Everyone needs to consider the importance of properly arranging an estate. To ensure the estate planning is in line with the wishes of the individual, it makes sense to seek advice from an Estate Lawyer in Ann Arbor MI. Here are some questions to ask the lawyer during that initial consultation.
Is It Too Soon to Start the Estate Planning?
Some people think they have to amass a certain number of assets before they begin any type of estate planning. This concept is sometimes due to thinking that, if anything happens to them, their assets will automatically be handed over to the next of kin. In reality, that’s not always the case.
The best time to begin estate planning is now. Every asset and belonging the client currently possesses can be included in the initial planning. It will be easy enough to expand the plan when additional holdings are acquired, or the life circumstances of the client should change.
Is It Difficult to Set Up a Trust?
Many clients like the idea of establishing trust funds for loved ones. That includes funds earmarked for grandchildren to go to college, some type of living allowance for children after they reach a certain age, and a number of other applications. Since there are so many different types of trust funds, the Estate Lawyer in Ann Arbor MI can help the client understand how each kind works. That makes it easier to settle on an approach that will produce the desired outcome.
What Documents Should Be Included in the Planning?
Many types of legal documents are parts of estate planning. Essentials like last wills and testaments, powers of attorney, and living wills are considered basics. Bequests, trust funds, and other arrangements can also be part of the plan. The lawyer can help the client work through the essentials of the basic documents and provide counsel about how to make the most of other strategies.
If the individual is wondering about the idea of starting their estate planning, visit today and arrange to talk to a lawyer. Bring along any financial documentation on hand and come up with a plan of how to proceed. The process will be easier than the client expected.
