Estate Planning FAQs

Estate Planning FAQs. 

1. What is estate planning? Estate planning is the process of creating a plan that outlines how your assets will be managed and distributed in the event of incapacity or death.
2. What are the benefits of estate planning? Estate planning can provide peace of mind knowing that your assets will be distributed according to your wishes and can help minimize potential conflicts among family members.
3. Who needs estate planning? Every adult can benefit from estate planning, regardless of their age or financial circumstances.
4. What are the essential estate planning documents? The foundational estate planning documents include a will, durable power of attorney, advance healthcare directive, healthcare power of attorney, and HIPAA waiver.
5. What happens if I die without an estate plan? If you die without an estate plan, your assets will be distributed according to Michigan law, which may not align with your wishes.
6. Can I change my estate plan? Yes, you can update your estate plan at any time as long as you are of sound mind.
7. Do I need an attorney to create an estate plan? While it is possible to create an estate plan without an attorney, working with an experienced estate planning attorney can help ensure that your plan is comprehensive and effective.
8. How often should I update my estate plan? You should review and update your estate plan every 3-5 years or when there is a significant life event such as a marriage, divorce, birth, or death in the family.
9. What is a living trust? A living trust is a legal document that allows you to transfer your assets to a trust during your lifetime, which can help avoid probate and minimize estate taxes.
10. Do I need a living trust? Whether or not you need a living trust depends on your specific circumstances and goals. An experienced estate planning attorney can help advise you on the best course of action.
11. What is a guardianship? A guardianship is a legal arrangement where a court appoints someone to make decisions for a person who is unable to make decisions for themselves due to incapacity or disability.
12. How can I ensure that my minor children are cared for in the event of my death? You can create a declaration of appointment of guardian for minor children in your estate plan to designate who will be responsible for caring for your children.
13. What is a healthcare power of attorney? A healthcare power of attorney allows you to designate someone to make healthcare decisions on your behalf in the event of incapacity.
14. What is a financial power of attorney? A financial power of attorney allows you to designate someone to make financial decisions on your behalf in the event of incapacity.
15. What is a living will? A living will or advance healthcare directive is a legal document that outlines your wishes regarding end-of-life care in the event that you are unable to communicate.
16. What is a HIPAA waiver? A HIPAA waiver is a legal document that allows designated individuals to access your medical information.
17. What is probate? Probate is the legal process of validating a will and distributing assets to heirs.
18. How can I minimize estate taxes? An experienced estate planning attorney can advise you on strategies to minimize estate taxes, such as creating a living trust or gifting assets during your lifetime.
19. What is the cost of estate planning? The cost of estate planning varies depending on your specific needs and the complexity of your estate plan. We offer transparent flat fees estate plans.
20. How do I get started with estate planning? Schedule a free discovery session with our experienced team to discuss your goals and create a plan that meets your specific needs.