What happens if you don’t have an Estate Plan?
The courts and laws of the state of Michigan will decide what happens to your assets. If you have minor children the Probate court may ultimately decide who will care for them.
When should you update your Estate Plan?
You should periodically review your Estate Plan. Your plan should be updated whenever there are changes in your family situation, changes in the value of your assets, and changes in the law.
Do I need to hire an Estate Planning Attorney?
An Estate Planning Attorney stays current with changes in the law which may impact your Estate Plan. You may also want to have your Financial Planner and/or Accountant work with you and your attorney. Maria L. Avesian, attorney serving Macomb, Oakland, and Wayne counties has the expertise and knowledge to assist you with your Estate Plan and will also work with your Financial Planner and Accountant to develop the best Estate Plan for your situation.
I already have a Will, do I need a Trust?
With only a Will, in most situations you will not avoid the Probate Court. A trust will also insure privacy of your Estate Plan. It will not become public record.
I am married do my spouse and I both need a Will?
Yes everyone needs their own Will.
What is a living Will?
Technically Michigan law does not recognize a living Will. In order to make sure your end of life wishes are carried out you would need to have a Medical Power of Attorney and related documents prepared for you.
How can I make arrangements for my minor children in the event of my death?
You would name a Guardian in a Will and make specific financial arrangements in a Trust.
I have heard negative things about the probate court, how can I avoid probate?
This can be done thru proper Estate Planning. Specifically, you can reach this objective thru a Trust and appropriately titling your property.
If I have a trust do I need to get a new tax number for the trust?
Typically, during your lifetime with a Revocable Trust you would use your social security number. Upon death and in certain types of trusts you would need to obtain a separate tax number.
Do I need to store my Estate Plan documents with the court?
Generally, it is a better idea to store your documents in a fire safe box that family members know the location of and have access to.
How will Federal Estate taxes impact my Estate Plan?
Depending on your financial situation tax laws may dictate how your Estate Plan is set up. The present laws affecting the Estate Planning process will more than likely change.