Estate planning is the creation of a plan to manage your assets during your lifetime and transfer those assets upon your death. A failure to plan may result in outcomes that you do not want. Estate planning is also for the living. For instance, it is beneficial to identify those persons you want to manage your affairs if you become disabled.
We are an established law office in the Downriver Michigan area located in Taylor that focuses on comprehensive estate planning. It is our goal to explain, in terms and concepts you can understand, the types of estate planning available to you so you will be able to select the estate plan that is right for you,
Essential Estate Plan
An essential estate plan should include a Last Will and Testament, a financial power of attorney, and a medical power of attorney. Any Will or powers of attorney more than five years old should be reviewed for accuracy and validity. We are committed to making estate plans affordable for everyone. Home or hospital visits are available for an additional fee.
A Will does not avoid probate. It guarantees it. However, it also lets you name a Personal Representative, identify heirs, and even let you nominate a guardian for minor children. If you become disabled, powers of attorney let you name someone you trust to make your financial and medical decisions. Therefore, these avoid probate and the need for a guardianship.
Advanced Estate Plan
On the other hand, we can assist you with planning that avoids probate. For example, a Trust avoids probate when properly funded. A Trust is also useful for managing funds for minor children or heirs with special needs. Trusts are not only for the wealthy. Trusts are for anyone that would like to manage their funds during their lifetime and control asset distribution upon death outside of probate.
Powers of Attorney
While Wills and Trusts distribute your estate to your heirs, a power of attorney allows the appointment of an agent to make medical and/or financial decisions for you if you cannot make them for yourself because of disability. A properly drafted power of attorney will help avoid having a guardian or conservator appointed by the Probate Court.
Funeral Directive
In 2016, a law passed allowing an adult in Michigan to designate who can make funeral decisions. This designation avoids the need for probate court for just funeral purposes. Further, they allow the funeral representative to have authority to make funeral decisions. The nomination of a funeral representative can be relied upon by a funeral home in the case of disagreement amongst family members.
Please call today at 313-291-0240 and set an appointment for a review of your estate planning matter. We will explain your options and give you enough information for you to make an informed decision.
The McAvoy Law Firm helps people who live in Allen Park, Brownstown Township, Belleville, Canton, Dearborn, Dearborn Heights, Ecorse, Flat Rock, Garden City, Gibraltar, Grosse Ile, Huron Charter Township, Livonia, Lincoln Park, Melvindale, Plymouth, Plymouth Township, Redford, River Rouge, Riverview, Rockwood, Romulus, Southgate, Taylor, Trenton, Wayne, Woodhaven, and Wyandotte. We also help residents of Detroit, Dearborn, Dearborn Heights, Belleville, Westland, and Garden City, Monroe and Ypsilanti. We have clients who live in Wayne County, Monroe County, Oakland County, Washtenaw County and Macomb County.