Estate Planning Attorney in Farmington Hills, Michigan

Estate planning is not just about protecting your wealth. It is also about safeguarding your legacy and protecting the future of your family. Attorney Steven L. Rotenberg helps address the estate planning needs of individuals and families in Bingham Farms and throughout the metro Detroit area.

Attorney Rotenberg’s goal is to help people plan for their future and get peace of mind knowing that their loved ones will be taken care of. A well-crafted estate plan is an investment in your family’s future, so it’s important to reach out to a lawyer sooner rather than later. Attorney Rotenberg provides estate planning services to residents in Bingham Farms, Michigan, as well as Mount Clemens, Monroe, Pontiac, and elsewhere in the metro Detroit area.

What Is Estate Planning?

Estate planning is a legal process that involves deciding what will happen to your assets and your family in the event of your incapacity or death. Estate planning involves preparing and executing legally binding and enforceable documents to ensure that your wishes will be carried out.

The process of estate planning deals not only with your estate—which refers to any assets you own—but also allows you to appoint people you trust who would make decisions regarding your finances and medical care in the event of your incapacity.

Having an estate plan has many benefits, including:

1. You can protect your family and reduce family conflict. First and foremost, having an estate plan allows you to protect your family’s long-term financial security and minimize arguments regarding your assets when you are gone.

2. You can plan for incapacity. While planning for your future incapacity is never pleasant, it is nevertheless an essential element of estate planning.

3. You can minimize the cost and time of probate. Neglecting estate planning could lead to a time-consuming and expensive probate process.

4. You can choose who will inherit your assets. If you die without a will, the distribution of your assets will happen in accordance with your state’s intestate succession laws.

Contrary to popular belief, estate planning is not just for the elderly and wealthy people. Every adult who cares about their property and loved ones should consider developing an estate plan in order to remain in control of what they own.

Documents in an Estate Plan

When creating an estate plan, it is up to you what documents your plan will include. Each document serves a different purpose, and each can complement your estate plan. However, it is vital to first understand your specific goals and needs when identifying the components you need to have as part of your estate plan. Common types of documents in an estate plan may include:

• Will. A will outlines your wishes for the distribution of assets, allows you to name an executor of your estate, and appoint a guardian if you have minor children.

• Trust. When you create a trust, you can transfer your assets to the trust to protect them from probate. The assets will be distributed to the beneficiaries you choose.

• Powers of attorney. Power of attorney, also known as a POA, is a legal document that gives another person the power to make medical and financial decisions on your behalf if you can no longer make those decisions yourself.

• Advance directive. An advance directive can be a key element of an estate plan. This document allows you to state how you want medical decisions about you to be made when you lose the physical or mental capacity to decide on your own.

An experienced family law attorney in Michigan can review your specific situation and help you understand what you want to achieve through your estate plan.