Every person in Michigan should have at least three estate planning documents — a will, a health care power or attorney and a financial power of attorney. If you don’t have many assets or your situation is not complicated, you may be able to prepare these documents on your own. However, if you are like many people today and you have assets in several different categories, such as real estate, investment accounts, business interests and physical assets like artwork or jewelry, you may need a Wills and Trusts Attorney in Jenison MI to help you set up your estate.
There are also people without substatial assets that can benefit from legal advice before they embark on estate planning. If you have been married more than once and you or your spouse have children from more than one marriage, you may need the help of a lawyer with experience in setting up trusts that ensure your assets are given to the intended heirs. A well-written estate plan can eliminate confusion and reduce the tension among loved ones when your assets are distributed to them following your death.
With just a will to divide your assets among your loved ones, your last will and testament, along with the details of your estate, will become public record when you die. If you value your privacy and the privacy of the people you plan to leave your assets to, a Wills and Trusts Attorney in Jenison MI can discuss your options for setting up a trust. With a properly designed trust, your property will be transferred directly to the people you want to have it without going through probate court.
Your estate planning attorney may help you value your assets so you can divide them equitably among your children. If you own a business, an attorney may be able to help you set up a succession plan so your business can live on after you die. Because estate plans should be reviewed periodically and when you have major life changes, such as the birth of a child or grandchild and the death of your spouse, it is important to choose an attorney you are comfortable enough with to maintain an ongoing relationship.
