by Keith Genzel – Morello Law Group
Each person, regardless of age, employment status, net worth or marital status should have a comprehensive estate plan in place. A comprehensive estate plan in most cases includes: Last Will and Testament, Revocable Living Trust, Durable Power of Attorney, and a Patient Advocate Designation (Medical Power of Attorney). And in the case of real estate, our attorney’s utilize Enhanced Life Estate Deeds (commonly known as “Lady Bird Deeds”).
Proper planning is key to avoid the lengthy and expensive probate court process, and allows clients to pass their hard earned assets to their loved ones as they desire. A properly designed Revocable Living Trust give clients the ability and flexibility to control distributions to beneficiaries while avoiding probate, not to mention keeping their affairs private. Flexibility can be extremely important for clients with disabled beneficiaries, blended families, unmarried life partners, just to name a few.
Even for those that have estate plans in place, a review of that design may be prudent. There have been significant changes in estates and trusts laws over the past several years, and it’s important that your planning stays current. In addition, passage of time often changes your estate planning objectives. Perhaps your family dynamics have changed, or the persons selected as your agents to handle your affairs may no longer be the best choice. Typically we encourage our clients to come in at least every 5 years for a review.
Morello Law Group specializes in Estate Planning, serving our community for 27 years. Our firm helps families design a plan suited specifically for their wishes and needs. We have offices located in Wyandotte and Northville. Please contact me for a complimentary consolation: Keith Genzel, Morello Law Group, firstname.lastname@example.org. Office phone: 734/281-6464