Michigan Estate Planning Checklist | What You Need to Know

Estate planning can feel overwhelming and it can be difficult to think about the future. But knowing what to expect can help make the process much easier. Read on to learn more about the documents you may need when it comes to creating a comprehensive estate plan.

Naming an executor

One of the most important things to do is choose an executor for your will. This person will be responsible for closing your estate in the event of your passing. It is common to choose a close friend, partner, or family member. This job is a big responsibility is it is important to choose someone trustworthy.

A will

A will is one of the most important documents you can create. This document will detail how your assets will be divided in the event of your death. This will ensure that your wishes are followed and your loved ones are taken care of.

Trusts

A trust is an agreement that allows a person to select a trustee and allow them to take care of assets until the beneficiary inherits them. Everyone has unique life circumstances, which is why there are various types of trusts that can be used according to each individual’s lifestyle and needs.

Power of attorney

A power attorney gives a loved one the ability to make important decisions on your behalf in the event that you can no longer make these decisions for yourself. This responsibility is usually given to a close friend or family member. This individual will be able to make decisions about your finances, healthcare, and other important aspects of your life.

Advance healthcare directive

An advance healthcare directive is a document that details your wishes for your end-of-life care. In your advance healthcare directive, you can:

  • Authorize loved ones to obtain medical records in emergency situations
  • Indicate whether the document is effective immediately or upon a finding of incapacity
  • Set the standard for determining your incapacity
  • Communicate your wishes to receive or not receive life-saving care
  • Ensure decisions are made in accordance with your beliefs, principles, or religious practices
  • Any additional healthcare wishes or concerns

Digital assets

In today’s day and age, many of our most important assets are online. Handling these assets takes special planning.

Our firm is here to help you create an estate plan that meets your needs. Reach out today to speak with an experienced attorney.

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.

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