Estate and Probate Planning Firm in Richmond, MI - Wills, Trusts & Asset Protection
Protect Your Assets Now - Wills, Trusts, Estate & Probate Planning
Heritage Elder Law & Planning is Richmond's premier elder law firm with years of experience in estate planning and administration, probate litigation, wills and trusts. Doing nothing to protect yourself or your loved one could mean a loss of all assets or an entire inheritance. Our expert legal team has years of experience in asset preservation and can provide a complete solution tailored to your specific situation.
Discussing estate planning can be a sensitive and stressful subject. A key to minimizing some of that stress is to plan accordingly. When it comes to protecting your assets, you need an experienced estate planning attorney on your side. Heritage Elder Law & Planning can help.
Chances are, you are part of the statistics noted by Forbes and various business resources on why people say they don't have wills:
- 47% said they "just haven't gotten around to making one."
- 22% felt that making a will wasn't urgent.
- 17% didn't think they needed a will.
- 14% don't have a will because they don't want to think about death.
Richmond's Trusted Source for Estate Planning & Asset Preservation
The truth is, in the event you get sick or die without a will or trust, the state determines where and how your assets are distributed, which could turn into a drawn out legal process; this could have a major impact on your healthcare, your estate tax, your designated beneficiaries, and more.
As you dive into estate planning, you'll find a few different terms pop up such as will, last will and testament, trust, revocable living trust, and living trust.
The time to take advantage of asset protection is now, while you are still well, in order to ensure your assets are distributed as you desire upon retirement, illness, or death.
This document is used to help you carry out how you want your assets and properties to be distributed and is one of the most well known terms in estate planning. Everyone should have a will in order to avoid their assets going into probate.
The living will speaks to healthcare - it's the document in which you you note how you want your medical care handled in the event you are no longer able to declare it for yourself.
Last Will and Testament
This is a legal document that notes your assets, properties, and where and how they will be distributed when you die. The last will and testament has also been called a will.
As opposed to wills, trusts can be used divide up your belongings while you are still alive. You write the rules of it. Your trust can have multiple beneficiaries, but our clients in Michigan typically cite two.
Like the name suggests, a living trust is a type of trust. It's used to avoid probate and guarantee that in the event you become ill or for any other reason are unable manage your own assets, they will be used in a way that best benefits you.
Revocable Living Trust
This legal document is used to avoid court supervised process of wrapping your estate - also known as "probate."
Probate & Trust Planning
A loved one's passing can be complicated by the legalities of probate litigation that executing a will can cause if estate administration has not been carefully planned for. Probate is the legal process of executing a will that begins after someone dies; it is generally managed by a probate lawyer who presents evidence before a court in order to validate and execute the last will and testament of the deceased.
If no executor is named in the will, a probate court judge will assign a probate lawyer as the executor and he will be compensated from the estate.
How can trusts help avoid probate?
Proper trust administration can ensure that assets are not subject to the estate tax, nor are they held in probate for months after one's passing. This is possible because the assets in question are legally transferred in life from their original owner to the trust, though this can easily be written so that the owner can revoke it at any time. Trusts are an excellent way to smooth the estate administration process and avoid the majority of probate litigation, and have helped many provide a safety net for their loved ones.
How has Heritage Elder Law & Planning helped others just like you?
When I had questions about how to make sure my aging father had the best care possible, Attorney Garno took the time to explain all of my options. The compassion shown by him and his staff were a great help in getting through this difficult time for our family. William R.
My experience with Gerard was fantastic. After dealing with the loss of my mother, I was so thankful to be working with him. His knowledge, expertise and sensitivity really impressed me. Kristene K.