At Galloway and Collens, PLLC, we take an educational and informative approach to the practice of estate planning. We will work to understand your unique needs and goals, counsel you on your various options, and pursue a strategy for protecting your assets and loved ones. To help you better understand estate planning, read below for answers to questions we frequently receive.
Yes. You are not required by law to have a last will and testament, but making sure you have an estate plan on file is crucial for protecting your loved ones, heirs, property, and financial well-being. It also serves as a beautiful gift, providing your loved ones with peace of mind during a difficult time.
If you don’t have an estate plan, it’s time to get started on one with the help of our knowledgeable estate planning attorneys. Having a will is particularly important if you are married, have children, own property, or have heirs with special needs. However, everyone can benefit from having a will and ensuring they are in charge of decisions over their estate.
Depending on your unique situation and goals, a trust or multiple trusts may effectively replace your simple will. Trusts are a great way to set aside assets and resources for heirs with specific circumstances, such as those with special needs and those who are minors. Trusts can also set aside money for charitable causes. Chances are there is a trust that is right for you, and we can help you ensure it is set up and executed properly.
According to Michigan’s intestate laws, your estate will be wound down and distributed to heirs. In layman’s terms, the government will make decisions about your assets and property that may or may not align with your wishes. Therefore, the only way to make your voice heard is to have an estate plan.
A power of attorney is a crucial part of a comprehensive estate plan. A financial power of attorney allows you to name a trusted individual to make decisions about your finances if incapacitated or not of sound mind. You can also create a healthcare power of attorney to place a trusted individual in charge of carrying out your medical wishes.
There are many factors at play, which will ultimately depend on the specific documents and services you need as part of your estate plan. Generally, the more complex your estate and estate plan, the more your estate plan will cost to create.
To schedule a consultation about your estate planning options, call us at 248-545-2500 or send us an email. We represent individuals and families in the Detroit metro area and throughout Michigan.
Our law firm is ready to help. Contact the real estate and estate planning attorneys at Galloway and Collens, PLLC.