In Estate Planning Gone Wrong Part 1, I discussed the mistake of people trying to do their estate plan on their own without the aid of a Michigan estate planning lawyer. In Estate Planning Gone Wrong Part 2 I discussed the second major issue we see at our Oakland county estate planning law firm, that being people not updating their estate plans.
The third major issue we see with people who either have not done an estate plan or have done an estate plan not at our firm is that people are failing to plan for incapacity.
This problem is also at the heart of the trust vs. will debate where having a living trust based estate plan prepared by a Michigan estate planning lawyer probably makes more sense then just having a Michigan will based estate plan. The reason is that a last will and testament does not have any planning for incapacity. Incapacity could take the form of brain injuries, strokes, Alzheimer's, and other issues not including death. With our population living longer and longer there is a greater chance than ever that you will spend at least some time legally incapacitated. Doesn't it make sense to take this into account in your estate planning?
The way to plan for incapacity is through executing and annually reviewing a living trust based estate plan with effective powers of attorney for health care and financial decisions. All prepared by a Michigan estate planning lawyer.
Christopher J. Berry, Esq.
Metro Detroit Estate Planning Lawyer
The third major issue we see with people who either have not done an estate plan or have done an estate plan not at our firm is that people are failing to plan for incapacity.
This problem is also at the heart of the trust vs. will debate where having a living trust based estate plan prepared by a Michigan estate planning lawyer probably makes more sense then just having a Michigan will based estate plan. The reason is that a last will and testament does not have any planning for incapacity. Incapacity could take the form of brain injuries, strokes, Alzheimer's, and other issues not including death. With our population living longer and longer there is a greater chance than ever that you will spend at least some time legally incapacitated. Doesn't it make sense to take this into account in your estate planning?
The way to plan for incapacity is through executing and annually reviewing a living trust based estate plan with effective powers of attorney for health care and financial decisions. All prepared by a Michigan estate planning lawyer.
Christopher J. Berry, Esq.
Metro Detroit Estate Planning Lawyer
