Ever wonder what the absolute essential Michigan Estate Planning documents are? Well, Business Week put together a list, from caregiving.com listing the essential documents for any estate plan not including a Will. You can read the article here: The Essentials.
The key estate planning documents, according to the article, are:
- Medical Directive. This is also commonly called a living will. This document makes known your wishes regarding life support. Michigan is the only state that does not recognize by statute a living will. However, we do have case law stemming from the Martin case, that recognizes living will type language.
- Durable Power of Attorney for Health Care. This document appoints someone to make your medical decisions for you if you become incapacitated. In Michigan, we call this document the Patient Advocate Designation.
- Privacy Release. This document allows your patient advocate to get access to your medical directives. In our office we call this a HIPAA Authorization. HIPAA places severe penalties on physicians who release your medical information to an unauthorized party. The HIPAA Authorization releases the physician from liability for sharing your information with the individiuals named in the document.
- Durable Power of Attorney for Finances. The individually tailored durable power of attorney appoints someone to manage your finances for you. The document can be effective immedialty or upon disability.
- Revocable Living Trust. A Revocable living trust allows you to avoid probate while exerting more control over your assets than what a last will and testament would provide.
Christopher J. Berry, Esq., A Bloomfield Hills Elder Law Attorney, is a Partner with Witzke Berry PLLC, which practices in the areas of Estate Planning, Michgian Long-term Care Planning, and Michigan Medicaid Planning.
