Estate planning is a necessity for anyone who has substantial assets, for those who have minor children and for anyone who wishes to ensure their personal property is distributed in accordance with their wishes at the time of their death. A comprehensive estate plan may include wills, trusts, powers of attorney and other estate planning documents. Making sure these documents are valid under Michigan law is crucial.
Estate plans are not simply to protect your loved ones, a well-crafted plan also helps protect you in the future. One of the decisions you should be thinking about during the estate planning process is what happens if you are incapacitated because of an illness or accident. Powers of Attorney can help ensure someone of your choosing is handling your financial affairs. Other legal documents document your wishes pertaining to your health care so your family has a clear understanding of those wishes.
Never believe that just because you are not super-wealthy that an estate plan is not necessary. Without an estate plan in place your assets will be distributed according to State Law rather than your wishes. Residents of Michigan who are considering an estate plan and are not sure what they really need, should contact Kaye Law Office, PLLC at (810) 207-5421.