Is Your Estate Plan in Order?

It’s no secret that we live in a world full of uncertainty. Recent disruptions to our normal way of life are a vivid reminder to protect yourself and your family by creating an effective estate plan. The term “estate planning” may conjure up images of 10-car garages and countryside manors. But rest assured: a proper plan is important for everyone to consider, regardless of socio-economic status. Here are a few simple steps to get your affairs in order in case of an emergency.

Put a Plan in Place

If you haven’t gotten around to creating an estate plan, you’re in good company. By most estimates, between 60 and 70% of American adults don’t have even basic documents like a Will or Power of Attorney directive in place. The reasons vary. For some, it’s simply a matter of never finding the time. For others, it may feel cost-prohibitive, or they may incorrectly believe they don’t have enough “stuff”—money, property, insurance policies—to warrant a plan.

But a properly built estate plan is critical for people of all ages and tax brackets, not just the aging or the wealthy. Yes, a good plan helps ensure your assets transfer to your loved ones privately and in the manner you choose. Yet there’s much more to consider. For instance, who would care for your minor children? Who will make your medical decisions or pay your bills if you become too ill? An estate plan helps answer these questions. It’s an easy topic to put off, but it’s important to address now, before it’s too late. If you become incapacitated or die without a plan in place, you’ll create stress and chaos for your loved ones.

Review Your Plan Regularly

So you finally took the plunge. You researched local attorneys, set an appointment, and put your estate plan in place. It’s a good feeling. But once created, think of your plan as a living document—not something to tuck away on a shelf collecting dust. Shifts in family dynamics, changes in your financial position, and updates to state and federal laws can all render even the most expertly drafted plan ineffective without regular reviews. That’s why, at Shea Law, we encourage our clients to schedule annual reviews, so their documents continue to reflect their wishes.

Encourage Family Members to Create Their Own Plan

It can be difficult to talk to parents, siblings, and adult children about their estate plans. But keep this in mind: when loved ones lack a proper plan, the resulting costs, headaches, and hang-ups usually fall on you and the rest of your family after they become incapacitated or die. They can work with your attorney or find their own. Either way, the important thing is that they work with an experienced, attentive estate planning attorney who can help them build a plan of their own.

Store Your Documents Safely and Inform Your Fiduciaries

Keep your estate documents in a secure place, protected from the elements. It’s also a good idea to store a digital copy—on your computer, a USB drive, or a cloud service like Google Drive, Dropbox, or Apple’s iCloud. Then, inform your loved ones that you created an estate plan, and make sure your chosen fiduciaries understand what their duties entail. This helps ensure a seamless transition when the need arises.

How Shea Law Can Help

At Shea Law, we hope you’ll consider these simple yet effective steps for the peace of mind that comes with providing a clear, directed path for your loved ones to follow. Over the last 20 years, we’ve prepared more than 40,000 estate plans. We’ve seen firsthand how grateful our clients are to know their loved ones won’t be exposed to the whims of the court system, medical facilities, and, in some cases, disgruntled family members or friends. That’s why we’re so passionate about what we do.

Choosing the right attorney to guide you through this process is highly personal, but necessary. Select an experienced attorney who specializes in this area of the law and is keenly aware of your personal family dynamics and needs. Our lawyers are seasoned, compassionate attorneys who can expertly guide you through the sometimes tough, but rewarding, process of creating your own estate plan. Feel free to contact our office today, or visit us at www.shealaw.com for a complimentary consultation—or even if you just have general questions about estate planning.

David J. Shea is the founding and managing partner of Michigan-based Shea Law, which specializes in commercial litigation and estate planning. Mr. Shea has been featured in Crain’s Detroit Business, DBusiness, Thomson Reuter’s SuperLawyers Top 100, Hour Magazine, and Leading Lawyers. The firm’s estate planning department has more than 20 years of experience creating thousands of estate plans for clients throughout Michigan.