The pandemic has been a whirlwind and a wakeup call for many people who did not have appropriate financial plans or estate plans in place. Many financial advisors and estate planning attorneys have seen a dramatic increase in the number of people seeking out their services. This is because many people now want to exert some level of control and have peace of mind over their own future.
Estate planning is all about transitions, and while many people initially think of it as a way to provide for your heirs after you pass away, there are many more questions that can be answered, and solutions that can be achieved through proper estate planning. The transition to retirement, for example, brings up questions around elder law concerns, qualifying for Medicaid, and how you’ll balance the money you have set aside for retirement with passing assets on to your heirs.
The transition to parenthood calls into question important considerations around whether or not you have enough life insurance and who you would choose to appoint as the guardian for any of your minor children. At each of these transition phases in your life.
Working with an estate planning attorney can be extremely helpful for answering many of your questions and ensuring that you’re on the right track. You can adapt and adjust your estate plan as needed so that you know that whether it’s incapacity, death or other unexpected changes that you are fully prepared to consider all of the most important issues.
Need help with your Michigan estate plan? Contact an attorney to create your own plan.