If you hear the term “estate planning” and think it doesn’t apply to you, you are mistaken, no matter who you are. Everyone has an estate, whether it be your vehicle, home, your life insurance, or even your living room furniture. This is why it’s important to hire an estate planning attorney in Farmington Hills or Southfield, Michigan to make sure your assets or belongings are passed on the people of your choice.
Since death unfortunately is a guarantee, you must at some point put a basic estate plan in place in Southfield, Michigan or Farmington Hills, MI. Estate planning is the process of deciding how you want your assets to be divided up once you die or become incapacitated to the point where you cannot make decisions regarding your finances. The primary purpose of estate planning is to eliminate the uncertainties that come with the administration of a probate and take full advantage of the value of your estate by lowering taxes or other expenses.
Although it may be uncomfortable for you to begin estate planning in Farmington, Farmington Hills, or other surrounding Michigan cities, there are plenty of benefits that come with doing so:
- Knowing that your assets are distributed to the people of your choice, and your decisions are legally binding.
- Peace of mind that your finances are in order and you don’t have to leave a costly administrative affair behind for your family or loved ones to deal with.
- Arrangement of taxes so that they aren’t drained so drastically from your estate.
There are a number of elements that come attached with estate planning so it’s best to have an experienced estate planning lawyer in Southfield or Farmington, MI on your side to make sure you secure the benefits listed above. A will, a living will, the assignment of power of attorney, and a healthcare proxy are all important elements to consider.
A knowledgeable Farmington Hills or Farmington, MI estate planning attorney, Michael Colton, is not only fully qualified to draft your will, but he will also advise you in the tax repercussions of the disposition of your property through a will. Once you do pass on, a Mich. estate planning attorney is typically appointed as an executor for administration of your estate.
Even though you may want to put it off and not think about it, it’s best to deal with Southfield, MI estate planning head on. Contact Colton Probate Law today and let us take a load off your mind. Get a free consultation now.