Novi, MI Estate Lawyer
Estate planning is an essential process for making sure your loved ones respect your wishes regarding medical care if you become incapacitated and taking care of your loved ones after you pass away. If you live in Novi or elsewhere in Michigan, having a comprehensive estate plan can help avoid unnecessary legal complications, reduce estate taxes, and outline your wishes for your beneficiaries.
It’s never too early to create your estate plan. Contact Bingham Legal Group PC today to meet with an experienced estate attorney serving Novi, Michigan. Our attorneys will evaluate your estate and assist you in creating a plan that meets your wants and needs.
What Is Estate Planning?
Estate planning primarily involves organizing your assets and making decisions about what should happen to them after your death. However, not every aspect of an estate plan has to do with distributing your property after you’re gone. Estate plans also include important documents that outline your wishes if you become incapacitated and can no longer make decisions for yourself.
By creating an estate plan, you can outline your financial, medical, and personal wishes to minimize potential legal issues or disputes down the line. In this way, an estate plan also provides you with peace of mind.
Key Elements of an Estate Plan
An estate plan typically involves several essential documents that can outline your wishes regarding various aspects of your estate and your healthcare. These documents can help avoid confusion and reduce the likelihood of your estate going through a lengthy and potentially costly probate process. Some of the most common documents to include in an estate plan are:
- Will – Your will is the foundation of your estate plan. It names an executor for your estate and details what you want to happen to your assets after your passing. For those with minor children, a will can also name a guardian.
- Trust – A trust is a legal arrangement in which a trustee holds and manages assets on behalf of a beneficiary. Trusts are an essential part of estate plans because they can remove assets from the probate process and provide a secure way to protect assets for minor beneficiaries. Multiple types of trusts are available, each with different uses.
- Power of Attorney – A power of attorney (POA) is a document that designates an individual to make financial, legal, or medical decisions on your behalf, depending on the type of POA. There are general POAs, healthcare POAs, durable POAs, and more. These documents can be crucial if you become incapacitated and need someone else to handle your affairs.
- Living Will – Also known as healthcare directives, a living will outlines your medical preferences if you become incapacitated. They differ from healthcare POAs in that you appoint a healthcare proxy to carry out your pre-established wishes. A healthcare POA has the authority to make decisions for you, not simply follow your instructions.
- Beneficiary Designations – Certain assets, such as life insurance policies, retirement accounts, and payable-on-death accounts, have beneficiaries who will receive funds or ownership when you die.
- Guardianship Designations – If you have minor children, a guardianship designation specifies who should raise your children in the event of your passing. These documents typically have more information than the name of your chosen guardian, which may also be included in your will.
- Letter of Intent – A letter of intent provides additional instructions for the executor of your estate, trustees, or beneficiaries.
Do I Need an Estate Plan in Michigan?
Everyone, regardless of age or wealth, can benefit from having an estate plan. If you die without a will, the courts will appoint an executor to distribute your assets according to state law, which may go against your wishes. Estate planning gives you control over who inherits your assets, how much they receive, and how or when they receive it.
What Is Probate, and Will My Estate Go Through It?
Probate is the legal process of handling a deceased person’s estate. It involves validating the will, settling debts, paying estate taxes, and distributing assets to beneficiaries. In Michigan, probate is necessary when a person with sole ownership of assets dies and has no beneficiaries stated in a will.
Probate may also be necessary if your estate includes real property or has a value of over $50,000. However, you may be able to reduce the value of your estate by using trusts, giving gifts, or donating to charity during your lifetime.
Bingham Legal Group PC’s estate planning attorneys can assist you in implementing probate-avoiding measures as part of your estate plan.
When Should I Update My Estate Plan?
Creating your estate plan shouldn’t be the last time you think about these documents. Ideally, you should review and update your estate plan regularly to reflect changes in your finances, relationships, and life in general. Some of the major life events that may necessitate
updating your estate plan include:
- Marriage or Divorce – Changes in marital status can significantly impact your estate plan, as you likely want to remove your ex-spouse as a beneficiary or include a new spouse in your legal documents.
- Birth or Adoption of a Child – A new family member will also likely impact your estate plan. You’ll want to add them as a beneficiary on your accounts and designate guardians for them.
- Death of a Beneficiary or Executor – If a beneficiary or executor passes away, you should update your documents to reflect that by appointing a new executor or altering your beneficiaries.
- Changes in your Financial Situation – Acquiring new assets, selling property, or starting a business can all impact your financial situation and may necessitate updating your estate plan.
How Can Bingham Legal Group PC’s Estate Planning Attorney Help Me?
At Bingham Legal Group PC, our attorneys can assist you with all aspects of estate planning, including:
- Drafting wills, trusts, powers of attorney, and other estate documents
- Reviewing and updating beneficiary designations
- Planning to avoid probate
- Advising on tax planning strategies to minimize estate taxes
- Providing guidance on long-term care options
Estate Planning Attorney Serving Novi, Michigan
Are you ready to create an estate plan or update your existing estate plan? Contact Bingham Legal Group PC at (248) 594-1919 to arrange a consultation with one of our experienced estate planning attorneys serving Novi, Michigan.
It’s never too early – or too late – to begin estate planning. Let our attorneys assist you with protecting your assets, securing your family’s future, and making sure your wishes are honored through an estate plan.
Directions to Our Bingham Farms Law Office
Follow the directions below to reach our law office located at 30100 Telegraph Road, Suite 360, Bingham Farms.
From the North:
- Take I-75 S toward Detroit
- Take the exit for W 14 Mile Rd
- Turn right onto W 14 Mile Rd
- Turn left onto US-24 S
- The Destination will be on your left
From the South:
- Take I-75 N toward Flint
- Take the exit for W 14 Mile Rd
- Turn left onto W 14 Mile Rd
- Turn left onto Telegraph Rd
- The destination will be on the left
From the East:
- Take I-696 W toward Lansing
- Take the exit for Telegraph Rd
- Turn left onto Telegraph Rd
- The destination will be on the right
From the West:
- Take I-696 E toward Port Huron
- Take the exit for Telegraph Rd
- Turn right onto Telegraph Rd
- The destination will be on the right