Planning for the Future through Estate Planning


Posted February 16, 2017 by vttlaw

Call Us Now at 616-844-3000. The attorneys at Van Tubergen, Treutler & Hayes, PLLC in Grand Haven, Holland and West Michigan will give you an experienced counsel and will help you win your case.

 
When you have a lot of properties, you need to protect them. By protecting those, you are protecting your family as well. One way to do this is through proper estate planning techniques. The main goal of estate plans is to avoid probate. Once a carefully drafted estate plan is ready, probate will no longer an issue.

Unlike what other people think, estate plans are not expensive. It is a practical way to prepare for the future since it will bring a lot of convenience in the long run. Through an estate plan, you can incorporate your unique wishes into a legally binding set of documents.

We have only one motto when it comes to drafting documents, we “Hope for the Best and Plan for the Worst”. You can accomplish any goals you have in mind without limitation with a well drafted estate plan. The following are some of the things you can achieve;

Designate a third party (ie guardian) to care for your minor children and a trustee that will be responsible to manage the money that is available for your children’s care
Protect assets if you or your spouse must live in a nursing home
Plan for the needs of a child with special needs
Ensure that the family cottage will remain in the family
Plan for adult children with substance abuse problems
Protect assets from creditors
Designate a Patient Advocate as well as a person to manage your financial affairs if you are unable to do so yourself
Minimizing, delaying, and avoiding estate tax liability

Estate Planning Techniques
Trusts
To have great control over your assets, as the creator or the “Settlor”, you can use a Trust. This will help you manage your properties before and even after death, avoid probate, and keep financial affairs private. Although it is slightly expensive than wills, it is much better because it offers greater protection and personalization.
Wills
People may be more familiar with wills as they often seen it on television shows or movies. There will be a personal representative who will be appointed by the person, who is called testator, entrusting his/her assets. The testator can designate the distribution of his/her properties after death. Then, the representative, usually the lawyer, will be in charge of handling the affairs of the estate for him/her. The personal representative can also nominate a guardian and conservator for the left-behind children of minor age.
Probate
If a person has died without a Trust or Will, and left his/her properties without owners, then a probate will be used to administer the person’s affairs. The probate court will appoint a personal representative to distribute the properties to the relatives, in behalf the deceased.
Power of Attorney
If a grantor has no capacity or unable to manage her/his financial and medical well-being, power of attorney documents will appoint an individual who can handle the grantor’s affairs.
Estate planning are complicated and extensive matters. You will need a trusted expert to help you choose the right estate planning techniques. The Law Office of Van Tubergen, Treutler & Hayes, PLLC in Grand Haven, Holland, and Muskegon, Michigan is your choice when handling these matters.
Call us now for free initial consultation at 616-844-3000.
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Issued By Michael T. Van Tubergen
Phone 616-844-3000
Business Address 114 North Third Street, Grand Haven, MI 49417
Country United States
Categories Business , Law , Services
Tags family attorney , family lawyer , lawyer in contract , lawyer in west michigan , trust attorney , will and trust attorney
Last Updated February 16, 2017