In Livonia, "estate planning" refers to all of the decisions affecting how a person's property is going to be disposed of after their death, as well as the process of implementing those decisions when the time comes.
If you want to start the process of planning your estate, you've made a good choice, especially if you care about what happens to your survivors after you're gone. You should be careful, however, and make sure you have the help of a legal and financial expert every step of the way. This will likely prove quite helpful in the long run, avoiding a lot of problems in the future.
In addition to post-death decisions, estate planning also concerns matters that might affect you during your life, such as granting power of attorney to a family member or trusted friend in case you become unable to make your own decisions regarding your finances or medical care. Moreover, effective estate planning can minimize the impact that estate taxes and court fees will have on your final disposition to your loved ones.
If you want to maximize the odds that your wishes will be followed after your death, you should do everything you can to make them legally binding. While this is not always possible, a Livonia attorney will be able to make sure that, where it is possible, it is done.
Common Features of Livonia Estates
Will: This is the centerpiece of most estate plans. A will is a document written by a person (the "testator"), typically with the help of a lawyer, which says what is to be done with their property after they die. Most provisions in a will are legally binding, to the extent that ownership of the property legally passes to the named beneficiary. However, a will cannot compel a person to do anything against their wishes (though it can certainly state your preferences on the matter, phrasing them as requests).
Living Will: This is a document which lays out instructions for your medical care, should you become so sick or badly hurt that you are unable to express your wishes. It should state under what cases you want to remain on life support. A well-drafted living will can prevent you from being kept alive in a permanent vegetative state (if that is not what you want), while ensuring that you receive medical care as long as you have a chance at recovery.
Power of Attorney: Power of attorney allows you to grant someone else (typically a trusted family member or friend) the power to make certain decisions in your place, with the same legal effect as if you had made them yourself, in the event that you become unable to do so (typically due to mental or physical incapacity). If you decide to give someone power of attorney, you should make your wishes known to them in advance, so they are more likely to make the same decisions that you would make, if you were able to. And, of course, you should only give this authority to someone with whom you would trust your life because that is, in some cases, just what you're doing.
Funeral Arrangements: Whatever your preference on this matter (if you have a preference) you should make it known to your family both verbally and in writing. If you have very specific wishes concerning the final disposition of your mortal remains, you should not put those instructions in your will. Or, if you do, you should also put them somewhere else. Wills are normally not read for quite some time after a person dies, and the funeral is typically long over by then, so it will be too late to follow your instructions.
Do I Need a Livonia Estates Lawyer?
A flawed estate plan in Livonia can result in those affected by it being confused as to your intent, which can then lead to disputes between them. A knowledgeable attorney can frequently avoid this confusion by ensuring that there is as little ambiguity as possible in your will and other related documents.