Elderly and young adults need basic estate planning services in order to protect their loved ones. Although the need is much more urgent for older adults with more assets, even young professionals should have a Will to help make their desires clear in case they pass away.
It’s easy for assets to get tied up in probate court for long periods. Avoiding or minimizing time in probate court can help make things easier for your loved ones, especially if you pass away suddenly. An experienced estate planning attorney can help you structure your assets in a way that minimizes stress for your family.
Legal services for estate planning include the drafting of Wills, Trusts, Power of Attorney authorizations, and other critical documents. Most young adults and families with few assets decide to use a Will for estate planning. However, a Trust can provide much more robust protection for assets. The best option for your family and assets will vary depending on your exact situation.
Granting financial power of attorney to a loved one is a major decision. Granting power of attorney should only be done after careful consultation with a lawyer who can advise you regarding the weight of the decision.
In the United States, federal laws can make it difficult for your loved ones to care for you or make medical decisions on your behalf if you are incapacitated. Any end-of-life planning should include a designation of medical power of attorney.
Granting a relative medical power of attorney only gives them the power to make medical decisions for you, and does not give them direct control over your finances. If there is no family member with medical power of attorney, your loved ones may get caught up in disputes over how to provide for your medical needs.
End-of-life planning requires weaving a web of documents and plans that can support you and your loved ones. A law firm that specializes in estate planning can provide accurate and nuanced advice, giving you peace of mind that other practice areas can’t.
At Michigan Premier Law, P.C. we have years of experience in a wide range of family law matters in West Bloomfield, Michigan and the rest of the Metro Detroit area. Call our law offices at (248) 688-0045 for a free consultation.