Do I need to worry about estate planning if I have a Will

Note that I am not licensed to practice in your state.

An estate plan, while consisting partially of a will, is not equivalent to a will itself. A will is just a single instrument of a proper estate plan. Everyone, regardless of how much money or assets they own, needs a basic estate plan. A will only takes care of your property after you pass away. A basic estate plan will solve problems while you are alive but incapacitated also.

Speak with an estate planning attorney near you and get one in place. Please find an attorney that does specifically estate planning and not simply "wills".

The term Estate Planning is used in many different ways. Often clients and attorney's use the term to speak about having a will, power of attorney, trust and living will or any combination thereof. Despite having a will, you might need to have one or more of these other documents prepared for you. Additionally, your will might not address the particular tax planning or family issues necessary to have an appropriate estate plan. You need to meet with an experienced attorney to discuss the details of your circumstance and determine what is best for you. There is no way to answer your question without a deeper examination of your personal issues.

Estate Planning goes beyond the documents - whether wills or trusts.
An estate plan requires that you take some time. determine what you own and what you
want for yourself and for your heirs - when you no longer "need" the property.
Truly effective estate planning mandates that you establish goals for yourself - only then can you determine what you can and will do for others.

For example, clients tell me, and sometimes their children, that they want to pay for grand childrens' college education. But that may be inconsistent with their own lifestyle goals for retirement.

Also, I believe that effective and truly rewarding estate planning means that you prepare memos, emails, videos or other ways of preserving and passing on your financial wealth and wisdom(TM).

An inheritance is much more likely to be used intelligently, grown and passed on when each generation is taught how to make, preserve and grow wealth. And, what about your values, philanthropy, and other issues. Preserve them in case you cannot ass them on directly.

Simple answer probably Yes,

I tell clients all the time, 'A Will is a guaranteed ticket to Probate Court',
Plus, in my experience I've developed the 15 Critical Points EVERY estate
plan needs, but 93% fail at. An estate plan encompasses a family's goals and objectives.
So one goal that I routinely go through with a family (and many EP atty's do this too)
is whether or not they want kids/loved ones/beneficiary's to have control or access
to their inheritance?

If yes, then you need a Trust in place to create these seperate trust shares and hold
the funds up for a period of time after yo upass on.

Documents needed: There are 5 main documents most estate plans and family
should have. (mind you most EP atty's only use 4)
they are : Pour-Over Will, Rev. Living Trust, Power of Atty for Financial Matters,
Healthcare Power of Atty (which includes the Living Will that is the document
which addresses whether or not you want the "plug" pulled) and the
5th critical document we provide to clietns in our '20- Minute Emergency Estate
Planning Packages' tm is 'HIPAA Release Document' that specifically allows
access to medical records.



Hope this helps,

Joe Dadich, Esq.

P.S. Please note I do not practice in
NY. Only in Michigan.