Question 1

Why Do I Need an Estate Plan?

Accepted Answer

A Michigan estate plan ensures that your assets are distributed according to your wishes, reduces the burden of taxes and legal fees on your beneficiaries, and provides clear instructions for your care if you become incapacitated. It's essential for protecting and providing for your loved ones.

Question 2

What Should Be Included in an Estate Plan?

Accepted Answer

A comprehensive estate plan typically includes a will, a power of attorney, healthcare directives, trusts (if applicable), and beneficiary designations. It may also consist of guardianship designations for minor children and instructions for your other assets.

Question 3

What Happens If I Die Without an Estate Plan?

Accepted Answer

If you die without an estate plan in Michigan, your assets will be distributed according to the state intestacy laws, which may not align with your wishes. This can also lead to longer and more costly probate proceedings.

Question 4

Is Estate Planning Only for the Wealthy?

Accepted Answer

Absolutely Not. Estate planning is important for everyone, regardless of wealth. It's about ensuring your assets, no matter their size, are distributed as you wish and providing for your loved ones after your passing.

Question 5

How Long Does Estate Planning Take?

Accepted Answer

Our estate planning process typically involves three meetings with you over the course of about eight weeks. However, the exact time it takes will depend on your unique situation and how complex your estate plan will be. Estate planning is also an ongoing process. As your life, family structure, and bank accounts change, it will be important to update and revisit your estate plan periodically. Think of estate planning as a long-term investment in your family's future.

Question 6

What Does an Estate Plan Lawyer Do?

Accepted Answer

An estate planning lawyer plays a pivotal role in ensuring your assets' efficient management and distribution. At Legacy Counsel, our attorneys craft personalized plans, addressing traditional needs and innovative solutions like the Kids Protection Plan and College Care Plan. We also ensure your plan evolves with you, offering regular reviews and comprehensive estate management and probate services.

Question 7

How Much Does an Estate Planning Lawyer Cost?

Accepted Answer

The cost of an estate planning lawyer varies based on the complexity of the estate and the specific services required. While some firms charge hourly rates, Legacy Counsel charges a flat fee for its estate planning services. These are agreed to in advance, so there are never any billing surprises.

Question 8

How Do You Choose an Estate Planning Lawyer?

Accepted Answer

When choosing an estate planning lawyer, consider their experience, whether their firm has a concentration in estate law, client reviews, and your comfort level with them. It's essential to work with someone who understands your needs and whom you can trust.

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