Estate Planning Attorney in Elk Rapids, MI

Although most people understand how important an estate plan is, many put off creating one because they don’t know where to begin. A trusted Elk Rapids estate planning lawyer from Alward Fisher can help you craft a plan that protects your legacy and makes your wishes known.

To learn how we can help you, contact our attorneys today. Our experienced team has a reputation for providing first-class legal support and developing thoughtful solutions to even the most complicated situations.

The Importance of an Estate Plan

Whether or not you have expensive real estate, substantial retirement savings, or other valuable possessions, you should have an estate plan in place. A savvy estate plan can:

• Protect minor children – If you are a parent of any children under the age of 18, you need to protect them by preparing for every eventuality. In your estate plan, you can name trusted guardians to care for your children in case you die or become incapacitated. If you don’t make your wishes known, the courts could end up making this decision for you.
• Protect all beneficiaries – If you don’t formally name your beneficiaries in an estate plan, your assets may not go where you want them to after you pass away. By designating heirs and beneficiaries in your estate plan, you can protect your loved ones’ access to their rightful inheritances.
• Prevent family disputes – Family tensions can run high when individuals die or become incapacitated without making their wishes clear. You can help your loved ones avoid unnecessary strife by making arrangements for your children, assets, and end-of-life preferences in an estate plan.
• Reduce estate tax obligations – Any assets you leave to your beneficiaries may be subject to certain taxes. An experienced estate planning attorney can help you craft your estate plan to reduce your beneficiaries’ tax obligations.
• Protect you – In your estate plan, you can include documents that outline your wishes in case you become temporarily or permanently incapacitated. This includes your wishes regarding healthcare decisions, finances, and legal affairs.

How an Elk Rapids Estate Planning Lawyer Can Help You

You are not required to work with an attorney to create an estate plan. There are do-it-yourself worksheets that can guide you through the process. You’ll just have to ask yourself if the amount of money you could save by going solo is more valuable than the peace of mind you would have knowing that your estate plan is legally sound.

Estate planning is essential for ensuring that you, your assets, and your dependents are taken care of. Working with an attorney to make sure you get it right is worth the investment because:

• Your attorney can provide seasoned legal advice about protecting and passing on your assets in the smartest way possible.
• Your attorney can prepare your estate planning documents and help you update them as you go through major life changes such as having children, buying and selling real estate, and owning a business.
• Your attorney can ensure your estate plan is error-free, complies with all relevant laws, and does precisely what you want it to do.
• Your attorney can help resolve complicated family issues and provide legal advice to your loved ones if you die or become incapacitated.

Creating a Will

Your will is one of the most important components of your estate plan. If you die without this legal document in place, the courts will declare that you have died “intestate” and may make decisions regarding your assets and your children that don’t take your wishes into account.

When you draft your will, you can name a trusted family member or friend as your executor, a personal representative who carries out your wishes after you die. You can leave specific instructions for your executor concerning how, when, and to whom they should distribute your assets. You can also state your preferences regarding who should care for your minor children if you die or become incapable of doing so yourself.

If someone named in your will predeceases you, your preferred executor is unwilling or unable to fulfill your wishes, or any other disputes arise during the administration of your will, your beneficiaries may end up in probate court. Probate courts have the authority to make decisions regarding wills, estates, and related issues. You can help your loved ones avoid the long and potentially upsetting probate process by working with a knowledgeable attorney to prepare your estate plan for any eventuality.

Protecting Your Assets with a Trust

A trust allows you to hold specific assets or property “in trust” for designated beneficiaries. By establishing a trust, you can have more control and more privacy regarding what happens to your assets, both throughout your life and after your death. Any assets you hold in trust for your beneficiaries may also be exempt from many of the legal and tax obligations that would affect assets you designate in your will.

Common types of trusts include:

• Revocable trusts – Revocable trusts can be altered or revoked. In most cases, revocable trusts become irrevocable upon the trust maker’s death. You can add or remove assets in a revocable trust during your lifetime. However, the assets in a revocable trust are more vulnerable to creditors.
• Irrevocable trusts – Irrevocable trusts cannot be altered or revoked once they are established, not even by the trust maker. As a result, any assets held in an irrevocable trust are both less accessible and better protected.
• Testamentary trusts – A testamentary trust is established after your death based on instructions you provide in your will. As a result, testamentary trusts are irrevocable. A court must approve this type of trust before it is created by formally validating your will.
• Special needs trusts – A special needs trust can help you leave assets to beneficiaries with disabilities and other special needs. This can help them avoid being disqualified from certain government programs with income thresholds.

Creating an Advance Healthcare Directive

You have the right to create an advance healthcare directive to provide others with your instructions and preferences about your healthcare if you become incapable of communicating that information yourself.

One important aspect of an advance healthcare directive is designating a power of attorney for healthcare or mental healthcare. You can name an agent in this power of attorney document who will have the right to make healthcare or mental healthcare decisions on your behalf if you cannot make them for yourself. You can grant your agent the authority to make any of your healthcare or mental healthcare decisions, or you can keep their authority more limited.

You can also leave individual instructions regarding specific healthcare or mental healthcare treatments, services, and procedures. This includes things like diagnostic tests, surgeries, pain relief, resuscitation, and artificial life support.

Designating Durable Power of Attorney

A durable power of attorney designation typically comes into play when people establish healthcare powers of attorney or mental healthcare powers of attorney. When you grant someone durable power of attorney for your healthcare or mental healthcare decisions, they only assume authority if you become disabled or incapacitated.

In contrast, if you draft a power of attorney document without proper durability language, the document’s contents will likely be considered void if you are disabled or incapacitated. As a result, your preferred agent can lose the ability to make healthcare or mental healthcare decisions on your behalf.

Business Succession Planning

If you own a business, then business succession planning is a critical component of estate planning. In your business succession plan, you can designate how you want your business to be managed and operated after you die. You can also address whether you want to leave the business to your family, pass it on to co-owners, or even sell it.

An estate planning attorney can help you structure your business succession plan to minimize your beneficiaries’ tax obligations and help them avoid disputes or probate.

Frequently Asked Questions

Here are some of the most common questions we receive about estate planning in Michigan:

Talk to an Elk Rapids Estate Planning Attorney Now

At Alward Fisher, you can count on us to help you craft a customized and reliable estate plan for your unique circumstances. Contact us today to discuss your wishes for the future with a knowledgeable Elk Rapids estate planning attorney.