Estate Planning Attorney
Serving Oakland County, Michigan
Why Estate Planning Is Important
Estate planning is a complex process that can leave you scratching your head. Fortunately, our attorney has over 12 years of experience in this area. So, just what is estate planning? Many think it's only for the super-wealthy, but everyone should have a plan in place for their property after they pass away.
The property includes cars, real estate, cash, and any other assets a person owns. The documents protecting your property, otherwise known as your estate, clearly explain how you want your assets divided and who will be in charge of carrying out your wishes in your absence.
Regardless of your health status and age, creating an estate plan is important and avoiding dying intestate. That means the state decides the distribution of your property, and the courts don't consider your wishes. Michigan Interstate succession rules are very specific and require a knowledgeable estate planning attorney to handle the situation.
A probate hearing should be a simple process of recognizing a will and appointing an executor, but depending on the complexity of the state, the process can be lengthy. Of course, the more time you spend on the matter, the more fees you pay to the court or trustee. Real estate transfer fees and taxes may also need to be paid. We can sort through that information and uncomplicate the matter for you.
Important Documentation for Safeguarding Your Assets
As stated briefly earlier, some documents can protect your wishes, and one of those is a will. While you don't need a lawyer to make a will, it's best to consult an attorney when you believe it may be contested or you wish to disinherit your spouse.
Trusts and Wills
Establishing a trust is another way to transfer your property, but unlike wills, they don't have to go through probate. Also known as a living trust, this document still requires a will to protect minor children and account for property not transferred to your trust. Only a will can name a guardian for minor children. Any property purchased or inherited after the trust was established that didn't have ownership transferred won't be distributed according to the terms of the trust. The state will decide these matters in the absence of a will.
Our attorney can help you find the right solution for your needs. Whether you need a will and trust creation, or just assistance with drafting a will, we're here for you.
Powers of Attorney
When it comes to choosing a power of attorney (POA) to act on your behalf with certain matters, our firm will also draft those documents. Powers of attorney in Michigan estate planning usually involve a financial and healthcare POA. The financial POA handles your money matters. An advance healthcare directive is followed by the healthcare POA, allowing them to make emergency medical decisions and enforce your end-of-life care desires.
Probate & Trust Administration
Our firm will deal with the courts during probate administration and take care of your trust administration. We'll gather the estate assets, pay off debts and final expenses, and distribute the remaining assets as you've instructed. It doesn't matter if the assets were solely or jointly owned, held in trust, business interests, proceeds from life insurance, retirement accounts, or contractual obligations.
Our office is prepared to make the process as efficient and cost-effective as possible for your situation. Each client is given the special attention their matter deserves during such highly emotional events. If you are still unsure whether you need an estate plan and live in Oakland County, Wayne County, Macomb County, Washtenaw County, or Livingston County, Michigan, don't hesitate to contact us. Our attorney is ready to collaborate and discuss your best options.
Family Law Attorney Serving Oakland County, Michigan
You won't get lost in the shuffle with our boutique law firm. We know each situation is unique and provide tailored solutions to fit every circumstance. Our attorney is here for you when you need him, so reach out if you're in Oakland County, Wayne County, Macomb County, Washtenaw County, or Livingston County, MI. Don't wait any longer; call our attorney today!