PROTECT YOURSELF AND YOUR FAMILY WITH AN ESTATE PLAN

An estate plan provides a method for an orderly distribution of your property following death. It also serves the equally important purpose of protecting you and your family during your lifetime in the event you become incapacitated, whether temporarily or permanently.

An experienced estate planning attorney can be a valuable resource for developing a protection plan that addresses your specific needs and goals given your current circumstances. The following estate planning documents will help protect you and your family:

Will

A Will is a basic estate planning document to make sure your property is distributed according to your instructions and not according to Michigan intestate law which directs how a person’s assets are distributed when a person dies without a Will. However, a Will does come with some drawbacks. For example, a Will offers limited control over the distribution of assets and requires that it be administered through the probate court which is a matter of public record. However, depending on your circumstances and how your assets and real estate property are titled, a Will may be all you need as a backup for distribution of your assets and property.

Revocable Living Trust

A Revocable Living Trust offers greater control over how your assets and property are managed both during your lifetime and after death. Provisions in a Living Trust typically address how you want your assets distributed upon your death and how you want your assets to be used for your care if you become incapacitated. Another advantage of the Revocable Living Trust is that you maintain total control over the trust during your lifetime and are able to amend or even revoke the trust during your lifetime. However, after your death the trust becomes irrevocable and your successor trustee carries out your instructions for distribution of trust property. A trust is also a private document which avoids probate court and can be used to distribute assets to minor children and young adults for specific purposes over a given time period if the parents are deceased.

Durable Power of Attorney for Property and Financial Matters

A Durable Power of Attorney for property and financial matters is another essential document for basic estate plan protection. In the Durable Power of Attorney document, you designate a trusted family member or other trusted person as your fiduciary to make financial and property decisions on your behalf. The document can be effective immediately at the time of signing or can be made effective in the event the you become incapacitated and can’t manage your day-to-day affairs.

Patient Advocate Designation

A Patient Advocate Designation, also called a Durable Power of Attorney for Health Care, is an additional document that is essential for basic estate planning protection. In a Patient Advocate Designation, a you designate a family member or other trusted person to make medical and other health care decisions in the event you are incapacitated and unable to make decisions. Most importantly, the Patient Advocate document allows a person to include written instructions for life sustaining treatment.

Are You Ready to Protect Yourself and Your Family with an Estate Plan?

Having a well thought out estate plan in place will not only give you protection but also peace of mind. Most estate plans are set up with the help of an experienced estate planning attorney. A do-it-yourself approach can completely defeat the purposes of making an estate plan that fits your needs, particularly if you have minor children or young adults and want specific instructions about how property is to be distributed after death. When you’re ready to start an estate plan or update your existing estate plan, it’s essential that you talk with an experience estate planning attorney.

Schedule a Free Consultation with Ann Arbor Estate Planning Attorney Bill Ager.

In my practice at Ager Law Office, I help individuals and families throughout Washtenaw County with all aspects of estate planning, including Wills, Trusts, Durable Powers of Attorneys, and Patient Advocate Designations. To talk with me about scheduling a free consultation for a new estate plan or for updating your existing plan, call (734) 649- 0784, send an email to bill@agerlawoffice.com, or use the online contact form on this website.