What is Estate Planning?

Estate planning is a term that has changed dramatically over the years. At one time, estate planning meant having a will that would go through probate and, if the individual was married, titling any property jointly with their spouse. It was often thought to be a process only for the wealthy, requiring many hours of expensive planning in the hope of avoiding estate taxes. Changes in the laws and changing views of finance, lifestyle, privacy, family structure, and longevity of life have made estate planning far more important and, frankly, more compelling for a larger group of people than ever before.

Estate planning is a much broader field than in the past and includes planning for not only your death, but also your incapacity. It includes choosing, for example, what will happen to your finances and assets, your minor children, and your health care in such situations. Taking steps before incapacity allows you to choose someone you trust to look after your affairs, and medical and end of life decisions, rather than leaving it for a court to decide.

For these and many other reasons, estate planning is no longer simply drafting a will or trust only for the wealthy. Estate planning is financial, retirement, business succession, charitable, medical, guardianship for minor children, disability, end of life, asset protection, legacy, and gift planning. Its scope is not as daunting as it might seem from this list; it is actually quite exciting and rich in opportunities for those who have the foresight to plan.

We invite you to learn more about our Michigan estate planning attorney services below. Contact Mobile Legal Services for a free initial phone consultation and for additional information about how we can help you or your loved one. Our attorneys offer estate planning services throughout Southeast Michigan.