Estate planning and succession planning are important considerations for Michigan business professionals and entrepreneurs, but they can be intimidating topics to think about. That’s why the C. Smith Law Group is here to provide helpful advice on how to get started with these processes in a way that’s easy to understand and manage. Read ahead for 10 of their top tips on estate and succession planning. 1. Understand Your Goals Before you begin your estate or succession planning process, it’s important to take some time to consider what your goals are. Are you trying to ensure that your assets will remain safe? Do you want to avoid probate? Are you looking for ways to reduce tax liabilities? Make sure you have an idea of what you’re trying to achieve before you start planning. 2. Create a Team You don’t have to go through the estate or succession planning process alone—in fact, it can be beneficial to enlist the help of a team of experienced professionals who can offer insight into different aspects of the process, such as taxes, investments, legal matters, and more. The C.Smith Law Group can provide you with trusted advisory who will work you every step of the way. 3. Get Organized Developing an organized strategy for your estate or succession plan is essential in order for it to be successful. Gather all relevant documents (such as wills, trusts, financial statements) and establish systems that will enable easier management later on down the line (such as online document storage). 4. Update Regularly Once your initial plan is established, make sure that it is regularly updated with any changes in circumstances (marital status, new assets/liabilities, etc.). Keeping up with these updates is key in order for your plan—and subsequent goals—to remain effective over time. 5. Establish Trusts Establishing trusts can be a great way of protecting certain assets from potential creditors or other legal issues while ensuring that they stay within the family after death or incapacitation. Depending on your individual situation there may also be tax benefits associated with setting up trusts—so make sure you do enough research beforehand! 6. Assign Power of Attorney Appointing someone as power of attorney allows them legally binding authority if something should happen that renders yourself incapable of making decisions due to physical or mental incapacitation (i.e., illness or injury). This person should have complete trustworthiness and familiarity with both yourself and the matters at hand in order for them to best serve their role effectively should they ever need to do so in the future. 7. Review Insurance Policies A thorough review of any existing insurance policies should also be part of any estate or succession plan; this includes life insurance policies as well as disability coverage, just in case something unexpected happens which requires financial assistance along the way. Knowing exactly what coverage is provided by each policy is essential when making decisions about future plans such as investments or retirement savings accounts etc. 8. Manage Debt Carefully Anything owed must also be taken into account when creating an effective estate or succession plan; debts should not only be managed carefully but ideally paid off before anything else happens so as not to leave behind any lingering obligations which could potentially cause problems down the line. 9. Seek Professional Advice Seeking out professional advice from experienced estate planners like The C Smith Law Group ensures that nothing gets overlooked during your planning process; having someone familiar with all aspects related to Estate Planning, is an invaluable resource especially when complicated matters such as taxes come into play. 10. Communicate With Loved Ones Last but not least, communication between those involved in an estate or succession plan should always remain open; discussing goals, intentions, and wishes early-on, ensures everyone understands where things stand currently, and will thus have them better prepared when decisions need to be made later down the road. Estate and succession planning can feel overwhelming at first glance—but it doesn’t have to be. With tips from The C. Smith Law Group, Michigan business professionals and entrepreneurs alike, can get started on their individual plans without feeling overwhelmed by all the details involved in these processes. By understanding your goals, forming a team, organizing documents, updating your plan regularly, establishing trusts, assigning power attorneys, reviewing insurance policies, managing debt, seeking professional advice and communicating to loved ones or loved one about your plans, will help you to realize just how achievable… achieving your long-term financial security truly is.