Estate Planning
Taking the time to establish an estate plan to prepare for the future has several advantages. Devoting some time and effort to creating an estate plan allows you to feel more secure and comforted by the thought of your loved ones remaining protected and secure, no matter what the future holds. The dedicated and compassionate estate planning attorneys at LoPrete, Lyneis & Carnwath, P.C., are ready to work closely with you to identify your goals and implement tools and strategies to ensure, among other things, that your wishes are accurately documented.
What Is Estate Planning?
Estate planning is the process of deciding and documenting what you would like to happen to your assets and property once you pass. It could involve leaving your home, car, valuables, retirement plan, or other financial accounts, to your family, donating money to a charity, and paying off your debts. Estate Planning consists of multiple documents, as well as various tools and strategies that we can assist you with, to ensure that your estate avoids the probate process.
What Is Probate?
Probate is the process of administering a will. If you do not have a will or other estate planning documents in place, then the court will apply state law to determine who will receive your assets. With the help of an estate planning attorney, you can avoid probate and ensure that your assets are distributed to the proper parties according to your wishes.
Key Documents for Estate Planning
There are a number of documents involved in estate planning. Common estate planning documents include:
A will: A will identifies who will receive your assets when you pass away. If you are the parent of minor children, you can also designate guardians for your children in your will. In addition, a will allows you to document who you wish to be the personal representative of your estate, meaning who will be the individual who will ensure your assets are administered to the proper parties.
A trust: A trust is a financial arrangement where you appoint, upon your death or incapacity, a trusted third party, called a trustee, to safely retain assets on behalf of your beneficiaries and ensure the proper administration of these assets following your passing. Trusts allow your estate to bypass the probate administration process. During your lifetime, you are the trustee of your trust. Trusts may be classified as either revocable or irrevocable. A revocable trust may be modified or revoked during your lifetime, whereas an irrevocable trust may not be revoked after its creation. An irrevocable trust is, among other things, a shielding vehicle that may provide protection from potential lawsuits and creditors during your lifetime and after your passing. Both revocable and irrevocable trusts provide unique benefits. We will assist you in determining which type of trust will best suit your needs.
A Power of Attorney
A Patient Advocate
Beneficiary designations: Beneficiary Designations are a helpful tool that allow you to designate a beneficiary, or beneficiaries, to receive your assets more effortlessly following your passing. For example, beneficiary designations may be identified on your checking and savings accounts, life insurance plans, and retirement plans. This will allow your selected beneficiaries to claim these funds following your passing while avoiding the probate court process.
Contact Us Now for Your Estate Planning Needs
Do you require assistance with your estate plan? We aim to prepare documents that are appropriate to your custom estate planning needs. Our attorneys will ensure that your estate planning documents effectively reflect your intent and wishes regarding the administration of your assets following your passing in the most expeditious and tax-advantageous manner.
Do you need assistance with the estate planning process in Michigan? Do you have legal questions? Please contact LoPrete, Lyneis & Carnwath, P.C. at (248) 594-5770 to get started.
Get help with estate planning today. Estate planning allows you to document your wishes regarding the distribution of your assets following your passing. It’s critical to have an estate plan in place to ensure the proper distribution of your assets to your loved ones in the smoothest and most efficient way possible.
