ESTATE PLANNING
Wills, Powers of Attorney, and Trusts
Preparing for the future care of your family and loved ones upon your departure is a major step in estate planning. Additionally, estate planning helps to eliminate uncertainties in the administration of your estate and helps to reduce inheritance taxes and other expenses.When preparing to have a will completed, you should begin by filling in the attached "Will Worksheet." This will allow your attorney to know what your wishes are so that he or she can prepare your will to your specifications.
Wills specifically detail who will be guardians for any of your minor children, provides for a specific bequest list, and allows you to disinherit specific people.
Estate planning involves: wills, powers-of-attorney, living wills, and trusts. These are defined as follows:
1.) Will - used to express your desire or choice in the way you would like your estate handled in the event of your passing.
2.) Durable Power-of-Attorney - this document appoints someone you trust to make a broad range of medical decisions for you in the event that you cannot make your own medical decisions due to incapacity.
3.) Springing Durable Power-of-Attorney - this document appoints someone you trust to make decisions on your behalf if you become incapacitated. The decisions involve personal affairs and financial matters.
4.) Living Will - provides for a specific determination by you regarding the need of artificially provided life support.
5.) Trust - is an arrangement where property (real, tangible and intangible) is managed by one person (or persons, or organizations) for the benefit of another.
The preparation of any of these documents requires a thorough knowledge in Michigan's Estate Planning Laws.
To learn more about your rights regarding estate planning please contact Craig W. Elhart, P.C., at 1-800-968-4534 or (231) 947-2420.
Click to download: Wills.doc
Click to download: WILL WORKSHEET.doc
Click to download: Trust info.doc
Click to download: Trust instructions.doc
Click to download: Removing Old Will.pdf