Estate Planning Lawyer Rochester Hills MI
Do you need a lawyer to help with your estate planning? Are you worried about how your will work after you pass away?
There are many reasons why you should consider having an estate plan drafted. It helps ensure your family has everything they need to survive financially after you pass away. It also protects your assets from being seized by creditors during your lifetime. And finally, it makes sure that your wishes are carried out after you pass away.
If you’re unsure whether you need an estate plan, read on. In this article, I’ll explain why you should get an estate plan and how you can find a great estate planning attorney in Rochester Hills, Michigan.
In today’s world, everyone needs to make sure they have an estate plan. Estate planning allows people to control how their assets are distributed after they pass away. While there are many reasons why someone might choose to establish an estate plan, here are three most common reasons why people do so:
1. Protecting Assets During Lifetime
While we live our lives, we often forget about the fact that one day we will no longer be around. As such, it is important to consider how we will distribute our assets upon passing. If we don’t take action now, we could lose out on opportunities to benefit from those assets later. For example, if we leave money to family members without a will, they may receive less than they deserve. This can lead to disputes over inheritance, which can cause even greater problems down the road. By establishing a will, we can avoid these issues.
2. Ensuring Family Members Receive What They Deserve After the Death
A person’s life circumstances change over time. We may start off with just enough money to cover our basic expenses, but as we age, we accumulate wealth. When we pass away, we hope our family members will continue enjoying the same lifestyle we did. Unfortunately, this isn’t always the case. If we don’t prepare, our family members may miss out on future financial benefits because we didn’t provide for them in our estate plan.
3. Avoiding Probate Process
Probate is when a court determines who gets what after a person dies. In some cases, probate can take months or even years. During this period, the deceased person’s estate must remain open, which means anyone can access the funds. However, if we have a valid will, the distribution of our assets can occur much faster. Additionally, if we have a revocable trust, we can easily revoke it at any time, allowing us to reallocate our assets as needed.
If you’d like to learn more about estate planning, contact us at (248) 642-7774.
Estate Planning Lawyer In Rochester Hills
Real Estate Lawyers are trained to solve problems quickly. They are good at finding problems and helping people fix those problems.
A real estate lawyer helps you find the right home or property. They know how to negotiate. And they know how to make sure everything gets done correctly.
If you want to buy a house, sell a house, invest in rental properties, or just plan for retirement, you need a real estate attorney. Call us today to learn more about our services.
Why Do You Need To Hire An Estate Planning Lawyer?
An estate plan gives you control over what happens after you die. But it doesn’t happen automatically. If you don’t do anything about it, your family might fight over your possessions. And that could lead to costly legal fees.
If you want to ensure that your property goes where you intend, you’ll need to create an estate plan. This document includes creating trusts, wills, powers of attorney, health directives, and living wills. These documents give you control over how your property gets distributed.
You can hire an estate planning lawyer to help you put together a comprehensive estate plan. They can help you decide which documents you need and recommend ways to avoid common mistakes.
We Focus Exclusively On Elder Law, Medicaid & Estate Planning
At ElderLawAnswers, we specialize in helping people protect their assets and plan for their future needs. We provide comprehensive legal advice and counsel regarding issues such as Medicaid eligibility, asset protection, probate, trust administration, guardianship, conservatorships, wills, powers of attorney, living trusts, Medicare benefits, Social Security benefits, long-term care insurance, annuities, life insurance, retirement plans, tax planning and much more.
Our firm offers free initial consultations, so call us today to schedule yours.
Why You Need an Estate Plan in Michigan
In Michigan, there are many reasons why it makes sense to develop an estate plan. First, it gives you peace of mind knowing that your affairs are taken care of after you die. Second, it provides protection for your property, including real estate, bank accounts, retirement accounts, life insurance policies, and even vehicles. Third, it enables you to avoid probate court proceedings, saving you money and hassle. And finally, it preserves your legacy and honors your wishes.
Estate Planning Attorneys In Bloomfield Hills & Rochester MI
In Oakland County or Macomb County, an estate plan helps you protect yourself and your family during life and after death. It includes legal documents such as a will, trust, power of attorney, living will, healthcare directive, and other documents. You might use an estate planner to review your current estate plan and make changes based on what you want to accomplish now and in the future. Or, you could work with an experienced law firm specializing in estate planning and other legal matter. Choosing legal counsel with many years of experience is important because they know the laws and regulations governing estates and have seen all types of situations.
A will is generally considered the most important document in an estate plan because it determines how assets are distributed among beneficiaries upon your death. If you don’t have a valid will, state law will determine how your property is divided. Your estate plan should include a will and other legal documents like a revocable living trust, durable medical power of attorney, and an advance healthcare directive.
You’ll need to decide whether to prepare a single or multiple wills. For example, if you have children, you might draft separate wills naming each child as the primary beneficiary. However, you might name one person as the sole beneficiary if you have no children. Also, some states require that you update your will every few years.
If you’re married, you’ll probably need to discuss your estate plan with your spouse. This way, they know what you’ve planned and agree to it. If you’re unmarried, you might ask someone close to you to serve as executor of your estate. Executors manage the distribution of your property according to your wishes. They must file probate court paperwork to transfer ownership of your property to the beneficiaries named in your will. In addition, an executor is responsible for paying any debts that are left unpaid after your death.
The first step in planning your estate is deciding who your beneficiary or executor should be. You can name a friend, relative, or professional person to handle this task. The next step is writing out your will. A lawyer can help you draft a legal document that spells out how you want your assets distributed.
Also, you’ll need to choose a personal representative when drafting a will. This person becomes responsible for managing your affairs while you’re alive. He or she must notify creditors about your death, pay off funeral expenses, and distribute your property according to your instructions.
The best way to avoid problems is to start early. Start thinking about your estate plan today. Contact an estate planning attorney to learn more about creating an effective estate plan.
Hopefully, we have explained why hiring an estate planning lawyer in Rochester Hills, MI, is so important. We hope this article has helped you understand the importance of having an estate plan. Please contact experienced attorneys at The Law Offices of Lambert and lambert to schedule a consultation. We are located at 407 6th Street, Suite A, Rochester, MI 48307 Phone: (248) 642-7774.