Debunking The Myth--Planning Is NOT Just For The Rich!

Posted on October 27, 2009 by TJ Wall

I am very privileged to have been selected as one of only three Michigan attorneys (and 70 attorneys nationwide) for the Personal Family Lawyer designation awarded by the Family Wealth Planning Institute.  Last week the founder of FWPI, Alexis Neely, appeared on ABC's "View From the Bay" television program. She offered sage advice to three very different types of people - a young single guy, a boomer woman close to retirement, and a mom of two young kids - debunking the myth that estate planning is just for the rich. In fact, it's for everyone who cares about their family.

It's about who takes care of your kids if you can't and who makes medical decisions on your behalf (Remember Terry Schiavo?) if you can't make them for yourself and ensuring you pass on your values and leave behind a real legacy for your loved ones and not a mess. Check out Alexis here:
 

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Wills, Trusts, Living Wills ... What Documents Do You Need?

Posted on July 26, 2009 by TJ Wall

One question I'm asked over and over again is "What Kind of Legal Documents Does Everyone Need?"

This is a question I both love and hate. And, I thought I'd answer it once and for all here.

Historically, estate planning has been all about the creation of form documents such as Wills, Trusts, Health Care Directives and Powers of Attorney.

While it remains important to have well-crafted documents, what has become clear over the past 10-15 years of lawyers promoting living trusts is that, for the most part, these documents are destined to fail at the time your family needs them the most.

Why is this?

Because your life changes, your assets change and the law changes.

And, a set of documents that you create once, stick on a shelf or in a drawer and never look at again is not what your family needs in a crisis situation.

What they need is someone to turn to, someone trusted to call upon who will guide them through the crisis situation and out the other side.

So, yes, every adult needs an Advance Health Care Directive (aka Living Will) and a Durable Power of Attorney.

If you have money or other assets, you also should have a Will and a Living Trust.

If you have kids, you should have a comprehensive 9-point Kids Protection Plan.  There's no excuse not to do this...it's easy and free!

But more so than any of that, you really should have a relationship with a personal lawyer you can turn to throughout your life to make sure you always have exactly what your family needs and so that your family will have someone to turn to when they need it most.
 

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