You may be wondering whether Estate Planning in Jenison MI is really all that important for a person who isn’t ultra wealthy, or for people who are not the owners of tons of property. Today’s most influential financial planners and attorneys generally tend to strongly agree that estate planning is in fact very important for nearly everyone, whether you have lots of cash to spare or not. Keep reading to learn a few things about estate planning and why it is so helpful for Jenison residents today.
The main reason that people do Estate Planning in Jenison MI today is to properly transfer their assets after they have passed away. Assets don’t just include money, but can also include possessions, life insurance policies, land, interest in businesses, pension accounts, Individual Retirement Accounts (IRAs,) 401k retirement accounts, and much more. Therefore, you may have more assets than you actually realize when you take a look at your checking account balance. Whether your assets are currently liquid or not, you will need legal help to make sure that any assets you have will go to the people you want them to go to.
If you don’t do any estate planning, you may end up passing away before any proper plans are set in place for the disposition of your assets. This could mean that people who you never intended would get your money or your properties. By using an estate planner, you can make sure that you are in complete control of exactly what every one of your beneficiaries gets. You can even control the circumstances of inheritance by your beneficiaries if you have concerns, or you can make sure that minor beneficiaries are protected by setting up a trust to hold an inheritance until they are of legal age.
Proper estate planning also involves tax planning. If you plan properly, you can avoid having your beneficiaries suffer huge tax bills when they inherit your assets. There are a number of ways to do this, for example your attorney can help you create a living will or a living trust. If you want to be sure your future, and the future of your beneficiaries, is properly protected, look into estate planning today!