Sheehan & Associates, P.L.C.

Posts tagged "Estate Planning And Probate"

Estate planning: A positive start to 2019

The new year is a time when people want to make positive changes to their lives. One that isn't thought of often but that should be is estate planning. Having your affairs in order when you pass away is one of the best things that you can do for your family members. Additionally, you will likely find that you feel more secure and at peace knowing that they are taken care of when you are gone.

Choose the type of trusts you use carefully

One thing you have to decide when you are creating an estate plan is whether you need to set up trusts. If you decide that your heirs can benefit from having things placed in trusts so they are transferred easier when you pass away, you'll have to determine what types of trusts you need.

Create your estate plan now while you are able to do so

When you have any assets or loved ones, you need to think about creating a will. This document outlines what you want to happen to your possessions when you pass away. This might not be something that you want to think about, but it can help your loved ones to get everything settled after you pass away.

Precatory language does not replace a will

When considering how you will pass your assets on to your family, you need to use far more than precatory language. Essentially, precatory language is the act of verbally promising someone that he or she will get something. It may be specific or more general. Either way, it does not replace a will.

Avoid these common mistakes when planning your estate

The biggest mistake you can make when planning your estate is to not have a plan at all. No matter what your age or financial status, it's a good idea to have a plan in place -- if for nothing other than to make sure that your family knows your final wishes regarding burial or cremation.

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Sheehan & Associates, P.L.C.
1460 Walton Blvd , Suite 102
Rochester Hills, MI 48309

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