What Documents are Required for an Estate Plan?
The list of documents required for estate planning can be very confusing and varies from state to state. It is important to consult a local estate planning attorney who is knowledgeable about federal and state laws to draft your estate planning documents.
Your estate plan in Michigan should include several key documents:
Last Will:
A will is a legal document with instructions to be followed after your death. Typically, a will establishes the distribution of assets according to your wishes. If you have no will, Michigan state laws are used to determine the final distribution of your assets.
Power of Attorney:
A Power of Attorney is a very powerful legal document that allows you to appoint a person to manage your overall financial affairs in your absence. This legal document requires proper planning as this gives complete control over your assets to another person.
Trusts:
Trusts can be set up to receive assets during your life time or receive a legacy upon your death. A trust along with a will makes it easier for the smooth distribution of assets, making it more private, while saving on probate and estate taxes.
Contact an experienced estate planning attorney in Rochester
You must keep in mind that estate planning laws keep changing from time to time in Michigan. This is exactly why you need an experienced Rochester Hills estate planning attorney who can explain to you the various options available to ensure your wishes are completely fulfilled.
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