When it comes to creating a comprehensive estate plan, there are a number of documents you may want to create. Below is an overview of some of the most common estate planning documents in Michigan:
What is a Will?
A will is an important part of any estate plan. A will allows you to divide your assets amongst your loved ones and ensure that they are cared for in the event of your passing. Some things you can include in a will are:
- Real estate
- Bank accounts
- Securities
- Items of personality
Failing to create a will can have a serious impact on your loved ones. Dying without a will is referred to as dying “intestate.” This means that your assets will be divided by the state of Michigan, rather than according to your wishes.
What is a Trust?
A trust is a legal means of managing certain assets. Trusts can be used in a variety of situations. There are a number of different trusts you can create for different situations. Generally, trusts fall into two categories:
- Revocable Living Trusts- A revocable living trust is established during your lifetime, allowing you to manage it and make changes to it.
- Irrevocable Trusts- An irrevocable trust can only be modified or terminated with permission from the beneficiary. The trustor loses all ownership rights to the assets once they have been placed into the trust.
What is a Power of Attorney?
A power of attorney is a document that allows you to put a loved one you trust in charge of your finances and other important matters in the event that you become incapacitated or you are no longer of sound mind.
What is an Advance Healthcare Directive
An advance healthcare directive allows you to declare your wishes when it comes to end-of-life care. You can also appoint a loved one to make these decisions for you in the event that you are unable to do so yourself.
If you have any questions or concerns about the estate planning process, contact our firm. We understand that estate planning can be stressful, and we are here to walk you through the process every step of the way.
Contact our Firm
Sometimes, divorce, family, and estate matters are difficult to navigate. Fortunately, they do not have to be with the assistance of a compassionate, knowledgeable attorney who is willing to guide you every step of the way. If you need a seasoned firm to help you with any divorce, family, or estate-related matter, please do not hesitate to contact Collis, Griffor & Hendra today to schedule a consultation.
