You might assume that an estate plan is a set of documents that can generally be applied to the situations of every person and family. In fact, some estate planners might even recommend a very similar plan for most people.
This can lead plenty of clients just like you to think that there’s only one plan out there that’s right for you and that all you need to do is to get those documents in order. One of the biggest mistakes you can make with regard to estate planning is looking for the right and the wrong solution. The truth is that there are no “one size fits all” estate plans because a good estate plan is customized and based on your individual needs.
The right estate plan for your family strikes the balance between current state and federal tax laws, the needs of your family and your goals and intentions for your estate. There is often a tradeoff between distribution, control and taxes and you will have to answer important questions about whether to leave assets to your heirs with or without restrictions. A knowledgeable estate planner will meet you where you’re currently at and present you with multiple alternative estate plans.
Each of these can address the tradeoffs indentified in your original conversation and you can then choose the alternative that strikes the right balance between all the factors most important to you. Since there are no right and wrong solutions, it’s important to come to the table with as much information as possible about your intentions with regard to estate planning.
Schedule a consultation today with an attorney who can help you. Although the estate planning process might feel a little overwhelming at first, having a qualified lawyer in Michigan walk you through the process of identifying what is important for you will set you and your family up for an easier time in the future.