Galloway and Collens, PLLC
248-397-5507
248-397-5507

Include the right kind of power of attorney in your estate plan

There are many decisions to make when it comes to estate planning. Many may think a will is all that is needed. However, there are other documents and protections that may be needed to complete the estate plan of a Michigan resident.

One essential document is a durable power of attorney. This gives someone the power to make financial decisions on the behalf of someone who is unable to do so. Some may assume that they should give this authority to someone who is closest to them personally. However, if that person is not good at handling money, that could be a mistake. There should be a back-up person named, too, just in case the first person would become incapacitated or mentally unable to handle financial decisions.

The other kind of power of attorney is a medical power of attorney. This gives someone the authority to make very important vital medical decisions. This person should know the wishes of the person they are speaking for. More importantly, it should be a person who is calm during a crisis or medical emergency. If that person is prepared ahead of time and can think clearly under pressure, a person's wishes are more likely to be upheld as they were intended.

Devising a complete estate plan can be time-consuming, emotional and complicated. It is important that everyone involved understands their responsibilities and also knows what may be expected of them. Those in Michigan who are formulating an estate plan would benefit from being aware of the types of documents that they may be able to include in the process.

Source: The Wall Street Journal, "Four Estate Planning Documents Everyone Should Have", Tom Lauricella, April 20, 2014

No Comments

Leave a comment
Comment Information
  • dbusiness - 2016 Top Lawyers
  • dbusiness - Top Lawyers
  • Lead Counsel Rated Attorney
  • Senior & Caregiver
  • American Appartment Owners Association - Member since 2015
  • Same Address
  • ICLE Contributor
Email Us For A Response

Contact Our Metro Detroit Attorneys

Our law firm is ready to help. Contact the real estate and estate planning attorneys at Galloway and Collens, PLLC, by calling 248-397-5507.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

26075 Woodward Avenue Suite 200 Huntington Woods, MI 48070-1341 Toll Free: 888-349-0309 Phone: 248-397-5507 Fax: 248-545-2520 Huntington Woods Law Office Map