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

An effective estate plan requires certain key documents

The thought of sitting down to put together a will may naturally be unappealing, as people prefer to focus on enjoying life rather than contemplating what would happen to their belongings if they died. Failure to develop an estate plan, however, may mean that a person's family members in Michigan will not end up getting the assets he or she would like them to have in the future. A well-thought-out estate plan also helps to minimize stress and potential conflict among family members after one has died.

It is important to create a will or establish a trust. A will is less expensive, but a trust offers the advantage of allowing one's personal assets to be distributed to surviving loved ones with more privacy. Still, it will need to go through the process of probate in order to distribute to the parties named in the will any property that is not being held in one's trust.

A medical directive is also a wise document to create during the estate planning process. This document states which person would have the authority to make medical decisions on one's behalf if one cannot communicate due to an illness or injury. This individual needs to be trustworthy. It is also invaluable to update beneficiary forms associated with retirement accounts such as an IRA, as the information listed on these forms will take precedence over that listed in a will.

Proper legal guidance can help people in Michigan to efficiently create an estate plan. Because each situation comes with its own set of circumstances, estate planning can be different for each Tennessee resident. Therefore, parties may wish to explore options concerning wills, trusts and other planning factors.

Source: yahoo.com, "The most important money conversation you're not having", Jeanie Ahn, Jan. 30, 2015

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