This year’s National Estate Planning Awareness Week takes place Oct. 17-23 — and we are celebrating by learning the basics from the pros.
Awareness Week was adopted in 2008 by the NAECP (National Association of Estate Planners & Council) with a simple goal: to help the public understand what, exactly, estate planning is and why it is a vital component of financial wellness. In essence, estate planning encompasses the growth, conservation and transfer of an individual’s wealth through the creation and maintenance of an “estate plan.”
“Our goal is to make estate planning easy to understand,” says Kristen M. Bedient, managing attorney at Estate Planning Legal Services, PC (EPLS), based in Metro Detroit with offices and attorneys throughout the state and the country. With concentrations in estate planning, elder law, trust administration and probate, Bedient works with each client to develop a strategy to maintain financial security for their own lifetime — and ensure the intended transfer of their property and assets at death, while also taking into consideration any of the family’s unique circumstances as well as the potential costs of different methods.
Typically, Bedient says, an estate plan will encompass a Trust, Pourover Will, Financial Power of Attorney, Medical Power of Attorney, Medical Directive, HIPAA release, Ladybird Deed, as well as business assignments, funeral/burial instructions and other important documents regarding end of life decisions.
Bedient finds the work rewarding, as she’s truly making a difference in people’s lives.
“I love seeing how relieved my older clients are once they’ve completed everything and I know we’ve expressed all of their wishes within the documents,” she says. “I also love working with younger families and ensuring they’ve selected guardians for their minor children, so that their families are protected, should something happen unexpectedly.”
Below is a quick hit list of Bedient’s most important suggestions for anyone considering an estate plan. To speak to an EPLS attorney, call (248) 435-0400 or visit eplspc.com.
TOP TIPS
1. Avoid Probate (the public legal process by which property from an estate is transferred to the heirs of a deceased person or persons) by creating a revocable living trust.
2. Preserve your Assets: Complications to assess include the need for a “Spendthrift Trust” — which further protects your assets when going to a child who poorly manages their own assets; or a family member with a disability, who needs to be protected and cared for.
3. Create Powers of Attorney, meaning designate an agent to make both financial and medical decisions for you should you become incapacitated. These documents exist so loved ones can avoid the need to petition the court for guardianship and conservatorship, saving time and money.