Estate Planning In Michigan: Protecting Your Legacy And Loved Ones
In This Article, You Can Learn about:
Why estate planning is crucial in Michigan.
The limitations of solely having a will.
The benefits of setting up different types of trusts.
What Is Estate Planning and Why Do We Need It In Michigan?
Estate planning is the practice of securing your legacy. It revolves around ensuring your wishes are honored both during your lifetime and after it.
In Michigan, when one doesn't establish proper estate planning documents, the default system that has been established by the Laws of Michigan is called "intestate succession." Many potential clients are wary of this default system. Some might be skeptical about the court's ability to select an appropriate guardian for their children. Others might not want certain family members (who under the rules of intestate succession would receive a share) to benefit from their assets.
Additionally, many potential clients aim to spare their families the distress of making critical decisions in times of emergencies, such as when one is incapacitated in the hospital or suffering from severe Alzheimer's. Some seek to avoid disputes within the family that can arise in probate court. If you can avoid probate court, family infighting becomes less likely.
In sum, without estate planning documents, individuals are subject to the default rules of intestate succession, may be putting more stress on their families at critical times, and may be inviting fights between family members in the future.
How Can We Ensure Care for Our Minor Children If Both Parents Are Incapacitated or Pass Away?
To secure the welfare of minor children, parents should appoint guardians. While wills are a common medium for appointing a guardian, a standalone document can also be beneficial. Besides designating a guardian, establishing a trust is advisable to guarantee the child's material needs are met.
What Healthcare Documents Should Be Included in My Estate Plan?
Recommended healthcare documents include a “Living Will”, a “Patient Advocate Designation”, and a “HIPAA Waiver”.
A "Living Will" offers guidelines to healthcare providers on treatment preferences should you be unable to communicate. These documents should detail care instructions in scenarios like severe Alzheimer's or dementia.
A patient advocate designation or a medical power of attorney enables a trusted individual to represent and advocate for your healthcare wishes if incapacitated.
A HIPAA waiver ensures that those you trust can access your medical records when necessary.
Can One Prepare for Potential Incapacity in Michigan? What Documents Are Advised?
Absolutely! Preparation for potential incapacity is possible and recommended.
Letting someone you trust know where you keep basic information like health insurance and identification is a good first step. Upon hospitalization, a trusted friend or family should be able to access essential documents such as power of attorney, a medical power of attorney (or patient advocate designation), a living will, a HIPAA waiver, and any dementia-related directive.
For in-depth guidance on estate planning in Michigan, consider scheduling a consultation. For further details and assistance, reach out at (231) 881-7894.
