All adults in Michigan should consider an estate plan, even when they are young and have few assets. At first, this may consist mainly of powers of attorney for finance and health care. These documents allow someone, often the parents, to make legal and financial decision on the person's behalf if the person is incapacitated. Assets could be passed with a simple will or using other documents, such as beneficiary designations, depending on what kind they are.
Estate planning can cover a diverse range of topics. Although many Michigan residents may focus their estate planning needs on drafting wills and establishing trusts, the creation and execution of powers of attorney are important as well. Power of attorney documents discuss what will be done when people can no longer make their own medical and financial decisions.
Medical crises can be emotionally taxing on Michigan families. When an individual loses their ability to communicate their healthcare wishes, those who are closest to them can feel the stress of not knowing what to do to protect their ailing relative's wishes. For some, ensuring that every life-saving effort is made to protect their health is important. To others, a dignified and natural death may be preferred.
It is important to know about Michigan estate documents that can help a resident when they are unable to make decisions and deal with their needs. Some of these cover health and medical matters, while others deal with financial issues. In a durable power of attorney, a person may grant powers to a trusted agent to handle their financial affairs.
Without proper planning, dealing with estate matters and handling parent's business and personal matters can become a modern-day Cain versus Abel family dispute. Before executing a power of attorney, family members should understand its powers, its place in estate planning and how sibling powers can be assigned and shared.
An estate plan can help assure that a person's assets are preserved and distributed appropriately after their death. Researchers have also discovered that careful documentation of a patient's end-of-life wishes, such as executing a health care power of attorney, can help avoid unwanted hospitalizations and health care intervention.
Estate planning should include other matters besides the distribution of property after a person dies. A person should consider a power of attorney to assure that they are protected when they can no longer make decisions or act on their own behalf, especially during an emergency. These documents must meet a variety of needs and need to be carefully planned.
Prudent estate planning incudes drafting documents and planning for unexpected events besides distribution of property after a person dies. A power of attorney is recommended for the time when a person cannot make financial or medical decisions for themselves. Knowing what this document can do, however, is an important part of this planning.
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."