Estate Planning Attorney in Macomb & Wayne County

Estate Planning Services in Sterling Heights & St. Clair Shores

While nobody wants to think about death or disability, establishing an estate plan is one of the most important steps you can take to protect yourself and your loved ones. Proper estate planning not only puts you in charge of your finances, it can also spare your loved ones of the expense, delay, and frustration associated with managing your affairs when you pass away or become disabled. 

Providing for Incapacity

If you become incapacitated, you won't be able to manage your own financial affairs. Many are under the mistaken impression that their spouse or adult children can automatically take over for them. The truth is that in order for others to manage your finances, they must petition a court to declare you legally incompetent — a process that can be lengthy, costly and stressful. Even if the court appoints the person you would have chosen, they may have to return to court every year and show how they are spending and investing each penny.

If you want your family to be able to immediately step in, you must designate a person you trust in proper legal documents so they have the authority to:

• Withdraw money from your accounts
• Pay bills
• Take distributions from your IRAs
• Sell stocks
• Refinance your home

A will does not take effect until you die, and a power of attorney may be insufficient on its own.

You should also establish a plan for your medical care. The law allows you to appoint someone you trust — a family member or close friend — to make medical decisions on your behalf if you lose the ability to decide for yourself, using a durable power of attorney for health care. You should also have a living will, which informs others of your preferred treatments, such as the use of extraordinary measures if you become permanently unconscious or terminally ill.

Avoiding Probate

If you leave your estate to your loved ones using a will, everything you own will pass through probate — a process that is:

• Expensive and time-consuming
• Open to the public
• Controlled by the court until the estate is settled and distributed

If you are married and have children, your surviving family needs immediate access to cash for living expenses while the estate is being settled. It is not unusual for probate courts to freeze assets for weeks or even months, potentially forcing your surviving spouse to petition the court for needed funds. With proper planning, your assets can pass to your loved ones without probate, in a manner that is quick, inexpensive and private.

Providing for Minor Children

It is important that your estate plan address the upbringing of your children. If your children are young, you may want a plan that allows your surviving spouse to devote more attention to them without the burden of work obligations, along with special counseling and resources if your spouse lacks experience handling financial and legal matters.

You should also discuss with your attorney a contingency plan in case you and your spouse die simultaneously or within a short time of each other. This plan should address:

• Who will manage your children's finances
• Who will serve as guardian for your children's upbringing

The person managing the finances need not be the same as the guardian — many families designate different people to maintain a system of checks and balances. Otherwise, the decision is left to a court of law, and even if the court selects the people you would have chosen, they may face added burdens such as annual accounting requirements. Give careful thought to your choice of guardian, ensuring they share the values you want instilled in your children.

Planning for Death Taxes

Whether there will be any federal estate tax to pay depends on the size of your estate and how your estate plan works. Many states have their own separate estate and inheritance taxes that you need to be aware of. There are many well-established strategies that can be implemented to reduce or eliminate death taxes, but you must start the planning process early in order to implement many of these plans.

Charitable Bequests – Planned Giving

Do you want to benefit a charitable organization or cause? Your estate plan can provide for such organizations in a variety of ways, either during your lifetime or at your death. Depending on how your planned giving plan is set up, it may also let you receive a stream of income for life, earn higher investment yield, or reduce your capital gains or estate taxes.

Estate Planning Attorney Helping Clients Throughout Macomb County

A well-crafted estate plan should provide for your loved ones in an effective and efficient manner by avoiding guardianship during your lifetime, probate at death, estate taxes and unnecessary delays. You should consult a qualified estate planning attorney to review your family and financial situation, your goals and explain the various options available to you. Once your estate plan is in place, you will have peace of mind knowing that you have provided for yourself and your family in case the worst happens. 

Keating Law serves estate planning clients throughout the greater Detroit area, including Macomb County, Wayne County, Grosse Pointe, St. Clair Shores, and Sterling Heights.

FAQs

An estate plan may include documents that address your finances, medical care, property distribution, guardianship for minor children, probate avoidance, tax planning, and charitable giving. The right plan depends on your family, assets, and long-term goals.

Yes. Proper estate planning can help assets pass to loved ones without going through probate, which may save time, reduce expenses, and keep the process more private. Without a plan, probate can delay access to funds and place the court in control of the estate administration process.

Estate planning allows you to name trusted people to manage financial and medical decisions if you cannot make them yourself. Without proper legal documents, loved ones may need to go to court before they can manage your finances or make decisions on your behalf.