Contrary to what you may have thought, estate planning isn’t something that only the wealthy have to do. The truth is that if you’re a normal everyday person working in 9-to-5 job in Grand Rapids or Jenison, Michigan, it would be wise for you to do a certain amount of estate planing in jenison MI for the future. This is doubly important if you have people who depend on you such as a spouse or children.
The first thing you want to do is to ensure that your spouse and children are properly cared for financially should you pass away. This means having substantial amounts of life insurance to allow them to grieve without worrying about paying the bills.
You can also consider your children’s future in terms of education and estate planning. This can be done through various insurance policies that are allocated for educational expenses or if you have the money, you can begin a savings program for your children’s education that will endure even if you or your spouse were to pass way.
Another thing you want to do in estate planning is consider not only your death but consider the possibility of you being in a physical or mental situation where you are not capable of handling your affairs. In these cases, you want to designate somebody to have power of attorney over your affairs should you not be able to handle them.
In most cases, if you’re married, this person will be your spouse. However, this can also be a family member or close friend. Not only should you designate power of attorney, you should make sure and update your wishes as often as necessary. If you were to become divorced or you become acquainted with a another family member or friend that would be better suited to handle power of attorney duties, you will need to update your will and your entire estate plan accordingly.
This may seem like an awful lot to do, but if you have family members or a spouse that need to be taking care of in the event you should die, proper estate planing in jenison MI is vital. Whether you have a large amount of money or you simply have a few insurance policies, you shouldn’t overlook the necessity of proper estate planning.
