Estate Planning Attorney in Grand Rapids

Estate Plans Tailored to Fit Your Needs

Failing to put together a comprehensive estate plan can lead to future trouble and put you, your family members, and beneficiaries at risk. Estate plans provide many benefits and are valuable not only to the very wealthy but to anyone who has any property or belongings. If you have questions or need advice about your options for creating an estate plan that will work for you, we highly recommend that you rely on Tanis Schultz. Our Grand Rapids estate planning attorneys can put your mind at ease, answer all of your questions, and create the documents that will address all of the concerns specific to your situation.

We are well-versed in the state and federal laws about Michigan estate plans and can provide the insightful guidance you need for the preparation of your custom estate plan. Our legal team handles all aspects of estate planning, probate and trust administration, and guardianship.

In addition to drafting wills and trusts, we assist our clients with Medicaid planning and long-term care considerations to safeguard their assets against unforeseen circumstances. We take the time to thoroughly understand each client's unique financial situation and future goals, ensuring a comprehensive approach. Our commitment to providing personalized estate planning means that we consider the nuanced financial, familial, and personal dynamics involved.

Contact us at (616) 227-3737 arrange to speak to an estate planning lawyer in Grand Rapids

The Tools & Benefits of Estate Planning

Many legal tools can be used to handle all of the various aspects of your estate in the event of your passing or incapacity.

These include:

• Wills
• Trusts
• Powers of Attorney
• Advance Health Directives
• Gifts

These legal instruments provide instructions for how you wish the assets and property in your estate to be passed, allow you to appoint someone you trust to carry out these instructions, leave instructions as to the medical care you wish to have or not have should you be unable to express your wishes, designate someone to handle your financial affairs when you are unable to, streamline the process for the distribution of your estate to your heirs and beneficiaries, and lessen or eliminate the taxes, court costs, and other fees that may result from your passing.

Incorporating estate planning tools effectively also helps prevent potential family disputes, ensuring that your wishes are carried out smoothly and with minimal interference. Our team specializes in creating plans that accommodate changes throughout a lifetime, maintaining flexibility for future amendments. Through regular reviews, we ensure that your estate plan remains aligned with your evolving needs and legal updates.

Without a will or an estate plan, your property or other assets will be handled by the probate process without any direction from you. This can result in problems such as family conflicts, delays in the distribution, and other unintended consequences that can be time-consuming, expensive, and frustrating for your family.

Michigan Estate Planning Laws & Considerations

Understanding the complexities of Michigan estate planning laws is crucial for effective estate management. Michigan law governs various aspects of estate planning, such as the execution of wills and the establishment of trusts. The state requires witnesses during the signing of a will, emphasizing the necessity for legal vigilance in ensuring all documents comply with regulations. Failure to meet these criteria might result in the invalidation of a will, underlining the importance of guidance from experienced estate planning attorneys at Tanis Schultz.

In addition to wills, Michigan's Uniform Probate Code significantly influences how estate planning strategies are implemented. Our estate planning lawyers stay current with legislative changes to offer guidance that aligns with current statutes, ensuring comprehensive protection of our clients' interests. With the potential implications of probate, ranging from extended timelines to increased costs, we prioritize strategies that simplify administration, such as the creation of living trusts or guiding the appropriate titling of assets.

What Makes Our Estate Planning Unique

At Tanis Schultz, our approach to estate planning is distinguished by our collaborative team of attorneys, ensuring that our clients receive the cumulative benefits of varied legal insights. With over 50 years of combined legal experience, our collective knowledge enables us to craft tailored recommendations that are both strategic and comprehensive.

Moreover, our client-centric focus means that every estate plan is personalized to reflect our client's individual preferences and circumstances. We adopt a holistic approach, understanding not just the legal elements but the personal impacts of every plan we create. By integrating advanced technology into our practice, we streamline communications and document management, providing clients with a transparent and efficient process. Our commitment extends beyond the creation of documents; we consider it a partnership with our clients, supporting them through ongoing updates and reviews to adapt to life changes or evolving goals.

Frequently Asked Questions About Estate Planning

What Is the Difference Between a Will and a Trust?

The primary difference between a will and a trust lies in how and when they operate. A will takes effect only after you pass away, while a trust is effective immediately upon creation. A will is a legal document that outlines how assets will be distributed, names guardians for minor children, and expresses final wishes. Wills go through probate, a court-supervised process that can be time-consuming and expensive. On the other hand, a trust can manage asset distribution during your lifetime and after your death, providing a way to avoid probate. Trusts offer privacy, as they do not become part of the public record, and can also provide more control over when and how your assets are distributed. Our estate planning attorneys at Tanis Schultz can assist you in deciding which document or combination thereof suits your individual needs.

Why Is Estate Planning Important Even If I’m Not Wealthy?

Estate planning is essential for everyone, not just the wealthy. Regardless of your financial status, an estate plan ensures that your assets, no matter how modest, are distributed according to your wishes. Without an estate plan, state laws will dictate how your property is divided, which might not align with your preferences. Additionally, estate planning helps in nominating guardians for minor children, planning for incapacity, and reducing potential disputes among family members. It also involves planning for healthcare decisions through advance directives, which is crucial if you're unable to express your wishes due to medical circumstances. At Tanis Schultz, our goal is to provide estate planning services that guard your wishes and simplify the processes for your loved ones.

How Often Should I Update My Estate Plan?

Regular updates to your estate plan are recommended to reflect significant life changes such as marriage, divorce, the birth of a child, or the acquisition of substantial assets. Generally, reviewing your estate plan every three to five years is advisable even without major life changes, as laws and personal circumstances may have evolved. Keeping your plan current ensures it remains aligned with your objectives and legal requirements. Another critical aspect involves reviewing beneficiary designations on accounts such as retirement plans or life insurance policies, as these supersede instructions in a will or trust. Tanis Schultz offers ongoing support to ensure your estate planning documents are always up-to-date and reflect your present wishes and circumstances.

Can I Avoid Probate With an Estate Plan?

Yes, it is possible to avoid or minimize probate through proper estate planning. By creating a living trust, you can transfer assets directly to beneficiaries without the need for probate, saving time and reducing costs. Additionally, designating beneficiaries on accounts or using joint ownership with rights of survivorship can bypass probate entirely. At Tanis Schultz, we prioritize creating strategies that streamline the asset transfer process, ensuring your heirs receive their inheritance promptly and with minimal interference. Avoiding probate also maintains family privacy, as probate proceedings are public. Our estate planning lawyers can evaluate your estate and suggest measures that facilitate a smooth transition without the complexities of probate.

What Are the Benefits of a Power of Attorney?

A power of attorney (POA) is a crucial estate planning tool that authorizes someone to act on your behalf in financial or medical matters should you become unable to do so yourself. One of the primary benefits is ensuring that personal affairs are managed according to your wishes by an individual you trust. The financial POA allows the appointed person to manage bank accounts, pay bills, and handle investments during your incapacity. A healthcare POA provides the authority to make medical decisions aligned with your preferences. This document prevents court intervention in appointing guardians or conservators and provides peace of mind knowing that your affairs are in capable hands. Tanis Schultz can assist you in drafting customized POAs that accurately reflect your wishes and safeguard your interests.