Planning your estate may not be an exciting topic to think about or discuss, but it is too often overlooked. Failing to plan for your estate leaves the distribution of your estate in the hands of the State’s probate laws and courts! Wouldn’t you prefer that you be the one to decide how your family is provided for and how your legacy is divided? Do not leave your family’s financial security and resources up to the courts! Plan for your estate today and gain the peace of mind that comes with total preparation.
• Decide exactly how finances, personal possessions, and values are divided and among which heirs;
• Reduce the fees, taxes, courts cost, etc. that come with the probate courts;
• Carefully instruct your heirs how you should be cared for if you become disabled or die;
• Name a personal representative;
• Assign guardianship for your children;
• Provide for family members who have special needs; and, do so without disrupting government benefits; and
• Instruct how your business assets should be transferred.
Whether it is a Revocable Trust, Last Will and Testament, Power of Attorney (Medical and Financial), or a Living Will; the options are plenty and we are available and ready to sit down with you and discuss what works best for you and your family. Give us a call and let’s start the conversation today.
A trust is a financial estate tool which places a third party in a position as a trustee/manager for the estate. This person holds legal title to all the assets held in the trust. You may also be the Trustee of your own estate and keep all control over your trust if you so choose. A person need not have a massively large estate before needing a trust or will; regardless the size of the estate, a person should always have a plan in place to secure his or her family’s financial future.
The purpose of a trust is usually to avoid the extra costs, fees, time, and loss of control over your assets if your estate were to have to go through the probate process. A solid foundation provided by a trust can greatly reduce or eliminate much of confusion and chaos of the probate process.
However, a trust can also provide other benefits such as a viable way to avoid or lower your tax burden in certain situations. Additionally, a trust can provide for a schedule that allows or disallows your heirs to gain full or partial access to trust assets, which can often be a whole different set of headaches for a family.
A trust and a will are distinctly different legal documents that serve different purposes and needs, but are most effective when drafted together and designed to work together to best advance your final wishes.
Give us a call and we will discuss your needs, wants, and concerns together. We will develop a plan and prepare these important documents for you and your family. Our consultations are always free, and we are also available by appointment on weekends and evenings.
A last will and testament is a legal document which, unlike a trust, offers no protection for one’s assets until one passes away. A will, unlike a trust, usually must go through the probate court process.
It allows for the appointment of a testator, of your choice, who is granted legal power to manage the distribution of your assets through the probate process.
A will is extremely limited in its protections. It simply determines who is to be your personal representative through the probate process and who is to receive from your estate; that is it, it can do no more.
A will provides no protections in terms of privacy since a probate estate must be opened with the court. It can put no limitations and/or restrictions on assets received by yours heirs.
A will alone also offers little in terms of tax protections or creditor protections for your debts or the debts of your heirs.
A will also generally costs much less to draft in comparison to a trust and may also be amended anytime you choose prior to your passing.
Planning your estate involves thoughts and discussions that are obviously unsettling to deal with. It need not be an overwhelming endeavor. In fact, it often results in an empowering feeling that leaves our clients with a great sense of relief knowing they have provided for the security of the family and loved ones, and protected their legacy with a strong legal foundation.
If you are not quite sure which is best for your estate, give us a call and we would be happy to sit with you for a free consultation and go over your options with you and come up with a plan together.
The thought of becoming medically incapacitated is a scary thought indeed. What is even more scary is not being prepared if this life altering scenario were to occur! Creating a medical power of attorney is another powerful tool in your overall estate plan and your advocacy directives.
A medical power of attorney is a legal document which appoints a family member or trusted individual to make medical decisions on your behalf if you were to become medically incapacitated and unable to make such decisions for yourself.
While most know this as a medical power of attorney, under Michigan law this person is referred to as a “health care surrogate”. Your health care surrogate is an important part of your estate plan and will keep these types of decisions in your hands rather than leaving them to the courts to decide.
Freeman & Thomas Law is ready to sit down with you and together we will set up these important documents. Give us a call today!
A durable financial power of attorney is a legal document which allows you to appoint a person who will have legal power to assist in your financial decisions should you become incapacitated and unable to do so for yourself.
The unimaginable can happen to us all at any time; and having someone in place now can make things a whole lot easier during an already incredibly difficult time.
A financial power of attorney will be able to help you manage your assets by making decisions about your taxes, the selling of your property, granting gifts, signing checks, making deposits and withdrawals, and managing your investments, to name but a few.
Without a durable financial power of attorney in place your family will be unable to make these crucial decisions for you because this can not be created without your capacity!
Freeman & Thomas can develop these and all of your estate planning documents for you today! Give us a call and schedule a conversation to sit down and discuss what we can do to help safeguard your assets you have spent a lifetime accumulating and create a solid legal foundation for your family’s security.
The importance of creating an estate plan cannot be overstated. An effective estate plan includes the creating of a living will.
Like a last will and testament, trust, medical power of attorney, and financial power of attorney, a living will is simply another vital piece in your overall advocacy directives. All of these documents are absolutely necessary to make sure your wishes concerning your care and assets are managed exactly as you determined them and by whom you have chosen.
A living will is a legal document which states your wishes as they pertain to your end of life care. Your loved ones cannot read your mind and must have this information in order to advance your wishes and provide for your care in the manner that you decide.
A living will is simply one part of an estate plan.
Freeman & Thomas Law can develop these and all of your estate planning documents for you today! Give us a call and schedule a conversation to sit down and discuss what we can do to help safeguard your assets you have spent a lifetime accruing and let us create a strong legal foundation for your family’s security.