Wills and Estates
The ABDO LAW FIRM can provide representation to prepare your estate plan. We will listen to your goals and respond with an appropriate estate plan. A basic estate plan should include a Will, Durable Power of Attorney and Medical Care Power of Attorney which appoints a Patient Care Advocate who can work with your doctors to make decisions when you are unable to do so.
Having an estate plan not only guarantees that your estate will pass to those persons you want to benefit, it also enables you to determine such important issues as who will be the person responsible for the administration of your estate.
Wills: A will is a legal document which is effective at your death to name individuals and/or charitable organizations to receive your property upon your death. A will nominates a personal representative to manage your estate, pay expenses, pay taxes, and distribute your estate as directed by your will. It also nominates the guardians of the person and estate of your minor children.
Trusts: A trust is a legal document between the individual creating the trust and a person or institution named to manage the trust. In many cases, the trustee names himself or herself to manage the assets which are placed in the trust. For example, a person, John Smith, would set up a trust called the "JOHN SMITH FAMILY TRUST." His attorney would instruct John Smith to transfer property, bank accounts and other assets to the JOHN SMITH FAMILY TRUST and John Smith could name himself as the trustee to manage the assets. If John Smith becomes disabled, he can name a successor trustee to act in his place for ongoing asset management and maintenance.
Probate proceedings are not required for assets held in trust. Upon death, the trust may survive for the support of family members or continuation of a business. Alternatively, upon death, the trust may be terminated and the trust assets distributed according to the terms set forth in the trust.
The ABDO LAW FIRM in Macomb County will design an estate plan to carry out your wishes and not sell you some plan that is too complicated or unnecessary for your particular estate and family.