![]() ![]() It is highly recommended that an attorney be sought out to assist in the execution of all estate planning documents.įor the beneficiaries to receive their inheritance, a document must be drafted by the principal outlining precise instructions in regard to the distribution of assets. The following guide will help an individual select the necessary documents to make sure their personal property, real estate, and other assets are distributed as intended. To ensure one’s wishes are carried out after one dies or becomes incapacitated, creating an estate plan is of the utmost importance. Write a Living Trust or Last Will and Testament.Make a List of All Assets and Real Estate. ![]() How to Create an Estate Plan in Michigan (6 steps) These documents outline the testator’s decisions regarding the distribution of their estate and assets after they die. Perhaps the most vital estate planning instruments are the Last Will and Testament and the Revocable Living Trust. A Power of Attorney is an essential document in that the named financial agent can carry out any financial duties as per the principal’s instructions. Should the individual become disabled or incapacitated, having a Patient Advocate Designation allows a trustworthy representative to make decisions on their behalf. It can be a valuable tool for those who are in the process of setting up their medical and financial representatives for when they are unable to make decisions on their own. A Michigan estate planning checklist covers the preparations an individual should make so their medical preferences are honored if they become incapacitated, and their estate is distributed according to their wishes if they die.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |