Tag Archives: Estate Plan

FAQ of Estate Planning

An Estate Plan can be made for everyone and anyone. To make sure your belongings are distributed the way you want them to be when you die, you need an Estate Plan.

Many people ask why someone may need an estate plan and who needs it the most?

Most common Frequently Asked Questions about Estate Planning:

If you are asking these questions, you should have an Estate Plan;

  • Who will receive your assets and that of, after your death?
  • Who will make health care decisions for you if you cannot?
  • Would you like any of your assets donated to charity?
  • Do you own out of state property?
  • Do you have children that are minors?

These are just a few aspects that tell you, you need an Estate Plan. If you do not have one, the judge will appoint someone to take care of your assets. Your assets have a high possibility they will not be distributed the way you would want them to be. If your heirs are not found in a certain period of time to claim your assets, they are given to the State of Michigan.estate planning faq

An Estate plan assures the right people will get your assets after your death.

Can A Trust help prepare for Estate Planning?

Yes, a Living Trust helps you control your assets before and after your death. A living trust cannot go into probate court so that your trust is private for you and your family. Having a trust will help your family save time and money along with legal fees.

At Colton Probate Law, your local Probate Attorneys specializes in Probate, Estate Planning, Wills and Living Trust; everything you and your family need to be prepared to protect your assets the way you want them to be.

Contact your local Estate Planning Attorney today, check out our Estate Planning Questionnaire to get an idea of what information is needed to start an Estate Plan.

What You Should Know About Estate Planning

IF you found this article then there are some things you already know about estate planning and probably a few that you don’t. A Michigan resident may have additional or different considerations than someone who is a resident of another state. Estate planning is the process of anticipating and arranging for the disposal of property after the owner dies. There is more to learn about estate planning than just simply having a will. It’s an ongoing planning process done to relieve the financial impact of your mortality on those who you left behind. A thorough estate plan may not only reduce the account of charges, but could also help your loved ones understand, resolve and prepare for many of the issues that arise when settling an estate in Michigan.

When arranging an estate plan there are a few things to keep into consideration. Some goals of your estate plan should include: avoiding distraction when it comes down to your final wishes, secure that your children have the guardian of your selection, defend your loved ones by making sure they will receive your assets, scale down collisions among your family members, and making sure you have flexibility before you die.

If you were to die without an estate plan (that includes a will), you would be considered a dead intestate. The state where you lived (in our case Michigan), would determine who got all of your assets. This could mean that some of the people you loved were left out of the distribution and if there is no one who fits the criteria, the government keeps all of your assets. Anyone who has possession of property should perform estate planning for those properties.

The question really isn’t who needs estate planning? What it actually is, is how simple or confound does the estate planning really need to be? Every answer will vary. It will depend on your particular financial, marital and family situation. Please visit our FAQ page for more answers to your questions. If you live in Michigan then contact Michael Colton probate and estate planning specialists.