An Experienced Michigan Estate Planning Attorney Answers the Most Frequently Asked Questions

Have you ever found yourself typing “estate planning attorney near me” in your browser’s search bar? If so, you’ve likely got a few questions about your future. Too many people fail to create adequate plans for their old age and wish they could go back and take the proper steps.

For Michigan residents, an experienced estate planning attorney at Rutkowski Law Firm: Asset Protection & Estate Planning answers the most frequently asked estate planning questions, below.

What Is Estate Planning?

Estate planning involves various legal actions that allow you to make arrangements for your future, including your long-term care, health needs, and financial needs, as well as what will happen after your death, including designating who will manage estate settlement and receive your assets.

Many people assume that estate planning is only for the extremely wealthy. However, all people need to be concerned about their possessions and health directives, not just those who are affluent. Estate planning helps ensure that everything you’ve worked hard for throughout your life will be respected.

What Is the Importance of Estate Planning?

An estate plan allows you to make decisions on many important aspects of your life. This plan might include:

• Asset distribution: Deciding which loved ones will receive a share of your assets
• Future care plans: Stating your medical preferences now should you become incapacitated in the future
• Business plans: Determining who will take over your business after you retire, become ill, or pass away
• Guardianship: Designating a trusted loved as a legal guardian to manage your minor children’s well-being in the event of your incapacity or death
• Funds for loved ones: Helping loved ones financially without disqualifying them from government disability benefits
• Retirement and tax considerations: Minimizing your income and estate taxes
• Funeral plans: Putting together your funeral and burial plans, including any special wishes and funds
• Estate administration: Making sure that all of your financial affairs are in order upon your death so the process can be smooth for your surviving loved ones

What Types of Estate Planning Options Should I Consider?

Since estate planning is such a wide blanket term, you can choose many options to cover your needs. Most people consider the following legal procedures when generating their plans.

• Wills and trusts: Wills and trusts allow you to define where your wealth will go after your death. Each option offers different pros and cons that your attorney can walk you through.
• Powers of attorney: Granting someone power of attorney allows them to take legal actions for you if you become incapacitated. You can choose different areas in which to empower your chosen agent: to make medical decisions that follow your wishes, manage your finances and assets, and more.
• Living wills and advance directives: Living wills and advance directives allow you to define your precise medical treatment preferences if you become incapacitated or terminally ill.

Should I Create a Will or a Trust?

After typing in your search for an “estate planning attorney near me,” you probably found information about wills and trusts. What’s the difference between the two?

A will is a written document that allows you to express your wishes for what will happen to your assets after you die. Many people fail to realize that their loved ones cannot accept bequests immediately; instead, they must wait through probate. Probate is a lengthy public court process that verifies and sanctions everything in your will.

How can you avoid the time and expenses of probate? Creating a trust will also allow you to decide who will receive your wealth, but the trust (which is an entity separate from your personal identity) actually takes ownership of your property titles so that after your death, your loved ones can receive their items without going through probate.

What Do Estate Planning Attorneys Do?

Estate plan attorneys assist you in creating all of the documents mentioned thus far. You can talk to them about your financial situation, health needs, and other wishes, and they will help you create a game plan for what legal actions you should take. Estate Planning Basics: An Introduction to Estate Planning Concepts and Tools, an online booklet written by Rutkowski Law Firm: Asset Protection & Estate Planning, provides more details.

When Should I Find an Estate Planning Law Firm? Is It Too Late to Start Looking for Estate Planning Lawyers in My Area?

No, it’s never too late to start. In fact, starting early is wise. Planning your estate is an ever-evolving process that you can add to throughout your life. Before you turn 60, we recommend meeting with a law office that offers estate planning practice areas well to begin getting your plans in place. But even if you’re older, you can create an estate plan.

Rutkowski Law Firm | Asset Protection & Estate Planning: Protecting Everyone You Love and Everything You Own Through Thoughtful Estate Planning

Rutkowski Law Firm | Asset Protection & Estate Planning serves clients throughout Michigan. Our mission is to help protect everyone you love and everything you own through thoughtful planning.

Call us today at (248) 792-9193, or fill out our online form to schedule a consultation. We operate virtually through Zoom, so you can meet with us from the comfort of your home.

Copyright © 2022. Rutkowski Law Firm: Asset Protection & Estate Planning. All rights reserved.

The information in this blog post (“post”) is provided for general informational purposes only and may not reflect the current law in your jurisdiction. No information in this post should be construed as legal advice from the individual author or the law firm, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting based on any information included in or accessible through this post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country or other appropriate licensing jurisdiction.

Rutkowski Law Firm: Asset Protection & Estate Planning
40950 Woodward Ave #130
Bloomfield Hills, MI 48304
(248) 792-9193
https://rutkowskilawfirm.com/