Basics of Estate Planning

A Detroit probate attorney can help you if you are considering the various options for distributing your assets upon death. Estate planning encompasses a number of areas of the law, including tax, property and family law. The best estate plan for your family will vary depending on your financial portfolio, family structure, and personal wishes.

Wills

Wills are governed by statute and serve as legal documentation of your wishes after your death. Your will should include information relating to transfer of real property, distribution of personal property, charitable donations, funeral and burial wishes. In Michigan, a will must be in writing and signed in the presence of two witnesses. In general, you can leave property to whomever you choose. Once you die, your will is submitted to probate, which is a process in which a judge oversees the distribution of your property and payment of creditors.

Trusts

Some people choose to use a trust arrangement as a method of estate planning. Personal and real property is transferred into the trust and beneficiaries are named to receive the property upon the death of the grantor. Trusts are convenient in that they allow families to avoid probate court. There are also significant tax benefits to using a trust for some individuals.

Advanced Directive

The advanced directive, also known as a living will, provides a doctor with information pertaining to your wishes in the event you are incapacitated and unable to make your own medical decisions.

Power of Attorney

A power of attorney gives another person the right to make legally binding decisions on your behalf in the event you are unable to do so. If you are incapacitated, your power of attorney can make financial decisions for you and conduct business in your name.

Make an Appointment Today

Many people avoid estate planning as it can be an uncomfortably morbid discussion. However, it is vital to put your wishes to writing to protect you, your family and your valued assets. For more information about estate planning options, contact experienced Detroit probate attorney Chris Trainor at the Law Offices of Christopher Trainor & Associates today: 1-800-961-8477.