Why Should I Have An Estate Plan?
Detroit Real Estate Law has several reasons for having an estate plan prepared. A properly executed estate plan would enable a family to avoid the costly and length public probate court process. If assets are required to be disbursed via probate court, heirs will have to retain a probate attorney. This process can take up to a year for the court to approve disposition of the property, and rack up countless fees. By establishing a trust and placing the property in the name of a revocable trust, will avoid probate court. Likewise, you can also place property in a joint ownership with rights to the survivorship.
Why Would An Estate Plan Benefit Me & My Family?
A trust will also enable you to determine who the beneficiaries will be and when they will receive their share. A trustee will typically make sure any expectations or wishes are carried out properly, such as young children not having access to large amounts of cash.
Likewise, estate plans also include a living will and patient advocate designation. These will only be implemented if you are neither mentally nor physically able to make medical decisions for yourself. These documents can aid a family in avoiding a tremendous amount of stress and grief.
Estate Plans For Parents
The attorneys at Detroit Real Estate Law want to help you alleviate the burden of children making medical decisions that determine life or death. When siblings don’t agree on a matter of proper medical treatment, families can become torn. Parents should always consider leaving estate plans with clear guidelines regarding inheritance. Estate plans should not only be considered for parents who have died, but also in the event of incapacity. Detroit Real Estate Law specializes in the area of estate and tax planning; giving parents more peace of mind for their loved ones. This process protects a family, business, and any other successors.