOW your assets are distributed. Trust, it is more complex, requires an attorney, but it also allows Will instructs on what happens at your death (who gets what). and you do need an attorneyįor more complex estates (but those folks aren't reading this. Google or recommendations from family or friends for an Estate Attorney. Shouldn't use a criminal attorney for your estate. You wouldn't use an orthopedic doctor for a heart attack and you Estate Planning Attorneysĭo you realize that an Attorney is specialized like doctors? If you are worried about it, do one, take it to an attorney to review it - it will cost you lots less to have them review it, compared to having them use their will template and fill in the blanks for you. Each State is different so you do need to look specifically at your own State. I think you'll find oodles of information from your own State government. You need one from your own State (but, do a quick Google search and findĮnter for your search either (1) Michigan Estate Planning (or whatever state you are from) - or - (2) Michigan Do It Yourself Wills. You shouldn't use the fill-in-the-blank will as OR - download it below and use the checklists and forms to get your Your STATE determines where your stuff goes. No Will? Free Estate Planning Resource Guides hey, you need to know everything so you know what you are eligible should death of a spouse or family member happen. Then there is the Social Security survivor benefit to check out. Some pension plans, like defined benefit pension plans often provide a survivor benefit to a spouse, at the employees death. They are outside of a will, they supersede the will, and are automatically distributed. They automatically go to that person if you die. Many of your investments like IRA's, 401K's, 403B's, etc, have a named beneficiary. That could be relatively simple estate planning. Your home, car, savings and such are the "estate" that probably need, in the least, a will that you've documented what you want done at your death. Wouldn't you prefer to choose who gets what, instead of someone else doing that job? Beautifully Written by Henry Scott Holland (1847–1918) was Regius Professor of Divinity at the University of Oxford.Įven if you feel you have no "estate" for planning, you don't have a home, IRA's and investments, you still have personal possessions that should go to whom you wish to receive them, right? Do you understand what happens when you have no will ? Death or disability of someone you have chosen to act for you (i.e, your trustee, personal representative, power of attorney holder, etc.).Change in attitude/relationship with a child (or grandchild).Economic change for a child (good or bad).Illness/special needs of your spouse, or child.Separation/divorce of a child (or grandchild).and only you and your specific circumstances will know that. Some of thse will not change your plans but some will. consider these life events as they all majorly can affect your estate planning. Many people wait until a big life event happens to make changes to their wills. WHEN should update your Estate Planning document? Leaving your own "moral compass" for younger generations is a great gift to the family.įirst, if you are married, just consider, for one moment, the death of your spouse.Įspecially if you are a woman, please be sure you understand the death of a spouse, as you may have to take over the household if that occurs. You can also get peace of mind from writing your own Ethical Will. Just a little bit of estate planning gives you peace of mind! We simply need to think a little about our posessions - before someone else gets that job. They've lost about 20 couples from their Vegas vacation spot over the past few years alone, one by one, but death is inevitable. You've accumulated savings and "stuff" over a lifetime - why not allow yourself to decide who gets what?ĭeath is part of aging, most of my parents friends (in their mid-80s) are gone. We can leave this earth at any point, right? We all need to think about an Estate Planning checklist at some point - like NOW! Nobody is Promised Tomorrow.
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