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Any individual who has assets should be thinking about how he or she wants those assets dispersed to his or her loved ones after his or her death. You are never too young, in too good of health, or have too low of a net worth to write a will and complete other steps of the estate planning process. Your assets, such as a pension, your savings accounts, your personal property, and your investments should all be accounted for in your estate plan.
Effective estate planning is a way to ensure that your loved ones and organizations that are important to you receive the assets you want them to receive without burdening them with heavy taxes. Failure to do so can land your loved ones in probate court, where your assets are divided according to Michigan law. This can be expensive, time consuming, and frustrating for your loved ones. Make it as easy as possible for them by working with an experienced estate planning lawyer now to determine how your assets will be divided.
This is the document that details who will receive your assets following your death. Dying without a will is known as dying intestate, which can have many repercussions for your loved ones. In your will, you must designate a legal representative, known as an executor, to oversee the probate process.
Your beneficiaries can be your children, your siblings, your spouse, a charitable organization, a government program, or your alma mater. By designating your beneficiaries in your estate, you can guarantee that they will receive their fair shares of your assets.
A trust is an account that can be used to set aside assets to benefit your beneficiaries. A trust can be a way to protect your property from probate court or creditors in the event that you have to file for bankruptcy.
With a medical directive, you state your wishes regarding your medical care in the event you are incapacitated or suffer from heart or brain failure and need to be put on life support.
The individual to whom you have granted power of attorney can make medical decisions for you in the event you become incapacitated. A loved one can also be granted financial power of attorney, which enables him or her to make financial decisions on your behalf such as how to pay for your long-term care.
To begin the estate planning process with the aid of estate planning lawyer David L. Carrier, contact The Law Offices of David L. Carrier, P.C. to schedule your free legal consultation with our firm.
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