Most people know they need an estate plan, but often don’t understand the critical pieces that make up an estate plan. At our law firm, we want to ensure our clients have a comprehensive understanding of estate planning and all it entails.
An effective estate plan will do the following:
- Ensure your wishes are carried out and that your family is protected in the event of your incapacity or death
- Save your loved ones time, money, and heartache by avoiding or simplifying probate court
- Minimize estate taxes and expenses
- Provide for the care of minor children and pets
- Ensure your hard-earned assets are distributed according to your wishes—not the state’s default rules
Whichever of those key components you value the most is entirely up to you. There is no standard must-have aspect of an estate plan – we craft develop estate plans that fill your needs.
Why is Creating an Estate Plan Important?
One of the most critical parts of an estate plan is appointing a decision-maker. This person will be in charge of your finances and medical decisions if you are unable to make them yourself. You can name one person or co-trustees to serve in this role.
Creating an estate plan is important because it gives you peace of mind knowing your loved ones will be taken care of if something happens to you. If you have questions about estate planning or need legal guidance, our experienced attorneys can help. Contact us today at 248-572-1050 to schedule a consultation.
Do I Need to Create a Trust?
There are many benefits of setting up a trust, including avoiding probate court and minimizing estate taxes. You may also want to set up a trust if you have minor children or pets, as it can provide for their care in the event of your death. Trusts can be complex, so it’s important to consult with an experienced attorney to determine if a trust is right for you.
A trust is a legal entity that can hold title to your assets and manage them according to your wishes. You can use a trust to:
- Avoid probate court
- Manage assets during your lifetime
- Provide for loved ones with special needs
- Minimize estate taxes
What are Powers of Attorney?
A power of attorney is a legal document that gives someone else the authority to make decisions on your behalf. There are two main types of powers of attorney:
Durable Power of Attorney for Property: This type of power of attorney gives the person you appoint (known as your “agent” or “attorney-in-fact”) the authority to handle your financial affairs if you become incapacitated.
Durable Power of Attorney for Health Care: This type of power of attorney gives the person you appoint (known as your “agent” or “attorney-in-fact”) the authority to make medical decisions on your behalf if you become incapacitated.
It’s important to note that a power of attorney is not the same as a living will. A living will outlines your wishes for end-of-life treatment but does not appoint someone to make decisions on your behalf. If you have questions about powers of attorney or need legal guidance, our experienced attorneys can help. Contact us today at 248-572-1050 to set up your consultation.