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Estate planning is one of the most important services for families of all sizes. Even young professionals should have a Will in case tragedy occurs. For families with minor children, estate planning is even more important, as it can provide for college expenses and a wide variety of other needs.
Securing your family’s future isn’t always as simple as writing a Will. The best estate planning option for your family will depend on your assets, number of children, any businesses you own, and a range of other factors. It’s important to consult with a lawyer as soon as possible, long before any medical concerns arise.
Estate planning is about more than just property and money. Health care directives, powers of attorney, and other matters are also essential to protecting yourself and your heirs. Since all these legal documents work together, it’s important to have them all written and reviewed by the same legal team.
Choosing to forgo estate planning can be risky, since assets can be tied up in probate court for a year or more. If you pass away or are incapacitated without an estate plan, it can result in significant stress and uncertainty for loved ones.
For young individuals or couples, Will-based planning is a popular option. However, for families with significant assets, a trust may be a better option. There are many ways a trust can be designed, but they should be structured in a way to maximize the amount of assets that can be passed on to heirs, instead of lost to taxes.
The intricacies of Michigan law make it difficult to write a will without legal assistance. Any ambiguities in a will can result in your wishes not being carried out as intended. If you recently moved to Michigan and have an existing will, you need to have it updated to be in compliance with state law. An experienced estate planning lawyer at our law firm can provide guidance, so you can understand exactly what’s being put in the documents that will affect your family’s future.
At Michigan Premier Law, P.C. our team of experienced lawyers is ready to assist you with your estate planning needs. We value open and honest communication, and will listen carefully to your concerns before working on your Wills, Trusts, and other estate planning essentials. If you are in the Farmington Hills area, contact us today at (248) 688-0045.