Frequently Asked Questions About Estate Planning
Estate planning is a necessary but often complicated process. Many people have questions and concerns about what estate planning means for them. To learn more, please read our information below or call a lawyer at Prince Law Firm at 248-419-1968. We can also be contacted online. Our firm serves clients in the Bloomfield Hills and Detroit areas.
Estate Planning FAQ
- What is estate planning?
- Why do I need an estate plan?
- What is included in an estate plan?
- Can I change an existing estate plan?
What Is Estate Planning?
Estate planning is a set of documents and tools that detail the assets and property that make up your estate. The estate planning tools also protect this estate and your wishes in the event of your incapacitation or death. The term “estate planning” often refers to the process of working with a lawyer to create and confirm the protections and designations for your estate.
Why Do I Need An Estate Plan?
Everyone can benefit from estate planning, even people who believe they have little to no assets. Estate planning is the way you can make your wishes known for how your assets are to be handled, and to whom they are to be given, upon your death. If you die without an estate plan or a will in place, your estate will be distributed according to the laws in Michigan. These laws may conflict with how you wish your estate to be distributed, but without any legal documentation, your beneficiaries and heirs will not have any other options.
What Is Included In An Estate Plan?
An estate plan can include a range of documents and designations, including wills, trusts, advance health care directives (living wills), guardianships, conservatorships and powers of attorney. As part of estate planning, you can use these tools to work through minimizing estate taxes and tax planning, detail wishes for your medical care in the event you cannot communicate, protect your assets and legacy, and more.
Can I Change An Existing Estate Plan?
Typically, previously created estate plans can be changed at any time, meaning they are “revocable.” However, some estate plans are not, or “irrevocable.” Others take a great deal of time and effort to change. But when possible or if needed, it would be beneficial to periodically review and update your estate plan to include any life changes that may impact your estate such as obtaining assets, birth of a child, marriage, property purchase or others.