Estate Planning Attorney in Monroe, MI
No matter your age, it is always wise to have an estate plan. Life is unpredictable, and the death or disability of a member of your family can leave you reeling emotionally as well as have devastating financial consequences. If you have not left a Will or Trust with specific instructions for your assets after you pass, they will be at risk of being distributed according to law rather than per your specific wishes. You need a trusted estate planning attorney in Monroe County who will work with you to make sure there is a plan in place for the benefit of your family. Kyrsten Niemiec is that lawyer. Don’t wait until it is too late. Start the estate planning process today.
Should I Choose a Will or Trust?
In many instances, a Revocable Living Trust is the answer to your estate planning needs. A Trust allows you to have more control over your assets after death and has the added benefit of avoiding probate. For some people, executing a Will rather than a Trust is a good decision. Kyrsten will go through your options with you and help you decide which is right for you.
In addition to a Will or Trust, you need to have an Advanced Healthcare Directive and Powers of Attorney in place. Durable Powers of Attorney will allow the person of your choosing to manage your finances in the event you are unable to do so.
An Advanced Healthcare Directive ( also called a Medical Power of Attorney or a Patient Advocate Designation) provides directions for your loved ones with regard to the care you prefer to receive and the life sustaining measures you wish to be taken. These decisions are hard to make and can lead to disagreements among family members. Having an Advanced Healthcare Directive in place eliminates those concerns. These documents should always accompany a Revocable Living Trust and/or a Will, as neither a Will nor a Trust alone is sufficient to cover all of your needs. Additionally, a Will and Trust only become effective upon your death, while Powers of Attorney and Advanced Healthcare Directives are for use while you are living.
The disability of a loved one causes not only pain, but stress, fear and confusion for family members and friends. A lot of that stress can be reduced by preparing for the possibilities with an experienced estate planning lawyer. Being prepared also gives you the peace of mind that comes with knowing that everything is in order if needed.
Common Questions About Estate Planning
What is estate planning?
Estate planning is a tool to help you manage your assets and debts after your death. In addition, your estate planning can and should include provisions for any incapacitation prior to your death. Your estate planning can be very detailed and specific or more general, allowing your heirs more room to make decisions regarding your estate.
What documents are needed for estate planning?
An estate planning package generally includes a Will and Powers of Attorney for both financial and medical decisions. It can also include things such as a deed to transfer real property upon your death and funeral representative designations.
A Will sets forth your wishes regarding the disposition of your assets upon your death.
Powers of Attorney are effective during your lifetime and let your loved ones know what you prefer regarding medical treatments and name someone you trust to make medical and financial decisions for you when you are unable to do so.
Do i need an estate planning attorney?
While it is not required that you hire an attorney to create an estate plan, it is the smart thing to do. The probate laws vary from state to state. There is no one size fits all. We can assist you in creating the right plan for you and your loved ones based on your unique circumstances.
How to amend your estate planning documents.
In the event you need to amend your estate planning, you should reach out to us to determine the best way to proceed. There are times when a codicil to your original documents will suffice and, at other times, the best thing to do is to draft new documents.
What are the steps to develop an estate plan?
Consult with our office to discuss your planning objectives. Once we understand your goals, we can develop an estate plan specific to you which can either transfer your assets without the assistance of probate or make a clearly articulated plan should probate be unavoidable or preferred. Additionally, we would work with you to determine how to handle any potential incapacitation and clearly express your medical and financial wishes to those you trust to handle these decisions for you.
What are the main parts of an estate plan?
• Will/Trust – designate specific people to receive certain items of property.
• Durable Power of Attorney – designates a certain person to act on your behalf with regard to your finances and property if you are unable to.
• Beneficiary Designations – determines who receives contents of accounts/policies outside of the will.
• Healthcare Power of Attorney – designates another individual to make healthcare decisions on your behalf in the event of incapacity.
• Guardianship Designations – designates who you wish to care for your minor children in the event of your death.
Who Needs Estate Planning?
Every Monroe County adult should have at least a Medical Power of Attorney/Patient Advocate Directive/Advanced Healthcare Directive, Durable Power of Attorney and Will in place. This is especially important if you have young children. You will want to have a voice if the Court is in the position of having to determine a guardian for your children. You will want to be able to tell the Court who you think is the best person to care for them if you are gone. Additionally, you also want to make sure that any assets you have can be made available for their care/ support.
KN Legal/Kyrsten Niemiec, PLC
13 Washington St.
Monroe, MI 48161
(734) 240-0110