A power of attorney document can help older adults and their families deal with future care. But, knowing what these documents can accomplish and their restrictions and is an important part of estate planning. A power of attorney allows the person granting the power, the "principal," to decide whom they trust to act on their behalf when they become incapacitated or unable to make decisions. That person is referred to as an "agent."
Estate plans for Michigan residents without children
An estate plan is not restricted for people with children. Without a will or other estate documents, Michigan law will determine who inherits a person's assets regardless of that person's wishes. Estate planning is also needed to deal with other important issues that can cause disruption and expense for relatives.
What invalidates a will?
There are very specific requirements in place to make a will valid in the state of Michigan. For example, two people must be present to witness the signing of the will. If only one person is a witness, then the court may have a valid reason to throw the document out.
Estate planning entering digital world
Personal property, assets and other information is moving online. These include email accounts, cryptocurrency, credit card accounts and photos. Estate planning must address issues on access and disposition of these assets to help avoid problems for an estate's executor or any heir.
