By Kristin A. Hughes, JD

August is "Make-A-Will Month," and a good reminder and a perfect time to consider the vital task of creating or reviewing your estate planning documents.

Estate planning is more than preparation of documents and words on a page. Estate planning is holistic life and legacy planning – looking at the full picture of your personal, tax, financial, and charitable goals to proactively create support systems when life transitions occur, at any age.

Essential for Everyone

An estate plan is crucial for everyone, whether you're 18 or 80, and whether your estate is large or small. As you consider your belongings, you might be surprised by how much you actually have: your home, vehicles, furniture, clothing, books, sentimental items, and more. Additionally, with many assets stored digitally today, you may have financial accounts that your loved ones are unaware of. Keeping an up-to-date record of your wishes ensures that they are carried out, no matter what happens.

Peace of Mind

There are four legal documents that are commonly referred to as an estate plan.  It is a common misconception that the sole purpose of an estate plan is to avoid probate court upon death.  To the contrary, an estate plan is tailored to your individualized personal and financial needs to assist during your lifetime, incapacity, and after you pass away.  It entails holistic life planning at every age. 

In each document you nominate a trusted family member, friend, or advisor to follow your directions as specifically outlined in your documents.  Often called a surrogate decision maker or fiduciary, this trusted individual(s) ensures that your medical and financial affairs are properly taken care of when you are unable to do so for yourself or upon your death. 

An estate plan provides clarity and direction, helping to prevent disputes among family members during emotionally challenging times. It allows you to appoint a guardian for minor children and ensure pets are cared for. Without an estate plan, state laws may dictate how your estate is divided, potentially disregarding your personal relationships and values.

Your Will, Your Trust, Your Legacy: Take Action This August

This August, take advantage of National Make-A-Will Month to secure your family's future and create a meaningful legacy. Whether you're starting from scratch or need to update an existing estate plan, now is the perfect time to take this important step. Making an estate plan is more than just a legal formality; it's an expression of your care and consideration for those you love. Secure your peace of mind and celebrate National Make-A-Will Month by taking action today.

Call us at 248-692-7392 or online https://www.schluterhugheslaw.com