Transferring inheritance has the potential to become a messy process unless you’ve laid out a careful and clearly worded plan. That’s what estate planning Southfield is all about, making sure that your estate is handled the way you wish it to be once you pass on. Here are the two steps involved in estate planning:
- Identifying your estate – First, we record all of what you can include in your estates, 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 transferred and to whom you want them to be transferred.
While many estate planners Southfield focus strictly on material wealth and possessions, Axis Estate Planning includes your legacy in the estate planning process. You’ll be remembered by more than just your possessions, so we want to help you preserve the things that will be important to your families, such as family history, morals, beliefs, and sentimental heirlooms. You are more than just your possessions; you and your family don’t deserve to lose out on your legacy.
What is included in an estate plan Southfield?
Estate plans Southfield can be made up of various documents depending on what you decide you need. Generally, estate plans include at least a Will, a Revocable Living Trust (if needed), a Durable Power of Attorney (financial), and a Medical Power of Attorney. Here’s what each of those means:
- Will – The document where you name guardians for any minor children and direct your assets to their inheritors. A Will Southfield on its own 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 Southfieldwill 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 Southfield is helpful while living, too
If at any point you are unable to make decisions on your own, your estate plan Southfield will be incredibly beneficial. With your Financial Power of Attorney, Medical Power of Attorney, and/or Living Will (patient advocate) specified, you won’t have to worry about bills going unpaid or lacking the necessary medical care. With help from our estate planning experts Southfield, we can sit down together and draw up all of the documents you need to make sure that your estate is confidently and appropriately planned for. If you don’t want to add unnecessary financial stress to your family, take care of things now with Axis Estate Planning.