Estate Planning FAQ
Currently, an estate is nontaxable the assets of the estate total less than $11.58 million. This number is doubled for married couples.
Take a few moments to envision how you wish your assets to be distributed if you pass away. Think about which loved ones you'd want to make decisions for your if you become incapacitated. At the initial consultation, the attorney will ask you these questions and help to determine which plan is the best for you.
Yes, a trusted accountant can act as a trustee of a trust.
An FPOA is a Financial Power of Attorney. It is often referred to as a Durable Power of Attorney for Finances. In this document, you can designate who can make financial decisions for you are unable to do so for yourself.
What are Living Wills? Living wills, also known as an advance medical directives, are your directions to your loved ones regarding your end-of-life choices. For example, you can decide ahead of time whether you'd like extraordinary measures to prolong your life if you are in a vegetative state.
If someone dies without a Will this does not necessarily mean his or her estate will pass through probate. If you have beneficiaries designated on your assets, but no Will, your loved ones may still be able to avoid probate. However, if you die with an asset in your name only, with no beneficiary named, and with no Will, your assets will pass in accordance with Michigan intestate statute.
This depends on your situation. The age of your children, if any, the type of assets you own and the value of your estate are considerations used to determine whether a will or trust is best for you.
A power of attorney is a document that every person over the age of 18 should have in place. In the document, you can designate who you wish to make decisions on your behalf for both financial and medical decisions. By having a validly executed powers of attorneys in place, you can prevent a guardianship and/conservatorship proceeding if you become incapacitated.
The length of the probate process varies and depends generally on the type of assets that are being probated, whether the proceeding is contested, and many other factors. At a minimum, the estate must remain open for 5 months.
Hamilton Law, PLC assists Southwest Michigan residents on a complete array of estate planning concerns, including the creation of wills, trusts and power of attorney documents. Please call 269-488-8394 or contact us online to arrange a free consultation at our Kalamazoo office. Our office is available for in-person appointments. We also offer virtual telephone consultations and appointments.