Often overlooked or avoided, estate planning is very important to ensure your wishes are honored, and that loved ones are provided for in your absence.
If something happens to you, medical and financial decisions may need to be made on your behalf. If you have not taken steps ahead of time, then family members may have to file legal proceedings to have these decisions addressed. Further, without a will, your estate will be distributed by a court based on the laws of inheritance rather than pursuant to your wishes.
To avoid these unwanted consequences, basic medical and financial durable powers of attorney can be drafted. These will allow you to nominate various individuals who can make the necessary decisions in the event you become incapacitated. Also, by preparing and executing a will or trust, you can ensure your property is distributed properly and reduce the possibility of unnecessary litigation over your assets. Preparing these documents also offers the opportunity to discuss these matters in advance with your family to ensure that your wishes are followed.
While some people believe that placing assets in joint ownership is sufficient estate planning, such an ad hoc approach may increase litigation between family members who receive assets unequally. A surviving owner is not compelled to share the property with other beneficiaries no matter what promises may have been made.
Bruza Law makes basic estate planning accessible and affordable.
Call Bruza Law, (734) 335-7695 for an initial no fee consultation.