Without an estate plan Shelby Township is ready, you could be leaving a world of trouble to your loved ones when you pass away. The inheritance process gets complicated without a plan, and your loved ones would have to go through a long, expensive legal process to get your inheritance decided. You can avoid this trouble for your loved ones by creating a valid estate plan Shelby Township with the experts at Axis Estate Planning. We’ll use our expertise to make sure your wishes are drawn up in a complete, clear, and legally valid way so that there is no confusion. Here’s what to expect when creating an estate plan Shelby Township:
- Identifying your estate – First, we record all of what you can include in your estate, such as financial accounts, personal property, life insurance policies, and real estate.
- Transfer planning – After your death, there will need to be some plan in place for transferring your property. We will work with you to decide how you want your things to be transferred and to whom you want them to be transferred.
Traditionally, estate plans Shelby Township are only meant to take your finances into account. That’s reasonable, but it doesn’t capture the full picture of who you are. Axis Estate Planning takes it a step further by including your legacy as well. We will preserve your beliefs, morals, heirlooms, and family history so that all of it is passed down to your loved ones. The financial inheritance will help your loved ones, but they’ll want to remember you by your legacy.
What is included in an estate plan Shelby Township?
It depends on what you want to plan for, so there can be many or few documents included. Basic estate plans usually include a Medical Power of Attorney, a Durable (financial) Power of Attorney, a Will, and a Revocable Living Trust. Take a look at what these do for your estate plan Shelby Township:
- Will – The document where you name guardians for any minor children and direct your assets to their inheritors. A Will alone does not avoid probate. In fact, if there is only a Will then probate will be necessary.
- Probate is the lengthy, often expensive process of validating a Will in court following a death.
- Revocable Living Trust – This acts as your personal “treasure chest,” holding your assets until you become incapacitated or pass away, at which point the instructions you provided in the Revocable Living Trust Shelby Township will explain how to transfer your assets.
- There are many advantages to having this. This will allow your family members to avoid probate, it offers flexibility, as well as control and management of your assets, and it reduces the chance of challenges to your estate, among many other benefits.
Estate planning Shelby Township is helpful while living, too
Directing the transfer of your assets after you pass is an important benefit of estate plans Shelby Township, but it can help you before you pass, too. There may come a time when you can no longer responsibly make good decisions for your medical care and finances. If this happens, then your estate plan will be consulted. You will have chosen someone as your Medical Power of Attorney who will make sure your medical care is carried out correctly, and someone as your Durable Power of Attorney who will make sure your finances are taken care of. With trusted people caring for these things, you’ll get the medical attention you need and your bills will not go unpaid. This is just another example of how important it is to have a legally valid estate plan Shelby Township to make your wishes plainly known.
To get more information about how an estate plan Shelby Township can help you, call the experts at Axis Estate Planning. We want to help you look out for yourself and your loved ones in the future, so you can avoid unnecessary expenses and stress.