Estate Planning Archives

6 Stages of Estate Planning (Or 6 Myths)

by Bill Bereza, Associate Attorney

“Where there’s a will there’s a way.” – George Herbert, Jacula Prudentusm (1640).

Most people believe estate planning is important, but less than half have made any plans.[i] In my experience with myself, and with friends and family, the road to good estate planning follows similar paths, which I like to think of as the six stages of estate planning.

Stage 1: Denial. I’m not going to die soon.

“I intend to live forever, or die trying,” – Groucho Marx.

This is the myth that estate planning is only for people who know when they’re going to die. So far, I haven’t met anyone who knows the day or the hour when their time is coming.[ii] And estate planning is also about more than just where your stuff goes when you die. It’s about how you get taken care of when you’re alive. A Patient Advocate Designation makes sure someone can make medical decisions for you when you’re unable. A Durable Power of Attorney ensures that your finances and your stuff are protected. A Trust will simplify the job for someone to manage your income, investments, and expenses.

Stage 2: Defeatism. I don’t care what happens after I’m dead.

“What you leave behind is not what is engraved on stone monuments, but what is woven into the lives of others.” – Pericles.

An estate plan isn’t just about you and your stuff. It’s about providing comfort and assistance for the loved ones you’ve left behind. Most people go through life wanting to make things easier for the people they love, want to help them through life. Your lack of planning will just add to the pain and grief they’ll already feel when you die. The families left behind often face a lot of uncertainty about the right thing to do. Why not try to eliminate some of that doubt for them?

Stage 3: Delusion. My kids will divide up things among themselves.

“Who knows what evil lurks in the hearts of men? The Shadow knows…”

If you sat in Probate Court and watched the painful legal fights between kids over their parents estates, and if you asked the opposing sides why they’re in court, each of them would most likely say it’s because they’re trying to fulfill their parents’ wishes. Your kids probably are the best and closest group of people you know, and your relationship with each of them is probably close, and open, and sincere. You know what you’ve told your kids, and you may think each child understands what you want, but like the child’s game of telephone, each of your kids will have their own idea of what you want and what’s right and fair. If you’re lucky, all your kids will be on the same page. That’s only a guarantee if you only have one child.

Stage 4: Overconfidence. I have named my kids as beneficiaries and joint owners on everything.

“If anything can go wrong, it will.” – Capt. Edward A. Murphy, U.S. Air Force.

You’re a do-it-yourself kind of person, who doesn’t believe in Murphy’s Law. Your plan is to share everything equally with your kids, so you’ve named them equally on all your accounts and properties. If nothing ever goes wrong, if no kid ever gets sued, if they never face divorce, if they never have a mental illness or physical disability, if they never change, then maybe your stuff can get to your kids. And this is if you haven’t missed any accounts, and never get any new property, and give every kid a copy of all your keys and passwords every time they change.

A good estate plan takes care of all the “what if” unexpected outcomes of life.

Stage 5: Fossilization. I’ve made an estate plan, so I don’t need to think about it again.

“Plans are nothing; planning is everything.” ― Dwight D. Eisenhower, former U.S. President

If your life never changes, you never need to change your plans. The most common mistake made by people who have planned, is to throw that plan in a closet and never speak of it again. Not only does a plan need to change, because you and your life change, but the plan needs to be shared with others. Your family, your beneficiaries, your helpers, all should know what you’ve done, what you want, and what you expect.

Stage 6: Acceptance. Life is a process, not a destination. Planning to Plan.

“Life is a journey to be experienced, not a problem to be solved.” — Winnie the Pooh

You’ve made a plan for yourself and your family for today and for when you’re gone. You understand that a plan is worthless if it doesn’t represent what matters to you in your life today.

You will review and update your estate plan regularly. You’ve planned and have a plan to keep planning. Because life always changes, you will keep looking, learning, and thinking.

[i] https://www.caring.com/caregivers/estate-planning/wills-survey/

[ii] https://biblehub.com/matthew/24-36.htm

November 13, 2019

Five Reasons to Have an Estate Plan

Blog, Estate Planning

Carrier Law has offered estate planning services to West Michigan for over 30 years. We are proud to help our families protect their valued assets and ensure their wishes are met. We are passionate about informing our communities about the importance of estate planning every day of the year, but we’re excited to bring special attention to it during National Estate Planning Awareness Week.

National Estate Planning Awareness Week takes place the third full week of October every year to help Americans understand what estate planning is and why it is a vital part of financial and medical security. For this year’s awareness week, Carrier Law focused on sharing the “What Ifs” that can occur in life, and how they are exacerbated without estate planning.

1. What If…I Die Without a Will?

Dying without a will in place is called “dying intestate”. This means that your assets will be distributed according to Michigan’s Intestacy laws instead of honoring any wishes you may have had – including wishes for your minor children.

If you have minor children, having a will that indicates your wishes for guardianship is a must. A guardian is the person or people you want to take care of your children if you and their other parent were to die. If a guardian is not named, the Probate Court will appoint someone, all without the Judge knowing who you think shares your values in raising your children.

2. What If…My Adult Child is in an Accident?

Once your child turns 18, your parental rights as their Natural Guardian end. This means that you no longer have the legal rights to access their medical records, make health care and financial decisions, or access their school records.

An example of the importance of medical planning for your adult children is the Virginia Tech school shooting. Frantic parents called hospitals to locate their children, but hospitals were unable to tell them anything because the parents did not have the proper legal forms to receive information on their adult child.

Similarly, if your adult child was in an accident and incapacitated in the hospital, you would need the proper legal forms to make medical decisions on their behalf.

There are several legal documents you will want to consider: HIPPA form, a Health Care and Financial Power of Attorney, and a Federal Family Educational Rights and Privacy Act (FERPA) waiver. A HIPAA form will allow access their medical information, a Health Care Power of Attorney and a Financial Power of Attorney to make medical and financial decisions on behalf of your child if they are unable to make them on their own. Finally, a FERPA waiver will allow access to your child’s student records.

3. What If…I Don’t Have a Healthcare Power of Attorney?

If you become incapacitated or otherwise unable to make your own healthcare decisions, you likely have a loved one you’d prefer to make decisions on your behalf. It could be your spouse, a child, parent, or sibling. However, without a power of attorney document, this loved one will be unable to make those decisions for you, and will have to go through probate court to be appointed to make those decisions.

In the event of a crisis the last thing your loved one needs is any red tape to care for you.

4. What If…I Die, and My Assets are Not in a Trust?

A will provides certain important guidelines, like guardianship of minor children and your wishes for your assets, but it does not protect your assets from Probate court. If your assets are not in a trust, they will go through Probate court where a judge decides how they will be distributed.

Probate court is public knowledge, so anyone can try to stake a claim on your estate. It is extremely important to not only create a will, but to put that will and its assets in a trust.

5. What If…I Need Long-Term Care?

A month in an assisted living facility costs over $4,000 and a semi-private room in a nursing home costs over $9,000. Without a plan for how you or a loved one will pay for long-term care, you may be faced with limited options, and often, extreme debt. It is also important to consider the development of Alzheimer’s or dementia as you age, and the corresponding care required

There are options to plan for long-term care and how to avoid draining your savings to pay for it. The time is now! You need to plan at least five years ahead to protect your assets properly, and we can help.

Our team at Carrier Law is equipped to help you face each of these “What If” scenarios and turn them into “I Am Prepared” peace of mind. Our unique approach to estate planning ensures that the people and things you love most will be protected.

Don’t let uncertainty rule your life, set up an appointment or attend one of our free LifePlan™ Workshops to learn how you can take control of your financial future.

November 4, 2019

Health Care documents: what do you need?

Blog, Estate Planning

A health care crisis can arise in an instant – even for the healthiest person – so every estate plan should have a health care component. This provides the powers and instructions to your loved ones and doctors to carry out your wishes should you be unable to express them. The proper health care documents should be drafted by an experienced Estate Planning law firm, such as Carrier Law.

There are several forms to consider:

HCPOA – The Health Care Power of Attorney document is a critical document for all adults – probably the most important document on this list. When properly drafted, it allows a patient advocate to make health care decisions when the patient is not competent. It can allow the patient advocate to sign a POST – Physician Orders for Scope of Treatment. It can also cover HIPAA situations. Caution: When being admitted to the Hospital or other facility, you are often asked to present or sign a Health Care Power of Attorney (HCPOA). If you already have such a signed HCPOA, bring it with you – especially one drafted by Carrier Law. Our Health Care Power of Attorney document is much broader than most, and signing a new one could revoke it. (Most HCPOAs have language stating that upon signing the document you revoke all prior HCPOAs.)
HIPAA Authorization – (Health Insurance Portability and Accountability Act) This authorization is used to allow the personal representative to obtain medical records, billing records and communicate with health care professionals. It is not used to make medical decisions. It can be used even if the patient is competent.
Care Directive – Provides instructions to others as to what the patient’s wishes are for certain care that might be provided. Each care directive is unique in what the instructions provide. It may cover items such as: Living Will issues, life-sustaining treatment, artificial nutrition and hydration, and comfort care. It could include organ donation wishes, funeral and burial instructions, and instructions regarding an autopsy. These are all very important wishes for many people. Carrier Law recently updated their Care Directive instructions to be more comprehensive. If you previously filled out a Care Directive with Carrier Law and would like to update it, you can download a copy of the new version here.
POST (Michigan Physician Orders for Scope of Treatment) – This document is put into place when the patient has less than one year to live. The POST form must be signed by the patient’s physician, the PA, or nurse practitioner. It is a standard State of Michigan form that details the patient’s end-of-life care wishes. It covers: resuscitation, ventilation, defibrillation, and comfort measures. The recommended time to complete this document is when the patient is being discharged from a hospital and is going home, to a nursing home, or other location outside of a hospital.
Funeral Representative Designation – A funeral representative is a person designated in a legal document as having authority to make decisions concerning the handling, disposition, or disinterment of a decedent’s body. The funeral representative is authorized by statute to make decisions regarding cremation and has the right to retrieve from the funeral home and possess cremated remains of the decedent immediately after cremation.
Guardianship – A Guardianship (which is set up through Probate Court) can often be avoided with the proper legal health care documents in place before a crisis arises. A Guardianship is often a more expensive and time-consuming proposition, compared with the properly drafted health care documents.

How do these health care documents compare, and do I need all of them? That depends on your life stage and overall health.
Click below for a visual comparison of each document.

September 12, 2019

How to Avoid Estate Planning Fraud

Blog, Estate Planning

Estate planning fraud has become an increasingly common problem in recent decades, especially for the elderly. Fortunately, fraud can be detected at an early stage through careful planning and taking precautions, so if you are concerned that an elderly relative is being taken advantage of, it is vital to speak with an experienced estate planning attorney who can ensure that his or her interests are protected.

Fraudulent Acts

Elderly individuals are especially vulnerable to being tricked into transferring assets, changing bank accounts, or altering wills or the terms of a trust based on false statements made by others. These types of fraudulent acts can also be achieved through the exercise of undue influence. Fortunately, when an individual relies on a false representation, the document can be invalidated by interested parties.

Undue Influence

In their waning years, many seniors come to rely on others completely for medical care and financial aid. This leaves them vulnerable to fraud, which may result in his or her wishes being ignored or overruled. In these cases, family members can argue that a relative was unduly influenced, and as a result, changed the provisions of his or her will even though the alterations did not conform to the testator’s true intentions.

To prove that an individual was unduly influenced, the party contesting the will does not have to establish that a beneficiary inspired fear in the testator. Instead, he or she can use evidence that kindness and affection were used to destroy the testator’s free agency.

Courts will often presume that undue influence was exercised when the testator and the beneficiary had a fiduciary relationship. To establish this presumption, the fraudulently excluded party must demonstrate that:

A fiduciary relationship existed between the testator and the beneficiary;
The person acting in a fiduciary capacity would receive a substantial benefit under the terms of the transaction; and
The beneficiary had the opportunity to influence the grantor’s decision.

Fiduciary relationships do not always need to be formal in nature, but can arise out of a moral, personal, social, or domestic relationship, such as that between a patient and a caregiver.

Preventing Fraud

There are a few helpful tools that a testator can use to help him or her avoid becoming the victim of probate, including:

Reviewing his or her financial plans twice a year;
Openly communicating with his or her estate planning team, including bankers, accountants, attorneys, and family members;
Designating a co-trustee;
Requiring double signatures for amounts larger than a predetermined number; and
Allowing his or her estate planning attorney to speak with family members and the other members of the estate planning team.

Contact a Experienced Estate Planning Attorney Today

Fraudulent alteration of a will or trust can have devastating consequences for testators and their loved ones, so if you have concerns that a member of your family has been the victim of fraud, please contact Carrier Law by calling 616-361-8400 and we will assist you in scheduling a consultation with an experienced estate planning attorney who can help explain your legal options.

August 21, 2019

How to talk to your kids about your estate plan

Estate Planning

by Bill Bereza, Associate Attorney

My dad was sure that he was going to live to 100. He was born the year after his parents bought the family farm, and he always talked about getting the farm into Michigan’s Centennial Farm Program. Planning for death or incapacity was never on his mind. When he was diagnosed with cancer, he kept on going as normal. He was still working on the farm the week before he went into hospice.

My dad refused to talk about death.

He never talked about what would or should happen with the farm if he became too ill to run it. He would never sign a will or a trust or a power of attorney, and he believed that insurance was a waste of money because “you’ll be dead” when the money comes in. As he came closer to the end, I learned that this was really because of his fear of death. He was still a young man when his father died. His father’s cancer wasn’t discussed until he was dying, so to my father, talking about the end of life meant death.

It’s hard to say that it is fortunate that my dad died quickly. He didn’t spend years in a nursing home. He died at home in the very same bedroom he was born in. We were all spared the guilt of placing him in a nursing home, knowing that he hated being away from his farm. We didn’t need to worry about how to pay for his care; the farm was my parents’ only asset. We knew that the farm was safe, that it didn’t have to be broken up and sold off in pieces to pay for the care that he assumed he’d already been paying for with every paycheck of his working life.

We had luck, a painful kind of luck.

Since then, my mom has made a plan. She has a power of attorney, a patient advocate, a will, and a trust to make sure the farm stays in the family and isn’t lost to the chances of fortune. She knows that what she and dad spent a lifetime working on will be protected for herself and her kids and grandkids. She has shared with us her thoughts, her fears, and her desires. She has given us the gift of relief, from doubt, uncertainty, and guilt.

It’s hard to talk with your kids about death. Some parents may use their own experiences with death in their own lives as an opportunity to discuss mortality with their kids, or as a reason to avoid bringing up a painful experience. The death of a parent is usually the first real painful experience most people will deal with. Your children will have to deal with it whether you want them to or not.

We all know that death is inevitable. Many people decide that because it will happen no matter what they do, they may as well do nothing. Only 4 in 10 American adults have a Will, according to a 2018 Caring.com survey. Furthermore, the survey found that only 1/3 of parents with children under 18 have a Will.

A basic, comprehensive estate plan will include, at minimum, a Will, a Durable Power of Attorney for Finances, a Patient Advocate Designation, Advance Directives, and one or more Living Trusts.

Whether you have a plan – or realize you need one – talking to your kids about it is essential.

Talk about life, before talking about death

The first thing to remember is that we don’t live life in perfect physical and mental health right up until the minute we die. Nearly 70 percent of Americans die in a hospital, nursing home, or long-term care facility. Chances are, you’ll need someone to make medical and financial decisions for you. After a spouse, the kids are most often named in a Durable Power of Attorney and Patient Advocate Designation.

What kind of life do you want, if you’re no longer able to communicate those decisions for yourself? The benefit of starting with incapacity when talking to the kids is that it lets you talk about the things you like. Your favorite foods, books, tv shows; these are positive things to share. The way to share your life wishes is to share with your kids what matters to you.

An Advance Directive is a way to put those life wishes in writing. It’s also a way to relieve some of the stress from your kids. Any child who has had to make care decisions for their parent has probably had to deal with guilt and wonder whether they really are doing the right thing for their parents. By having the conversation with the kids and giving them a written plan, you can ease their burden.

Ask your kids what is important to them, before you plan

Parents often worry about trying to be “fair” to all the kids, trying to plan to avoid what they perceive could be a problem. If you know that one child really cares about your medical care, or another child doesn’t want to deal with finances, or if the children agree on who should inherit what, you can make estate planning decisions confidently and comfortably.

Again, this should be a focus on what matters to your life, and the lives of your kids.

Manage expectations

The conversations we avoid often lead to bigger problems later. If a child is disappointed or surprised by one thing in your estate plan, they are more likely to dispute everything in the plan. A serious problem can occur if, after your death, a child believes that you were forced or coerced into making an estate plan or weren’t competent when you planned. If you tell the kids the plan now, they may be less likely to object later.

Managing the differences

In every family, there are differences between the kids: how well they manage money, how much they need money, and any inherent legal risks in their lifestyle or profession. You may even consider who is the most likely to care for you as you age – due to ability and/or geography – and what sacrifices they’ll need to make to do that.

These considerations can all contribute to how you decide to distribute your estate – equal is not always fair. You may want to leave less to your daughter, because she doesn’t need it, or you may want to leave money to your son in a restricted trust because he can’t handle it. By talking about this with your kids now, you can address your decisions and their questions together, instead of leaving them to make assumptions after you’re gone. The worst situations are when kids are left feeling as if they were “loved less” due to the decisions by their parents. Unfortunately, we do see that now and then, but most often, the reality is that decisions are made from the utmost love and foresight for each child.

Prepare an asset inventory

Most estate planning attorneys will have you prepare a financial information packet detailing your assets. Think of this as a tool for your kids as well. Dealing with the death of a parent can be the most difficult thing that happens to many people. The burden of hunting down what the parent owned, where bank accounts exist, are burdens you can prevent by keeping the inventory with your estate plan.

In any situation after your death, whether it’s in probate court or with trust administration, preparing an inventory is often the first step for your trustee, executor, or personal representative. You can help get that first step done for them.

Your final wishes

The simple things after your death can cause the biggest heartache for the children left behind. You may not care about your funeral plans, the casket decorations, the type of urn, the music or scripture readings. For your kids, this can be an important part of their grieving process. You can help them by discussing those plans with them and putting them in writing. Children often spend a lot of time and money on funeral arrangements because they think “that’s what mom would want” when in fact you may be happy with a simple gathering. They won’t know if they aren’t told.

The next step

Life is full of risk, and life is full of stress. Death is an inevitability, and not talking about it won’t make it go away. If there’s some risk and stress in talking to your kids about this now, there is sure to be risk and stress after you’re gone if things are left unsaid. An estate plan should be a plan for life, and by talking to your kids now, you can craft a plan that will fulfill the needs of your life and the lives of your kids.

March 25, 2019

What happens to your Estate if you die without a will?

Estate Planning

by Molly Black, Director of Legal Services

If a Michigan resident dies without a will, otherwise known as dying intestate, the intestacy laws under the Estates and Protected Individuals Code (“EPIC”) dictate who will inherit the property of the decedent. This provides for an inflexible pattern of distribution which may not distribute your assets according to your wishes. The highest priority is given to their surviving spouse, followed by their descendants (children, grandchildren, great-grandchildren), parents, and siblings. The amount that a spouse will inherit depends on several factors, including whether or not it was a blended family.

Any jointly-owned property or accounts with named beneficiaries (commonly, life insurance policies and retirement accounts) will pass directly to the co-owner or beneficiary without going through the probate process.

There is also the question of who will administer the estate. A properly executed Will designates a Personal Representative to carry out your wishes after death. Without a Will, the probate court will appoint someone to administer the estate.

What problems could arise if you die without an estate plan?

The first problem your family could face after your death is determining who will make funeral arrangements. Without a legal document in place that appoints a funeral representative, a Michigan statute will dictate who has the authority to make decisions surrounding the funeral. This includes making decisions about burial vs. cremation, funeral location, and cemetery arrangements.

Secondly, without a Will, there is no guarantee that your property will pass to your intended recipients. Death doesn’t bring out the best in people and when money is involved, things can get ugly. This is especially true in blended families when your biological children and stepchildren don’t get along. You might have a better relationship with your stepchildren, but without a Will, they will not be treated as your own. This can also be devastating to unmarried couples. Intestacy laws only recognize your legal and blood relatives, so an unmarried partner will not inherit their deceased partner’s property if they die without a Will.

In addition to the disposition of property, parents also need to consider their minor children. If you pass away and leave a minor child behind who has no other legal parent or guardian, the court will select a guardian based on the best interests of the child. The court-appointed guardian may not be your first choice, so executing a Will allows you to appoint a guardian of your choosing.

What can you do now?

Planning ahead provides a road map for your family and provides reassurance that your property is passing to your desired beneficiaries. A properly executed estate plan will nominate a Personal Representative of your choosing to handle the administration process, provide clear distribution instructions and lessen the likelihood of family conflict. Everything from burial arrangements, to pet care, to guardianship for minors, to distribution instructions for your family heirlooms can be planned for by creating a comprehensive estate plan.

In addition to giving you peace of mind, having a plan in place can circumvent arguments among family members which will undoubtedly lead to wasted time, expense and family turmoil.

March 11, 2019

3 Critical Questions about Estate Planning that Every Parent Should Ask Themselves

Estate Planning

by Samantha Sprague, Attorney

CONGRATULATIONS! Becoming a parent is an amazing experience. One thing you should be accustomed to by now is asking questions. Sometimes you get a lot of ‘answers’ to questions you may not have even known to ask.

Whether you’re brand new to the parenting gig, or have several years under your belt, below are 3 common questions that every parent should consider.

1. What happens if I can’t make my own choices?

Self-care is important, to your sanity and to your health, and sets an important example for your little one. I meet with a number of parents who come in with the primary goal of taking care of their kids.

It doesn’t matter if the kids are 2, 22 or 55 – every good parent wants to make sure their kids are protected. However, the first thing any parenting book will preach is to make sure you take care of yourself.

Estate Planning is no different. Even before you bring your bundle of joy into the world, there are two documents you should have in place: (1) Healthcare Power of Attorney and (2) Financial Power of Attorney. This is the entry level of protection to make sure that if something awful occurs (e.g. car accident, stroke, medical procedure, etc.) you know who will be managing your assets and making medical decisions for you.

This is something that you should have in order before your little one arrives, but if they’re already here, there’s no time like the present to get started.

2. Who is going to take care of my child if I can’t?

No one person is invincible. You need a backup plan in case life goes drastically wrong and you are no longer able to care for your children.

What happens if you die?

Some people leave it up to chance and rely on the probate courts to pick someone to raise their kids. Generally, the courts will give preference to family members, but there are a lot of factors that are taken into account for something called “Judicial Discretion.”

Judicial Discretion means that where your kids end up is entirely in the hands of the probate judge, a person who has never met you, does not know your family, and is unaware of your wishes.

What can you do?

Every parent – regardless of how much money they have in the bank or what they own – should have a will. A will is where parents get to determine who is going to raise their kids if they cannot.

If a parent has guardianship and conservatorship language within their will, they get to choose who their child will live with and who will manage the stuff they leave behind for their child.

This does not eliminate parental rights if your child still has a surviving parent. However, if both parents should die or be incapacitated, the testamentary wishes (Will) outlined by the parents serve as guidance for the court.

There are other considerations that should be addressed with blended families, step-parent’s rights, and same-sex parents.

Each situation is unique and you should consult with an attorney on what your legal rights are and how you can make sure you are putting the right documents in place to provide surety that you decide who raises your kids.

3. How do I protect my kids with my Estate Planning?

As parents, we are hardwired to look out for our kids, to protect them, and to teach them to protect themselves when they are able to.

However, everyone approaches parenting a little differently.

There are helicopter parents trying to ‘bunk’ with their college-aged kiddo, and then there are those employing the sink-or-swim method my grandpa used to teach my mom how to swim in Lake Erie.

With your estate plan, you can put ‘safeguards’ in place for minor children, so the assets you leave are protected both FOR them and FROM them until they learn how to manage the money.

One way to ensure that anything you leave is protected is to create a Revocable Living Trust. This is a document that can be modified as your family grows and requires different types of protection.

A common practice within trusts is to put age restrictions in place. When you have multiple children of different ages you can ensure that minor children receive what they need while still allowing for a fair distribution.

If you are like many young parents, you may find that you are worth more dead than alive due to the low cost of life insurance. Making a trust the beneficiary of life insurance policies can ensure the money is protected for your kids.

There are numerous options for protecting assets for your kids. However, whatever you decide to put in place, it is important to remember that as your life changes and your kids grow, you should plan to update your documents. We recommend annual or semi-annual reviews to make sure your documents evolve along with your family.

February 22, 2019

Estate Planning Grand Rapids MI

Estate Planning

If you’re looking for an estate planning attorney in Greater Grand Rapids, MI, you can contact Carrier Law. Most individuals put off estate planning since it’s not the most pleasant topic, but it’s best to take on the responsibility early in order to protect your loved ones. When you come to Carrier Law, we guide you through the process to develop the best plan for your needs and situation. Our experienced estate planning attorneys are here to help you take advantage of the benefits available to you by law. You can count on us to listen carefully and respond quickly to your concerns considering asset protection.

Have you had any of the following legal documentations prepared to protect yourself and the ones you love?

Living Trust
Last Will & Testament
Power of Attorney

These documents are critical in defining and directing what will happen to your estate when you die, or in appointing who will make decisions if you cannot. Do not wait to have these documents created to protect your spouse, kids, and your assets. If you already have a trust, we can do a free review of what has actually been placed in the trust. The number one reason trusts fail is that they are not “funded.” In other words, your assets were not transferred to the trust. When this doesn’t happen, your trust fails and your estate goes to probate. A fully funded trust helps your loved ones avoid probate, which can cost 5-10% of the estate’s value.

If you don’t have an estate plan, or have concerns about yours, call Carrier Law to speak with an experienced estate planning attorney. Grand Rapids, MI families count on our knowledgeable staff to thoroughly explain and analyze their plans for the future. We’ll walk you through the details of each item in your estate plan, and ensure that you are completely comfortable before we move forward.

For more information about our services, contact our office by calling (616) 361-8400 or visit us online at www.davidcarrierlaw.com. In all areas of estate planning, Carrier Law is happy to guide clients from Norton Shores, Holland, the Lakeshore, portage, Battle Creek and other West Michigan areas.

February 8, 2019

Estate Planning Documents for Each Stage of Life

Estate Planning

Americans aren’t doing so well when it comes to estate planning. While 53 percent have a health care power of attorney, only 42 percent have a will or living trust. That means most of us are gambling with our estate.

If you haven’t started estate planning, here are a few documents you should consider. Contact us today for more information!

October 5, 2018

Does an “I Love You” Will Really Show Your True Affection?

Blog, Estate Planning

A will is a legal document that lets you tell the world who should receive your assets after your death. An “I Love You” Will basically states, I leave everything to my spouse first and then to our children equally. In real life this type of Will can become anything but loving.

Marge and Walter have three wonderful children, Beth, Dave and Mark. Beth lives locally, in Rockford, and helps Mom and Dad out all the time. Dave and Mark live out of state. Other than a visit or two a year, they are not involved in mom and dad’s daily life.

Marge and Walter have a beautiful cottage on the lake in Grand Haven, in addition to their primary home in Grand Rapids. Beth and her family look forward to weekend visits in the summer. Her children feel like it’s their summer home because they spent so much time there with Nana and Grandpa. Due to distance and their own busy lives, Dave and Mark haven’t been to the cottage since they were little.

If Marge and Walter had an I Love You Will, what do think would happen to all their assets? Sell everything and divide by three, perhaps. Of course, after attorney fees and Probate costs! Do you think Beth would want to keep the cottage “in the family” and continue to use it in the summer months? There are so many memories there, particularly of Mom and Dad. Beth may even think she deserves the cottage. After all, she was always there for their parents (paying bills, doctor’s visits, trips to the store when it wasn’t safe for them to drive anymore, etc.) Do you think this situation may cause dissention among the siblings? Is this really what Mom and Dad planned, their “wonderful” children fighting over the cottage or at the very least have bad feelings towards each other? What happens to the primary residence?

There are alternatives to an “I Love You” Will. An experienced estate planning attorney can explain your options and counsel you on how to best achieve you wishes.

July 19, 2018

Stage 1: Denial. I’m not going to die soon.

Stage 2: Defeatism. I don’t care what happens after I’m dead.

Stage 3: Delusion. My kids will divide up things among themselves.

Stage 4: Overconfidence. I have named my kids as beneficiaries and joint owners on everything.

Stage 5: Fossilization. I’ve made an estate plan, so I don’t need to think about it again.

Stage 6: Acceptance. Life is a process, not a destination. Planning to Plan.

1. What If…I Die Without a Will?

2. What If…My Adult Child is in an Accident?

3. What If…I Don’t Have a Healthcare Power of Attorney?

4. What If…I Die, and My Assets are Not in a Trust?

5. What If…I Need Long-Term Care?

Fraudulent Acts

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We had luck, a painful kind of luck.

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1. What happens if I can’t make my own choices?

2. Who is going to take care of my child if I can’t?

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