HELPING YOUR LOVED ONE CREATE AN ESTATE PLAN
September 14, 2020
If you already have an estate plan in place, you likely recognize the many benefits of having an effective will or trust and you understand the importance of planning ahead (including the possibility of unexpected accidents and health challenges that interfere with one’s ability to create an estate plan). However, if your loved one is in the process of setting up an estate plan, you should step in to provide support if they need help.
Sometimes, people are able to offer useful advice to family members with regard to estate planning, while others can offer emotional support and encouragement even if they are unfamiliar with the ins and outs of the process.
HELPING YOUR SPOUSE SET UP AN ESTATE PLAN
According to the State of Michigan’s website, creating an estate plan helps entire families manage end-of-life matters in an easier manner. If your spouse is in the middle of setting up an estate plan, you should do what you can to assist them and recognize the different ways in which their estate plan could impact you. Whether your spouse wants to give you authority over the estate plan in the event that they pass away or they have uncertainty with respect to the division of their assets or child guardianship, you can play a key role in helping them make the best decisions and protecting the family.
HELPING YOUR PARENT OR SIBLING CREATE A WILL OR TRUST
Aside from marital partners, it is also very important to help one’s parent or even sibling work through the estate planning process. For example, some people work with their parents to go over responsibilities as the executor of an estate, while others step in and offer support when it comes to dividing assets among family members. In doing so, you can also minimize the likelihood of a dispute arising among beneficiaries.