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 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 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 minimum the estate must remain open for 5 months.
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Ratings & Reviews
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Ean Hamilton helped me set up my LLC. The entire time required of me was less than an hour, and it was final 10 days later (8 business days), including the EIN. Ean did all the brain work and guided me through the process. She was super res...
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I highly recommend Hamilton Law. Ean is extremely knowledgeable in matters of estate planning and trusts. She is very thorough, answered all of our questions and made the entire process easy and painless. We had big decisions to make and sh...
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I was MOST impressed with Ean's work! I was referred to Ean by a friend and her professionalism and know-how helped ease my anxiety related to my parents' home. She was responsive and made the will creation easy. I highly recommend using Ea...
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Ean is so great! Professional and extremely thorough. I had no idea where to start with a prenup process and felt quite lost. Ean made me feel supported through the process and was able to bring me (and my partner) great ease. She explained...
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Ean was absolutely great to work with! I had quite a few questions with the estate documents that were created for my husband and I. She was very patient and quick to answer all of my questions. Ean is very helpful and very knowledgeable, a...
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