An estate plan is something that every individual, regardless of age, should have in place. The term “estate” applies to bank accounts, 401Ks, cars, homes, even pets! An estate plan ensures that in the case you are unable to speak for yourself, the law will enact your wishes to the letter. The goal of an estate plan is to maximize the benefits that your assets can provide to you during your lifetime – as well as those you desire to benefit after your death. Having an experienced Estate Planning Attorney in Michigan ensures that your wishes are followed and your assets are protected.
Some common estate planning terms:
Will: A legal declaration of how your assets are to be handled/distributed after death.
Living Will: Tells doctors and family members what your wishes are if you become incapacitated and cannot speak for yourself.
Living Revocable Trust: When you designate a person to make decisions for you should you become ill.
Power of Attorney: Designates someone to act on your behalf with regard to private affairs, business or other legal matters.
Durable Power of Attorney: Under common law, the Power of Attorney becomes ineffective if the grantor dies or becomes incapacitated. Durable Power of Attorney allows that designated person to continue to act on the grantor’s behalf if the aforementioned circumstances occur.
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At Cronin Law, we realize this can be a difficult subject to address, but having an estate plan provides peace of mind for you and those you care about. Having a plan in place means you will avoid Michigan probate, which not only saves money, but also makes the process less complicated for your beneficiaries.
Keep in mind, if you already have an estate plan it should not be considered permanent. Conditions, as well as your desires, may change. Be sure to have it reviewed at least every two to three years.
Contact the Cronin Law Firm today to discuss your Estate Planning needs.