Basic Estate Planning
Written by Christopher J. Berry, Esq. on July 23, 2008 – 2:14 am -People are afraid of lawyers. People are afraid of death. Put them together and you have an estate planning lawyer. Many people would would rather goto the dentist then think about estate planning and what’s involved. Add to the confusion that when people hear the word “estate” they think of rich, extravagant homes in the Hamptons or in Orange County.
Estate planning is a bit of a misnomer. What it really refers to is handling your affairs during incapacity and after you pass away.
There are two major components to the services an estate planning lawyer provides. First, the counseling involved. Anyone can print of a document off the internet and fill in the blanks. Estate planning lawyers provide real value in the counseling involved in how to handle family situations, how to handle financial situations, and provides options and solutions to address estate planning needs.
The second component is preparing individualized estate planning documents, based off the counseling. Typically, if Federal Estate Taxes are not an issue there are four major sets of documents that are prepared. These are:
- Will
- Living Trust
- Durable Powers of Attorney
- Advanced Health Care Directives
The Will actus as a back-up to your trust and provides for guardianship of minor children.
The Living Trust is the “suitcase” that holds all the assets that pass to your beneficiairs and avoids the probate system.
The Durable Powers of Attorney provide instructions and nominates an individual to act as a fiduciary and interact with financial institutions if you become disabled.
The Advanced Health Care Directives nominates an individual to make medical decisions if you become incapacitated.
Posted in Advanced Health Care Directive, Estate Planning, Living Trusts, Michigan Probate, Powers of Attorney, Wills |
July 23rd, 2008 at 2:32 am
I found your blog on MSN Search. Nice writing. I will check back to read more.
Eric Hundin