Trusts, Wills, Powers of Attorney and Estate Planning

It's common today for people in committed relationships to live together without getting married. While this may have its advantages, it can also leave unmarried couples without legal protection, particularly in the area of estate matters. Even in the absence of items like a will or trust, married couples generally remain protected under state probate laws. Unmarried couples don't enjoy this luxury. Therefore, it's particularly important for unmarried couples to work with a Read more . . .

If you have aging parents, you understand the importance of spending as much time with them as possible. In addition to spending quality time with your aging parents, you should assist them in getting their affairs in order. Although it can be uncomfortable to discuss, everyone (including young adults) should have an estate plan in place to ensure that their loved ones will be cared for in the future.

Below is an overview of the importance of discussing the estate planning process with your aging parents. For additional guidance on discussing the estate planning process with your parents, please contact a Read more . . .

Estate planning isn't just for seniors. In fact, it isn’t even just for those aged forty and above. Estate planning is for everyone and, like many things in life, the earlier you start, the better. Although you may not have many assets or any beneficiaries as a young adult, the decisions you make now during the estate planning process will lay the groundwork for more complex planning tasks that will come as you get older. And perhaps more importantly, by starting the estate planning process now, you’ll have a plan in place to protect you and your loved ones in case the unexpected ever occurs.

 

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A will is probably the most well-known estate planning instrument. With a valid will, you can leave property to your loved ones and ensure that your children will be cared for should anything ever happen to you. Although most people know what a will can do, many are unfamiliar with the steps required to ensure that a will is legally valid. If you are a Michigan resident and you’d like to create a valid will, please review the information below and contact a

 

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Every Michigan resident, regardless of income, should create an estate plan with the assistance of an experienced Michigan estate planning attorney. And a complete estate plan often includes what is known as a durable power of attorney. This is a document that details who is permitted to make decisions on an individual's behalf if he or she becomes incapacitated or is otherwise unable to make certain decisions. Some of these decisions may be related to health and medical matters, while others address financial issues. In other words, a durable power of attorney allows one person to handle all or most of another person's legal affairs.
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The ability to help your grandchildren out financially is a great thing, and most grandparents jump at the chance to do so. However, before gifting assets or money to grandchildren, there are some important legal issues to consider. If you live in Michigan and would like to gift assets to your grandchildren, below is some information to help you get started. In addition, it is highly recommended that you contact a

 

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Due to changes in circumstances, it sometimes becomes necessary to remove a family member from a will, trust, or other estate planning document. However, in order to do so, certain legal protocols must be followed. When done incorrectly, an attempt to disinherit a relative can result in a legal challenge. Therefore, if you would like to disinherit a family member in Michigan, please review the information below and contact a

 

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Effective estate plans have many components. And while most people are familiar with wills and trusts, few understand the benefits of living trusts. Living trusts have many benefits, including flexibility and the avoidance of probate. If you're interested in learning about how a living trust can improve your estate plan, please review the information below and contact an experienced

 

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Everyone should have an estate plan in place. However, prior to beginning the process, it's imperative to consult with an experienced Michigan estate planning attorney. In addition to ensuring that your estate planning documents are valid and enforceable under Michigan law, an experienced estate planning attorney will help you avoid common estate planning mistakes.
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If you have questions about the estate planning process, you aren't alone! Estate planning is a complicated process that requires the assistance of an experienced Michigan estate planning attorney. At Keating Law, PLC, our experienced Michigan estate planning attorneys are happy to answer any and all questions you may have about the process. Frequently asked estate planning questions include:

• What do I need to put in my will?
  
• Do I need to name a guardian for my children?
  
• Do I need to establish a trust for my children?
  
• Who should I choose as executor of my estate?
  
• Do I need a power of attorney?
  
  

In order to help you get started with the estate planning process, please review the answers to these common questions below, and contact us as soon as possible for a free consultation.
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Estate planning is the process of anticipating and arranging for the management of a person's estate during his or her life and after death while minimizing associated taxes. A typical estate includes things like:

• Real estate
  
• Bank accounts
  
• Stocks and bonds
  
• Vehicles
  
• Retirement accounts
  
• Personal property 
  
• Insurance proceeds
• Dividends 

Below is some additional information about estate planning in Michigan.

Why you need an estate plan

If you die without an estate plan in Michigan, the state will create one for you based on existing laws. Unfortunately, however, estate plans crafted by the state don’t account for your unique circumstances or wishes. Rather, the state relies on statutory guidelines to determine how your property will be distributed.

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