Why is a living trust an important document to consider for your estate plan?
Not only does a living trust assure that your wishes are executed and that the right people receive your assets in the right amounts at the right time, but a living trust also helps you avoid court conservatorship and probate. Avoiding these court procedures can help reduce or eliminate federal estate taxes for a married couple.
Pour-Over Will in in Macomb County and Surrounding Areas
A pour-over will is a backup to a living trust. Any assets left outside the trust at your death will go into the pour-over will. This type of will, if applicable, may also name guardians of your minor children.
Durable Power of Attorney
There are two common types of Powers of Attorney – the POA for property management and the POA for health care.
Power of Attorney for Property Management in Metro Detroit
If you become incapacitated and need critical, last minute estate planning actions, a durable power of attorney authorizes someone to manage any property outside of your Trust.
Health Care Power of Attorney
It is vital to appoint a person(s) to make health care decisions on your behalf in the event that you are no longer able. A health care power of attorney includes a Living Will, which may authorize withdrawal of life support when there is an irreversible coma or terminal illness.
Michigan HIPAA Authorization
Health Insurance Portability and Accountability Act (HIPAA) permits immediate access to your health information to the persons that you’ve named to make your medical and financial decisions without going to court, should the need arise.
Certification of Trust
A bank or other financial institution may request documentation if you transfer assets to your Trust. A certification of trust is a summary copy of selected portions of your Living Trust.
Trust Funding in Wayne County and Surrounding Areas
Transferring your assets into your Living Trust requires title transfer guidelines and instruction letters. These letters are for use with your financial assets. At signing, we typically also sign all deeds transferring your Michigan real estate to your Trust.
Creating a direction letter with your instructions for more minor affairs can be included in your Living Trust. Some examples may include funeral arrangement details or distribution of less valuable items of personal property, such as family memorabilia, antiques, jewelry and home furnishings.
The Most Complete Revocable Living Trust Package (including the “Legacy Plan”)
Our cutting-edge “Legacy Plan”℠ enhances the protection of your beneficiaries’ inheritance from spouses, divorces, lawsuits, creditors, loss of government needs-based benefits and additional estate taxes when they pass their inheritance to the next generation.
Wall Law Free Service Package for Southeastern Michigan
Free Phone Calls – To help answer your questions after you set up your Trust with us.
Free Meeting to Review Your Plan – Every 3 years, to make sure your estate plan is up-to-date with any law changes and newer planning strategies, and continues to accurately reflect your planning wishes.
Free Seminars – Stay up to date on law changes, advanced estate planning, and various financial and tax planning topics.
Free E-mail Newsletter – Published monthly, to keep you Informed of the latest Estate Planning developments and strategies.
Specially Discounted “Upgrade” Packages – When law changes require important revisions of your Living Trust Estate Plan in the future. We can help you.
Free Post-Death Consultation with Your Successor Trustee – To help assure your Trust will be properly implemented when the time comes.
Our “Most Complete Living Trust Package” is individually tailored and prepared for a flat, fixed fee, quoted in advance, and agreed to by you in writing before any work is done. Your initial consultation is free of charge, during which we will review your particular situation and needs and quote your fixed fee. You may also require additional Advanced Level Estate Tax or Asset Protection Planning, which will be quoted separately if/as needed.
Wall Law is your Metro Detroit lawyer for life and can help you understand your planning options to preserve your wealth and family values for future generations. Have peace of mind, contact us today, and learn more about how we can help meet your living trust needs in Oakland County, Wayne County, Macomb County, and surrounding Metro Detroit areas.