In Michigan, estate owners need a clear plan for protecting their assets. The plans include several establishments that direct the family when the estate owner is incapacitated or dies. The probate process starts after the estate owner’s death, and creditors could place a lien against certain assets for collection. Estate Planning Lawyers in Ann Arbor MI help the estate owners set up a comprehensive plan for asset protection.
Setting Up Trust Funds for Heirs
Trust funds are effective ways to give an heir monetary assets without serious penalties. The estate owner determines how much money is deposited into the account. Any stipulations that apply to the funds are listed in the documentation. Typically, the owners restrict access until the heir reaches a specific age.
Why an Irrevocable Trust is Beneficial?
An irrevocable trust separates assets from the estate and protects them from the probate process. Any assets that the owner wants to separate from the estate are added to the trust. A successor gets access to the trust when the estate owner dies. The estate owner has the option to remove any assets from the trust at any time.
Creating a Will for the Estate Owner
A will identifies what family members receive assets and properties. The document explains any stipulations that apply to the assets or to minor children who need a guardian. The estate owner addresses any concerns related to their assets in the will, and it is legally binding. A will that is strict with its stipulations leaves less room for disputes.
Setting Up a Healthcare Directive
A healthcare directive provides a power of attorney for one family member. A healthcare proxy is identified in the paperwork and manages all healthcare related requirements for the estate owner. The proxy manages the owner’s assets and pays their bills, too.
In Michigan, estate owners create several documents and accounts when creating an estate plan. The plans include trust funds, irrevocable trusts, healthcare directives, and outline stipulations that apply to any assignment in the will. Estate owners who need help contact Hermanowski Law for more information.