Estate planning done correctly is more than just planning for your death. Estate planning is a process whereby you can control your assets while you are alive and well, if you become disabled and after you pass away.

          Estate planning if done correctly will also dictate where and how you want to live if you become disabled and what activities you want to continue, if possible.

          Estate planning can prevent the unintended disinheritance of your children or your spouse.  Or protect your beneficiaries from creditors, a divorcing spouse or unwisely spending their inheritance.  It has been noted that the average inheritance in the United States is spent in eighteen months.

          Estate planning can protect your assets for your children if you become single later in life due to death or divorce of your spouse and you remarry.

          Everyone has an estate plan.  It is either written by you or the State that you are a resident of at the time of your death.

          Due to the above, revocable trusts are not just for the “wealthy” anymore.

          Estate planning documents in Michigan may include:

Revocable trusts- These are used to avoid probate and distribute your assets while you are alive and well, if you become disabled and after you pass away. They can be used to protect your beneficiaries from creditors and divorcing spouses.  These are private documents

Last Will and Testament-This will guarantee probate, if you die with assets in your name alone and no beneficiary designation.  These are public documents.

Financial Power of Attorney-This may be a blank check to your agent to be you. They may be able to do anything you can do, as soon as you sign the Power of Attorney. Be sure you know who you are nominating. These have to be reaffirmed every year to be effective. It can also be used to state who you want to be your Conservator and/or Guardian. This basically means who will be your parent. Be very careful these documents are done correctly and according to your wishes.

Patient Advocate Directive-This allows your agent to speak on your behalf if you are not able to do so. This includes your end of life choices and medical emergencies if you are not able to speak on your own behalf. These are used to prevent a Terry Schivo situation. You need a HIPPA release to be effective.

Certificate of Trust-Describes the who the Trustees are and what powers they hold to keep the distribution of the assets  private.

Assignment of Personal Property-This allows the trust to dictate who gets any assets with no title, like jewelry and art.

Funeral wishes-The worst time to prepare a funeral is when you have to prepare a funeral.  This gives your loved ones direction as to your wishes such as cremation or no cremation.

Designation of funeral representative-This gives the authority for someone to claim your body and make the funeral arrangements you wanted.

Emergency contact person-This gives the attorney permission to call someone to check on your mental status  if you call the attorney and are redirecting your assets to somewhere you normally would not.

It is always wise to do your estate planning with an attorney that limits their practice to estate planning as there are many areas that could result in your assets not going to whom you want, when you want and how you want.