It is never too early to think about estate planning, especially if you own a home, have children, or even if you’re on your own for the first time. There is no “magic age” that says now you should start. We get told a lot that we don’t have much, so is it necessary? The answer is always, yes!
Estate planning is more than just Revocable Living Trusts and Last Wills. Estate planning also consists of Financial Power of Attorney, Patient Advocate, Lady Bird Deed, and more.
Estate planning is the big picture, long-term planning. The reason estate planning is so important is that without it if something happens to you that precludes you from making medical or financial decisions on your behalf, a power of attorney allows the person you chose to do it for you. Without a Financial Power of Attorney or Patient Advocate in place, your loved ones would have to petition the court to make those decisions for you.
In an emergency, for instance, like a car accident, this can be very stressful and burdensome on your family. This can come into play for a child who just turned 18 years old and leaves for college. Parents do not have the legal authority to make decisions over their adult children without a Power of Attorney or court intervention by filing for a conservatorship or guardianship.
Couples having their first child need to think seriously about the importance of estate planning to appoint a guardian or guardians for their child or children. The last thing you want to have is a court battle between each spouse’s family members over who is going to have custody of that child or those children. If you appoint the guardian or guardians you want in your estate plan, then the court must honour your wishes.
No matter what your age, think of estate planning as your opportunity to ward off probate, taxes, nursing home costs, and possibly even creditors.
At the Law Office of Sean Patrick Cox, PLLC, our attorneys proudly serve West Michigan families in drafting their estate plans to avoid these types of situations. Most importantly if families find themselves in this situation, we can help guide them through the process and get them to the other side, worry-free.
We offer free consultations. To get in touch with Top Grand Rapids Estate Planning Attorney call (616) 942-6404