In saying that there is a wise way to approach an estate plan, there is an underlying and problematic reality there. According to CNBC, about 64% of people do not even have a will.
That being said, the first wise step regarding estate planning is quite simple and obvious:
Create an estate plan
Even if you are a young adult and feel you have little in assets to leave behind, you and your loved ones still can benefit from estate planning in Detroit. It doesn’t have to take long to create a will or trust, and it can be valuable for anyone to take control and document their end-of-life wishes.
If you create a will and/or trust, you will more than likely name individuals who will inherit your assets. Whether your assets are money, real estate, cars, etc., truly consider the impact such an inheritance would have on the potential heirs.
Would the heir want what you are leaving? Would he or she use the inheritance in a way that you respect? How will your choice of heirs impact the family as a whole, and are you willing to accept that impact?
An upcoming post will continue this topic of smart estate planning. A highly important point about leaving behind an effective will is to update it when necessary. We will go into more detail about when updates might be needed in the future post.
If you have any inkling of a feeling that you would like or should create a will, or if you have doubts about your current estate plan, reach out to an estate planning lawyer whom you trust to help evaluate your interests.