Estate planning is the process of arranging and managing your assets during your lifetime and ensuring their smooth distribution upon your death. It involves creating legal documents such as wills, trusts, and powers of attorney to protect your assets and provide for your loved ones.

Estate planning is crucial for several reasons. It allows you to dictate how your assets will be distributed, appoint guardians for minor children, minimize tax liabilities, and ensure your healthcare and financial decisions are made according to your wishes.

Common estate planning documents include a will, trust, durable power of attorney, and patient advocate designation. These documents work together to address various aspects of your financial and healthcare wishes.

Yes, estate planning is not just for the wealthy. Regardless of the size of your estate, having a plan in place ensures that your wishes are honored, and your loved ones are taken care of in the way you desire.

A will is a legal document that outlines how your probate assets will be distributed after your death. A trust, on the other hand, is a legal entity that holds and manages assets during your lifetime and specifies how they should be distributed upon your death, avoiding the probate process.

It’s advisable to review and update your estate plan whenever there are significant life events such as marriage, divorce, birth of a child, or changes in financial status. Regular reviews, are recommended to ensure your plan remains current.

Yes, you can update your estate plan as needed, so long as you have the legal capacity to execute the documents. Changes can be made through amendments or by creating a new document that revokes the previous one.

Estate planning strategies can help reduce taxes by utilizing tools such as trusts, gifting, and ownership transfers of real property.

If you pass away without an estate plan, your assets will be distributed in accordance with the Michigan laws regarding intestacy, which may not align with your wishes. It could also lead to delays, disputes, and additional expenses for your loved ones.

To start the estate planning process, book a free consultation with a MI Will & Trust estate planning attorney.  The consultation will help you to better understand your options and determine if you want to engage the legal services offered by MI Will & Trust.