Trusts, Wills, Powers of Attorney and Estate Planning

What Makes A Will Or Trust A Living One?

“Look! It's moving. It's alive. It's alive...
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If you have a loved one with special needs, you are probably an expert at navigating government bureaucracy. Developing this skill set is basically a necessity if you want to ensure your loved one has the quality of life they deserve. It can be scary to think about what will happen to your loved one after you are no longer there to advocate, cajole, and fill out endless reams of paperwork on his or her behalf.

We all know we’re supposed to change the oil in the car every 3,000 miles, clean our furnace filters monthly, and defragment our hard drives every week or so. But routine maintenance is one of those things that gets skipped when our schedules get too busy. So, we drive our car until it makes that weird noise, run our furnace until it breaks down, and cross our fingers that our computers are set up to do what they need to do on their own in the background.

After decades of braving the Michigan winters, you are entitled to spend weeks or months of the winter season in a warmer climate. You’ve earned it! Just make sure you know how spending some time down South or out West will impact your estate plan. Here are a few tips and tricks to consider.
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Deciding it is time to talk with an estate planning attorney and get your affairs in order is a difficult thing to do. It requires you to look death in the face and make some tough decisions about the future. But pondering one’s mortality is a piece of cake compared to having a conversation with some estate planning attorneys.
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The task of finding a good attorney can make you feel like Goldilocks. One attorney may charge too much, while another just gives you the creeps. But eventually, you will find an attorney that is “just right.
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We all worry about how to provide for our loved ones and how they will be supported after we are gone. A well-designed estate plan can bring peace of mind by securing assets to benefit those we hold dear. Estate planning is not just about wills. There are several very useful legal tools that can be put in place to protect the financial future of your loved ones even after you pass away. One such valuable tool is the

Do I need an estate plan if I am single and do not have children?

If you are single and without children, you are part of a growing crowd in America.  About half of all Americans today are single and an increasingly large percentage of people are electing to forego children.  Many single people believe that an estate plan is not necessary for them.  However, without an estate plan, you will have no control over who receives your assets after your death.  Even further, you may be leaving critical health care and financial decisions to an individual you would not have selected.
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When giving to a charity for tax purposes, your clients are not being Scrooges if they make sure they're following the letter of the law. They want a donation to do good for the charity - and for themselves - by avoiding mistakes.  Read more about it at the Daily Plan It!:

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Estate Planning Don’ts

Preparing for the future is an uncertain business, but there are steps you can take during your lifetime to simplify matters for your loved ones after you pass, and to ensure your final wishes are carried out. Planning for what happens to your property, or who cares for your family members, upon your death can be a complicated process. To simplify things, we’ve created the following list to help you avoid some of the pitfalls you may encounter before, or even long after, you create your estate plan.

Don’t assume you can plan your estate by yourself. Get help from an estate planning attorney whose training and experience can ensure that you minimize tax implications and simplify the process of settling your estate.

Don’t put off your estate planning needs because of finances. To be sure, there are upfront costs for establishing the estate plan; however establishing your estate plan is an investment in the future well-being of your family, and one which will result in a far greater cash savings over the long term.

Don’t make changes to your estate plan without consulting your attorney. Changes in one area of your estate plan could impact other provisions you have made, triggering legal or tax implications you never intended.

Don’t assume your children will intuitively know your wishes, and handle the situation appropriately upon your death. Money and sentimental items can cause a rift between even the most agreeable siblings, and they will be especially vulnerable as they deal with the emotional impact of your passing.

Don’t assume that once you’ve prepared your estate plan it’s set in stone. Estate planning documents regularly need to be revised, often due to a change in marital status, birth or death of a family member, or a significant change in the value of your estate. Beneficiary designations should be periodically reviewed to ensure they are up to date.

Don’t forget to notify your family members, friends or other beneficiaries of your estate plan. Make sure your executor and successor trustee have access to your end-of-life documents.

Don’t assume your spouse will handle everything if something happens to you. It’s possible your spouse may be incapacitated at the same time, for example if you both are injured in the same accident. A proper estate plan appoints alternate representatives to handle your affairs if both you and your spouse are unable to do so.

Don’t use the same person as your agent under both the financial and healthcare powers of attorney. Using the same individual gives that person an incredible amount of influence over your future and it may be a good idea to split up the decision-making authority.

Don’t forget to name alternate agents, executors or successor trustees. You may name a family member to fill one of these roles, and forget to revise the document if that person dies or becomes incapacitated. By adding alternates, you ensure there is no question regarding who has the authority to act on your or the estate’s behalf.