For many Oakland County residents, estate planning is a crucial aspect of financial management. However, mistakes in the estate planning process happen all too frequently. There are some especially common mistakes that a majority of people make when hashing out their estate plans. Whether it involves guardianships or trusts, an estate plan can cause a multitude of problems if due care isn't taken in establishing details.
Michigan readers may have heard the term "powers of attorney" and not been fully aware of what the term means. It is a fairly common legal term that refers to a particular kind of document that many Michigan residents draft in anticipation that they may become enfeebled or incapacitated in some way. For instance, if an adult child discovers that his or her parent is allowing bills to pile up in the parent's home because of the parent's inability to keep up, a powers of attorney document can be helpful in allowing the adult child to take over bill-paying and other estate matters because the parent is no longer able.