Estate planning is not just for properties to be protected. It is also for the purpose of protecting your loved ones. If a person dies without a will, the laws of Michigan have established a system to distribute the properties of the person who passed away to his/her relatives. If the deceased have minor children, the court will also be the one to designate their guardian. The custody will be given to a trusted person the Probate Court Judge will nominate. These can be done through Probate.
Probate is the process by which in the absence of a Trust or Will or any other probate alternative, the court can administer the affairs of the person who just died. These affairs include not only properties but also the minor children involved.
Death is something that no one can predict. No one knows when our lives got to be taken. One thing is for sure, death is final and irrevocable. As much as possible, manage your affairs in order to bring you and your loved ones convenience when the time comes. Having a carefully drafted estate planning does not mean preparing to die. Estate planning means keeping your properties and loved ones secured in case sudden death will happen. It is better to be prepared than feel sorry later.
There are common estate planning issues that the parents with minor children can face. One of these issues involved the designation of guardian for minor children which already mentioned above. Here are some other examples.
Attorney-In-Fact
Accidents most often can change not only our physical appearance but also our life as a whole. Most have lost their ability to speak or to function as they were before the accident. If this happened and you are unable to manage your personal finances, an Attorney-In-Fact can manage your financial matters on your behalf. An Attorney-In-Fact is the one appointed in a Durable Power of Attorney for Financial Matters.
Life Insurance
Purchasing a sufficient amount of Life Insurance will keep your children secured. Choose a qualified financial planner to discuss your priorities regarding your children’s education and the cost to maintain their standard of living.
In naming the beneficiaries of your life insurance, investments, and assets of your estates, an attorney can help you to ensure that the proceeds will be used for your child’s wellness. In case there are remaining assets after the youngest child graduates from college, you should also discuss with your attorney the best strategy to ensure that the money will still be used for the benefits of the children even after becoming young adults.
Things can be a little bit more complicated when having a child with special needs. If this is your case, an estate planning attorney can help you use a Trust to provide your child’s medical, educational, and financial needs. That way, you will feel more at ease knowing that your children are secured.
To handle all these things, a trusted estate planning attorney with excellent experience will be your guide. Van Tubergen, Treutler, & Hayes, PLLC near Grand Haven, Holland, Ottawa, and Muskegon County in Michigan will be happy to help you and your children. Contact us at 616-844-3000.