Galloway and Collens, PLLC
248-284-1990
248-284-1990
We are here for you during the COVID-19 emergency.
Please call 248-284-1990 to reach our receptionist or fill out the contact page of our website and we will be in touch.

Creating an estate plan isn't just for the elderly

When people think about estate planning, they may automatically assume it is a concern for those who are of a certain age and lot in life. However, there is never an age that is too young to think about an estate plan and ensure that the process is handled correctly. Anyone, especially those in their 30s in Michigan, who owns a home, has a family or has any kind of assets should act to protect themselves and their loved ones.

There are certain documents the 30-something generation should create as soon as possible. One is a will. A will is necessary to protect assets and can outline who will administer an estate. More importantly, a will can also outline who will act as a guardian to minor children.

Two other documents that 30-somethings should consider as part of an estate plan are a living will and a durable power of attorney. Some may assume these are for the elderly with serious health conditions. However, an accident can easily leave a person incapacitated and unable to make health care decisions. A durable power of attorney will allow a trusted individual to handle financial matters, such as paying bills, and a living will outlines specific wishes for medical care in case of incapacitation.

Having a comprehensive estate plan can ensure that everyone is on the same page in the event of an accident or a death. When people in Michigan are in their 30s and starting a family, an estate plan may be an afterthought, but it is something that should be considered. Also, anyone creating an estate plan at the age of 30-something should plan to revisit and revise that plan as life changes necessitate.

Source: dailyfinance.com, "6 Estate Planning Moves You Should Make in Your 30s", Michele Lerner, Oct. 10, 2014

No Comments

Leave a comment
Comment Information
  • Sterling
  • dbusiness - Top Lawyers
  • SuperLawyers 2019
  • Rainbow Image
  • Senior & Caregiver
  • ICLE Contributor
Email Us For A Response

Contact Our Metro Detroit Attorneys

Our law firm is ready to help. Contact the real estate and estate planning attorneys at Galloway and Collens, PLLC, by calling 248-284-1990.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

This site uses Google's Invisible reCAPTCHA, which is subject to Google's Privacy Policy and Terms of Use.

26075 Woodward Avenue Suite 200 Huntington Woods, MI 48070-1341 Phone: 248-284-1990 Fax: 248-545-2520 Huntington Woods Law Office Map