What is an Estate Plan?

Estate Plan

An Estate Plan can include a Financial Power of Attorney, a Healthcare Power of Attorney, HIPAA Authorizations, real estate deed work, Medicare, Medicaid, Long-Term Care Insurance, VA Benefits and Disability planning. These topics are covered on this page and others.

Living Trust

A living trust is a legal document that, like a will, contains your estate planning instructions for what you want to happen to your assets when you die. But, unlike a will, a living trust avoids probate at death, can control all of your assets, and prevents the court from controlling your assets at incapacity.

Benefits of a Living Trust:

  • Avoids probate at death, including multiple probates if you own property in other states
  • Can help prevent disharmony
  • Prevents court control of assets at incapacity
  • Brings all your assets together under one estate plan
  • Provides maximum privacy
  • Quicker distribution of assets to beneficiaries
  • Assets can remain in trust until you want beneficiaries to inherit
  • Can reduce or eliminate estate taxes
  • Easy with our Longevity Program and Client Care Programs
  • Can be changed and amended at any time
  • Prevent court control of minors’ inheritances
  • Can protect dependents with special needs
  • Prevents accidental disinheriting upon remarriage of surviving spouse
  • Professional management with corporate trustee
  • Peace of mind

Financial Power of Attorney

Financial Durable Power of Attorney – This document generally allows your agent to make business decisions for you and to sign your name if you are not able to. For example, your agent could sign checks for you to assure that your monthly bills are paid. this estate planning document is “durable” because it will remain effective even if you become incapacitated or disabled.

Health Care Power of Attorney

This is similar to a Financial Durable Power of Attorney, but it is designed to deal exclusively with medical and health care decisions. Your agent is given the responsibility to make medical treatment decisions if you are unable to effectively communicate with your doctor.

Living Will – This is a document which allows you to state in advance your preference regarding the use of life support. You set forth in writing your wishes as to what medical treatment you do and do not want if you are ever seriously ill. Our Living Will is called the “Your Wishes Guide.”

Direct Distribution Plan

Everything is owned jointly with a fiduciary of your estate (usually a child) or with beneficiary designations. When you pass away the fiduciary gets the assets so they do not go to probate and then divides them among named heirs.

How to Get Started

Schedule an appointment. You should bring deeds, tax bills, and asset information and fill out our fact finder (Estate Planning Guide – below) before the meeting.

Please contact Anderson, Brogan and Yonkers at 148 W. Hewitt Avenue, Marquette, Michigan 49855 (906) 228-6212 or toll free at (877) 304-3119. Email us: upelderlaw@upelderlaw.com. We have offices in Marquette, Escanaba, Iron Mountain, Houghton, Sault Ste. Marie, and Menominee/Marinette.

Click below to download our Estate Planning Guide.

EPG