Do you have an estate?
If you own any property at all, you own an estate. The government may have something to say about what you do with your property. No other person can tell you what to do with it.

What is estate planning?
•Planning for the disposition of your assets upon death.
•Planning for your lifetime needs.

What are estate planning goals?
•Assure the transfer of your assets to your preferred beneficiaries
•Reduce federal estate and gift taxes
•Minimize probate administration costs

What tools are available?
•Joint ownership of property
•Powers of attorney
•Last Will and Testaments
•Revocable (Living) Trusts
•Patient Advocate Designations (Living Wills/ Durable Power for Health Care)

What will joint ownership do?
Jointly owned property will go to the survivor(s) upon the death of one of the joint tenants. This happens automatically upon the death of one, without probate.

Is joint ownership enough?
Probably not. If both joint tenants die at the same time and there is no will, then the property must go to the heirs as set forth in the Michigan statutes.
If your property is jointly held with one of your children it limits when you can sell it
(only when they agree). Also their name(s) on the deed could make your property available to their creditors if they owed more money than they could pay, or if they were in a lawsuit or a divorce situation.

What does a Will do?
A Will sets forth who you want to get your assets when you die. With a Will, you can give gifts to certain friends and relatives while leaving others out. A Will permits you to name who will be your Personal Representative: the person who probates your estate at the time of your death.

How is a Revocable Trust different from a Will?
A Revocable Trust is a document/ agreement where you as the Grantor control your property just as you would without a trust. You are the Trustee during your lifetime, which means that you make all the decisions and write all the checks. You are the Beneficiary of the trust as well which means that the assets are for your use.
It is important to place all of your assets into the trust - that means all of them: real estate, cash, personal property, stocks, etc. If all of the assets are in the trust, then your successor trustee will do whatever the document says to do and distribute the money upon your death the way you want, without going to Probate Court.
It can help individuals with a high net worth avoid some of the Estate Taxes which would be due upon the death of the surviving spouse.
It can help some individuals control their assets beyond their death. In other words, you can put some strings on the money and control its distribution to your children and grandchildren. That way, they do not get a lump sum of money upon your death.
It can help if you have a family member with specials needs (a handicap or challenge) which means that they will need long term, on going help after you have gone.

What is a Patient Advocate?
Living Wills ( a written document setting forth your wishes for medical care) are not recognized in Michigan. Sometimes these are also referred to as Durable Powers of Attorney for Health Care. In this state, you must have a person to speak for you when you can’t speak for yourself, a piece of paper alone is not enough.
This person will have the right to hire and fire doctors, nurses, hospitals; have the right to make decisions concerning your medical treatment. You can give them the power to make ultimate decisions about your final health care.
The document (Patient Advocate Designation) sets forth the individual that you select, includes their acceptance of this duty, and sets forth some of your wishes in writing.
What is a Durable Power of Attorney?
What if you need more information about one of these options?