Best Estate Planning Attorneys in Detroit

FAQs

• What is the non-emergency contact number for the local police station in Detroit, Michigan?

  The non-emergency phone number of the local police of Detroit is (313) 267-4600. Residents may call the number for non-life-threatening situations, such as reporting abandoned vehicles, noise complaints, and welfare checks.

• Where can I get a copy of police reports for incidents related to my case in Detroit, Michigan?

  To obtain copies of police reports in Detroit, interested parties may visit the Detroit Police Department at 2875 W. Grand Blvd, Detroit, MI 48202. Requestors must provide a 10-digit case or complaint number or a valid identification card for unknown report numbers. For further questions, residents may call (313) 596-1908.

• Does Detroit offer legal services for residents who can't afford the costs associated with estate planning?

  n the Detroit area, several law firms offer pro bono services to low-income residents who can't afford to pay their estate planning lawyers. Low-income residents in Detroit who need legal assistance with their estate plans and want to give their families a sense of security, regardless of how big or small their estate is, can reach out to law firms that provide pro bono assistance.

• What are the elements of an ideal estate plan in Detroit?

  Apart from a trust or a will, other significant elements should be in an estate plan in Detroit, such as a durable power of attorney, a funeral representative, a patient advocate designation, and HIPAA authorization. The previously mentioned components will aid in the protection of assets, businesses, and medical decisions in the event of death, permanent disability, or mental incapacity.

• Is estate planning still needed if a Detroit resident only has a few assets?

  Yes. A Detroit resident with a few assets is still advised to create an estate plan. Regardless if you own several businesses and properties or only have a house to hand down to your heirs, an estate plan will help protect your family and ensure that the instructions you created will be carried out after your death or illness.

• How often should estate plans in Detroit be updated?

  The residents of Detroit are recommended to revisit and update their estate plans after significant life changes such as marriage, divorce, childbirth, and asset acquisition. Updating an estate plan is also necessary every couple of years to check for the names of listed beneficiaries and if any changes are needed.

• In Detroit, what are the common mistakes seen in estate planning?

  The common mistakes to avoid when making an estate plan in Detroit are asking family members or relatives to carry out your instructions after your death, taking advice from people other than legal representatives when trying to avoid probate, and using forms available online. Waiting for the ideal time to create an estate plan is another common mistake you need to avoid.

• What does an estate planning attorney do?

  An estate consists of the total assets that form an individual’s net worth, no matter how large or small. Estate planning attorneys use their in-depth knowledge of state and federal laws to help people best manage what will happen with their estates after they die or become incapacitated. Estate planning attorneys can prepare wills, form trusts, reduce estate tax burdens, and decrease or eliminate the need for probate court.

• What are valuable estate planning services an attorney can provide?

  With the many intricacies of assets, taxes, and state and federal laws that can affect a person’s estate, an estate planning lawyer can be a valuable professional asset, no matter how large or small a person’s estate may be. An estate planning attorney can:

  • Create a comprehensive plan to protect a client's legacy, that includes a will, power of attorney, trusts, life insurance, and advanced medical directives
  • Optimize an estate plan as tax laws, life events, assets, and goals change over time
  • Protect a client’s loved ones by preventing assets from entering probate
  • Help clients designate a person to make important health decisions for them if they become incapacitated

  
  

• Can estate planning attorneys help create trusts/wills?

  Estate planning attorneys can create trusts and wills. Through a will, an attorney can help a client designate their estate’s beneficiaries and assign an executor to represent the will in probate court. These attorneys can also create trusts, allowing a client to assign a trustee to oversee the estate, potentially avoiding probate court and holding assets to be distributed over time.

• Is estate planning the same as drafting a will?

  While both estate plans and wills officially document how their owners wish to allocate certain assets after their death, there are key differences. In estate planning, a will is often just one of several documents that form a comprehensive plan. In a will, people must designate a person responsible for executing their will after their death. The will can include guardians for their children when they die and beneficiaries to receive an inheritance of money, property, and other assets.

• What are the steps involved in estate planning?

  To create a thorough and effective estate plan, individuals should follow these steps:

  • Prepare a will that designates an estate executor; indicate who will receive what assets, and assign a trust and guardians for any children. Consider using an attorney if the will is in any way complex.
  • To avoid probate, have an attorney create a revocable living trust.
  • Assign beneficiaries to other assets, such as life insurance policies, retirement plans, and securities.
  • Use an attorney to prepare a living will, name a health care proxy, and create a HIPAA release form.
  • Update the plan every five years.

  
  

• How long does the estate planning process last?

  The length of the process can vary greatly depending on the size and complexity of the estate, the specific law office, and whether there’s an emergency or urgent need. If you’re using an attorney, you can generally expect it to take one to five weeks. You may be able to speed up the process by immediately providing your attorney with any bank statements or other documents they need.

• What is a trust?

  A trust is an agreement between a grantor, a trustee, and a beneficiary. In this agreement, the grantor allocates funds or real property assets to the trustee to be held either until the grantor passes away or until a specific, agreed-upon date. At that point, it's the responsibility of the trustee to distribute funds or property to the beneficiary or beneficiaries. While there are similarities between a will and a trust, a will is a more comprehensive document that typically requires probate court, while a trust allows assets to pass to the beneficiary without probate.

• How does a trust fund work?

  When opening a trust fund, a grantor allocates a trustee to oversee and manage assets in the account. This trustee can sometimes be a relative, an estate lawyer, or a bank that acts as the legal owner of the trust. While holding assets, the trustee is required to file taxes on trust assets.

• How does a living trust work?

  A living trust enables a grantor to manage their assets through a trustee while still alive. They can continually add funds and/or property to their trust fund by transferring them to the trustee, who accepts ownership of everything held in the fund. The grantor can name a beneficiary for their trust, and their assets will be automatically transferred to that person or establishment upon their death.

• Do I need a lawyer for a will?

  No, a lawyer is not required to draft or complete a will. However, there are some scenarios in which hiring an estate lawyer to assist with a will is a good idea, including when children or high-value assets are involved. Additionally, an estate lawyer can help to reduce probate fees and taxes paid by loved ones after a person dies. It's also best to work with a professional to ensure that the will addresses everything necessary, such as funeral plans, guardianship, and asset distribution.

• Can you have both a will and a living trust?

  Yes, and individuals who have a living trust should also have a will. While a living trust enables a person to leave funds and assets to a loved one when they're gone, a will is required to cover any assets that aren't included in the trust, such as guardianship of dependents, funeral plans, and forgiveness of outstanding debts, if applicable.

• How much does it cost to set up a trust?

  The cost of setting up a trust varies quite a bit depending on a variety of factors, including terms that are in place, special provisions for minor beneficiaries, and trustees' basic fees. In most cases, the minimum cost of setting up a trust is about $1,500, but depending on the factors mentioned above, this cost can increase by thousands of dollars.