How to Begin Estate Planning for Your Family

Many individuals want an estate plan for themselves or their family, but they experience certain barriers that make getting started difficult. They either don’t know how to begin the process, haven’t gotten around to it yet, or believe that they don’t have enough assets to create a plan. 

In this article, I hope to empower you with the knowledge and encouragement you need to get started on what can be a wonderful and fulfilling experience. 

What is estate planning?

First, let’s outline what estate planning is. In broad terms, estate planning is the process of anticipating and addressing the financial, medical, and guardianship issues that arise during incapacity or after death. To address these issues, estate planning attorneys, such as myself, use a collection of individually-tailored documents to make sure that your wishes and instructions are followed. 

Why should I care about estate planning? 

You should care about estate planning because it will significantly shape how you and your family experience death and incapacity. 

Effective estate planning allows you to create a clear and comprehensive plan for you and your family’s future. You can decide who will make financial and medical decisions for you if you become unable to make those decisions yourself. You can decide where your assets will go after your death and how they will be used. You can decide who will care for your children and pets if something were to happen to you. And most importantly, you can reduce familial conflict and promote a unified harmony during life’s most challenging times. 

Do I have enough assets to create a plan?

Yes. Without a doubt in my mind, I can say that you absolutely have enough assets to create an estate plan. In fact, the most important part of this process isn’t about money at all; it’s about support and peace of mind. You don’t need a lot of money to decide who’s going to take care of you or your children if anything were to happen, and you don’t need a lot of money to decide who’s going to receive whatever property you do have after you’re gone. Whatever financial means you have now, whether modest or great, are enough to begin planning for these important issues. 

How do I start the estate planning process?

Fortunately, taking the first step is easy, and it can be done at home with you and your family. The first step is simply to think about what would be most important to you if you were faced with incapacity or death. Who would you want to make financial decisions for you? Who would you want to make medical decisions for you? Who would you want to take care of the kids? Who would you want to receive your property, and what would you like them to do with it? 

Working through these questions and issues is the most important part of this process. And once you’ve done that, you’re almost there. The next step is to take those desires and turn them into action — but that’s my job, not yours. 

Quality estate planning attorneys work with their clients to transform their wishes into enforceable plans for incapacity and death. We can’t stop the difficult parts of life from happening, but we can create the plan that provides invaluable support to you and your family during those periods. 

Kimball & Wells can help with your plan.

If you’re considering creating or updating your estate plan, call Kimball & Wells for help. Our firm specializes in estate planning, and we pride ourselves on creating lasting, meaningful relationships with our clients. We are located in Grand Rapids, and we offer a free consultation to discuss how best to achieve your goals. We’ll advise you on the best and most cost-effective means to make sure you and your family are cared for. To get started, call us at (616) 317-8489 or click the “Contact Us” link on our website.

Wyatt Wells
Kimball & Wells, PLLC
Wyatt@kimballwells.com
(616) 317-8489