Macomb County Estate Planning

Estate Planning

At Aiello & Associates, we understand that planning for the future is a crucial step to ensure the well-being of your loved ones and the preservation of your assets.

Estate planning involves more than just drafting a will. It encompasses a range of legal strategies and tools aimed at maximizing the value of your estate, minimizing tax liabilities, and ensuring that your assets are distributed according to your wishes.

Wills and Trusts

A will gives you the ability to determine what happens to your assets after you pass away. While many people don’t think they have a “big enough estate” for a will, the truth is these important legal documents can protect anyone who owns property, real estate, shares in a company, sizable bank or savings accounts, expensive jewelry, artwork, family heirlooms, and much more. Without a will in place, it will be up to the court to distribute these items after your death.

If you have any assets with contractual beneficiaries, like a vacation home with a joint mortgage or a shared bank account, these would not be dealt with through a will because they already have a beneficiary, which is the joint owner. However, all other assets should be listed on the document to ensure that they go to the desired beneficiary after your death.

Completing a living will, also known as an Advance Health Care Directive (AHCD), is strongly recommended for anyone over the age of 18. This legal document will be critical if you are unexpectedly unable to speak for yourself on important matters, such as after a serious auto accident. For more information on when and how to make these important medical decisions, consult with a qualified estate planning attorney.

Guardianship

When a person is no longer able to care for themselves or make important decisions regarding their affairs, a legal guardianship may be necessary. Guardianships may apply to a person, the person’s estate, or both. A guardian is a person – usually a close friend or relative – appointed by the court to manage the affairs of the incapacitated person.

Guardianships are similar to probate in the sense that they can be costly, require court supervision, and take several weeks to establish in the ordinary course of business. However, with proper estate planning, you can avoid the use of a guardianship altogether. Nonetheless, if it becomes necessary to establish a guardianship, we are here to help guide you through the process.

Probate Conservatorship

A conservatorship grants a person the legal right to take responsibility for another person’s assets and finances if that person has been found to be fully or partially incapable of handling these necessities for themselves. A conservatorship is sometimes called a “guardianship of the estate” and may go by other names in certain jurisdictions.

In many cases, a person may still be capable of handling some but not all of their own affairs, and so appointing a conservator rather than a guardian is a good choice. Our probate attorneys can help you understand the differences in these options.

Power of Attorney

A person can grant someone else the authority to make legal and financial decisions on their behalf using a legal document known as a “power of attorney.” While it is not particularly difficult to find power of attorney forms on the Internet, there is usually little or no accompanying explanation of what a power of attorney is, when you need one, or what type to choose. Given the high level of control this grants another person over your life, it is strongly advised that you seek legal guidance in creating any power of attorney arrangements.

Reliable and Compassionate Help for All Your Estate Planning Needs

Our skilled attorneys will work closely with you to develop a personalized estate plan that addresses your specific circumstances and objectives. Whether you need assistance with establishing trusts, designating beneficiaries, or appointing guardians for minor children, we are here to guide you through the entire process with care and knowledge.

Contact us today to schedule a consultation and take the first step towards securing your future and the well-being of your loved ones.