Experienced Estate Planning Attorney in Bloomfield Hills MI
Are you concerned about your family’s financial future and the long-term management of your personal and business assets? You can trust the experience and expertise of Lambert & Lambert PLC for your estate planning attorney. Our attorneys will carefully personalize the best estate plan for your individual desires, personal goals, and long-term family financial needs.
Estate planning can oftentimes be confusing and misunderstood. Many times, people do not engage in effective estate planning; which causes unwanted and financially draining consequences. Here are some considerations to think about regarding your estate planning and family’s asset management:
- Proactive Estate Planning Offers You and Your Family Peace of Mind – Your Financial Assets Will Be Properly and Responsibly Taken Care of and Managed
- Your Family Will Avoid Probate Court Which Is Very Expensive, Emotionally Draining and Very Time-Consuming
- Effective Estate Planning Avoids Family Fighting Over Your Financial Assets
- Estate Planning Guarantees the Correct Distribution of Your Assets to Your Family and Loved Ones
- Proper Estate Planning Provides Long-Term Financial Security for Your Family
- In the Event of a Loss of Legal Capacity, Your Pre-Arranged Estate Planning Will Already Be in Place
The Value of Updated Wills and Trusts for Your Estate Planning
Many times, we see Michigan families with older wills drafted that did not account any changes in legal statues or other modern considerations. Wills can easily become out of date, or financial assets may no longer owned. In some cases, financial assets are not properly owned or be entangled in a partnership. In addition, newly formed or older business partnerships do not properly account for separating financial assets during a business breakup.
In addition, you may not think of every possibility. That’s the advantage of using the experience and expertise of Lambert and Lambert estate planning attorneys. Some considerations we commonly consider in wills and trusts for our clients do include:
- Assignment of a Guardian. It Is Crucial to Designate a Guardian for Any Children, And This Is Included in Your Will. You Do Not Leave This Important Decision to a Court or To Others
- Direction on Whether Your Body Is Buried or Cremated, And Whether You Donate Organs to Science or Others
- Estate Planning Facilitates Charitable Donations from Life Insurance or Other Sources. This Is Far More Reliable Than Retitling Assets and Accounts, Or Using a Ladybird Deed
- A Trust Enables You to Delay and Time Financial Distributions; Younger Children Will Not Receive Too Much Too Soon (And Spend It Unwisely). In Addition, You Can Set Aside Funds for College
- A Trust Will Offer The provision to Avoid or Minimize Federal Estate Taxes
This being said keep in mind that legal documents and estate planning are not always set in stone. Remember, your will and other estate planning legal documents can be considered “living” documents. With this in mind, you should review and modernize your legal documents from time-to-time to ensure that your family’s needs and desires are fulfilled.