Without a clear plan in place, the transfer of your inheritance can become a messy situation. With no Shelby Township estate plan to guide the transfer of your assets, the process is left up to an expensive and lengthy legal proceeding that you don’t want your loved ones to go through. But, by having a clear and thorough estate plan written by the experts at Axis Estate Planning, you can avoid any unnecessary legal procedures and ensure your assets are transferred easily. There are two steps to creating a Shelby Township estate plan:
- Identifying your estate – First, we record all of what you can include in your estates, such as financial accounts, life insurance policies, personal property, and real estate.
- Transfer planning – After you pass, 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.
Estate plans generally only take into account your financial assets, which makes sense. However, Axis Estate Planning goes above and beyond. We make sure to preserve your legacy, too. We can preserve your family history and heirlooms, morals, and beliefs to make sure that they are passed down like you want them to be. It’s important to ensure a financial inheritance for your loved ones, but they’ll want more than that to remember you by.
What is included in a Shelby Township estate plan?
There can be a wide variety of documents included in a Shelby Township estate plan. Almost every estate plan usually includes a Revocable Living Trust, Medical Power of Attorney, Durable (Financial) Power of Attorney, and a Will. Let’s look at what these documents do for you:
- 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 Shelby Township Revocable Living Trust 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.
Shelby Township estate planning is helpful while living, too
Estate plans aren’t only helpful for after you pass, they can look out for you while you’re alive as well. If there comes a time when you’re no longer able to make financial and medical decisions reliably, your estate plan will have your designated Powers of Attorney listed. The person you choose for your Medical Power of Attorney will take over medical care decisions, and your Durable Power of Attorney will handle financial decisions and make sure your bills are paid. This can ensure that you get the care you need and keep that care paid for.
An important step in making sure that you get what you need to be healthy as you get older is drawing up a Shelby Township estate plan. This estate plan needs to be clear and legally valid, so having an expert to help draw it up is important. Axis Estate Planning has experts waiting to help you make sure your future and your loved ones are taken care of. Don’t put any unnecessary stress on yourself and your loved ones, get in touch with Axis Estate Planning to start creating a Shelby Township estate plan today.