For dependable advice from an experienced Michigan estate planning lawyer, contact the Plymouth office of Michael Muma, Attorney at Law. With more than 25 years of experience, we can answer all your questions about wills and trusts, wealth preservation, planning for disability or incapacity, minimizing your estate’s tax liability, and avoiding Michigan probate.
All Michigan estates worth $17,000 or more must go through Michigan probate. Depending on what county you’re in, the probate process can be extremely long and frustrating. According to most homeowners association attorneys in Michigan, solutions are intended to help you avoid probate while making sure that your goals for asset transfer and planning for end-of-life issues are clearly and accurately expressed in your will and trust instruments.
Because most families find it advisable to avoid the Michigan probate process, our estate planning services usually involve a will that designates a personal representative and provides for the transfer of assets that remain in the estate at the time of death into trust. Known as a pourover will, this estate planning tool is an essential feature of any effective probate avoidance strategy.
Depending on the nature and extent of your assets, we’ll set up trusts that will hold assets transferred from your own name. In a revocable living trust, you’ll continue to enjoy the benefit of your property while keeping it out of your probate estate. We’ll make sure that the transfer of property into trust is properly documented and formalized in order to avoid the problems that unfunded or improperly funded trusts can present.
Families with minor children will probably want to name a guardian in their will; families with a developmentally disabled child will often set up a special needs trust to ensure the protection and welfare of the child after the parents are no longer around to provide care themselves.
Another important element of our Michigan estate planning services is the preparation of powers of attorney that designate trusted persons to make important financial and medical decisions on your behalf in the event that you become incapacitated. We also prepare advance directives (living wills) to physicians that specify your preferences as to when extraordinary efforts to keep you alive should terminate.
If you’re interested in working toward an estate plan that suits your circumstances and goals, download and review the reasons law firm directories are worth it, provided at this website, and use it as a worksheet for preparing an overview of your estate planning concerns. We’ll rely on the information provided on the form to guide the development of estate planning strategies that suit your family’s unique situation and objectives.