Six Vital Documents for Your Michigan Estate Plan

Our Howell Estate Planning Lawyers Discuss Essential Documents to Include

Creating a comprehensive estate plan will help ensure that your family members and other loved ones are provided for after your death, as well as make provisions for having your own needs met if you become unable to take care of your own financial or medical decisions. However, it can be confusing to know what documents you need without the assistance of an experienced estate planning lawyer.

 At the Estate Planning & Elder Care Firm of Michigan, our Livingston and Macomb County attorneys will help you develop an estate plan to meet your unique needs and make the probate process go smoothly for your loved ones. Below, we discuss the essential documents we recommend you include in your estate plan. 

Six Key Documents to Include in Your Michigan Estate Plan

Creating a comprehensive estate plan makes it possible for you to specify how your assets should be distributed after your death. By planning ahead, you will be able to distribute your assets the way you feel is best, including taking care of your loved ones who rely on your financial assistance. Having a solid estate plan that includes all recommended documents can also help prevent arguments between family members and will contests. Crucial documents our knowledgeable legal team typically recommends including in a Michigan estate plan include:

1. Will. A will is one of the most important documents in your estate plan. If you die without having a will, your assets will be distributed to your heirs under Mich. Comp. Laws § 700.2102 and Mich. Comp. Laws § 700.2103, Michigan’s intestate succession laws. Our estate planning lawyers can help you prevent this from happening by working with you to create a will that honors your wishes and includes specific provisions you may need, such as the appointment of a guardian for your minor children or a special needs trust.
2. Living Trust. Depending on your situation, you may need a living trust, also referred to as a revocable trust, in addition to a will. One of the benefits of a living trust is making it possible for your heirs to avoid having your estate probated after your death, which can be expensive. In addition, you can appoint a trustee to oversee the distribution of assets to your minor children or other beneficiaries who are not ready to handle money on their own at the time of your death.
3. Financial power of attorney. Creating a financial power of attorney document protects you if you become unable to take care of your financial affairs due to an illness or disability. In this document, you would appoint a trusted family member or friend to handle paying your bills and other financial matters if you need this type of assistance. This avoids the need for a loved one to file a petition in probate court to become your guardian or conservator.
4. Medical power of attorney. Our estate planning lawyers also recommend including a medical power of attorney, also called a Durable Power of Attorney for Health Care, in your estate plan. This legal document allows you to appoint a trusted loved one to make your medical decisions if you cannot make them yourself.
5. Living Will. We also recommend including a living will in your estate plan. In your living will, you can state your medical care preferences and end-of-life wishes so your family and medical providers know what you want. For example, if you do not want medical treatments, such as a feeding tube or other extraordinary measures, to prolong your life, you can specify this in your living will
6. Letter of Instruction. Including a letter of instruction in your estate plan is a way for you to share information about your wishes and crucial details about your estate with your family members and the personal representative of your estate. For example, you can provide information in a letter of instruction about your funeral wishes, your finances and assets, and how you want specific personal property distributed to your family members.

What to Expect From Our Michigan Estate Planning Lawyers

At the Estate Planning & Elder Care Firm of Michigan, our estate planning lawyers will discuss your concerns and desires regarding your estate plan with you and clarify any questions you may have. Once we decide together on an estate plan that meets your needs, our legal team will draft comprehensive documents tailored to your unique situation. You can rely on our Michigan estate lawyers to answer your questions, help you avoid estate planning errors, and work with you to update your estate planning documents when your life circumstances change.