What You Should Know About Michigan's Durable Power Of Attorney?
Posted by smith clea on August 9th, 2022
If you’re like most people, you probably don’t spend too much time pondering what will happen to your estate when you pass away.
But leaving an estate and figuring out who will handle it after you die can be very difficult.
If you don’t put in place the proper legal measures beforehand.
One of the more important legal tools that can help avoid this problem is the Michigan Durable Power of Attorney.
Here’s what you need to know about this document before signing it.
So that you can make an informed decision about whether it’s right for your needs.
Why Should I Have A Living Will?
A living will is a legal document that allows you to specify your wishes for medical care if you are ever unable to communicate them yourself.
This can be an invaluable tool for ensuring that your loved ones know your wishes and can make decisions following them.
Without having to guess or argue about what you would have wanted.
Plus, having a living will give you peace of mind knowing that your bases are covered.
Should the worst happen?
Not All Wills Are Equal
People often think that having a Will is all they need to do when it comes to estate planning.
But, there are different types of Wills, and not all Wills are created equal.
A Michigan Durable Power of Attorney can be a vital tool in your estate planning arsenal.
Here's what you need to know about this legal document.
First, an agent has the power to make decisions on behalf of the principal.
Second, if you have an illness or injury where you cannot make decisions for yourself, the agent will step in for you.
Third, if the principal becomes incapacitated or dies, the agent would no longer be able to act on their behalf.
A new guardian must be appointed by court order if necessary.
Who Needs Estate Planning?
Estate planning is not just for the wealthy.
Everyone has an estate, which is everything you own—your car, your home, your savings, and your personal belongings.
If you die without a will or other plan in place, the state will decide how to distribute your assets.
That might not be how you would have wanted it!
What Is A Michigan Durable Power Of Attorney?
Michigan law allows you to appoint someone (known as your agent) to make financial decisions on your behalf if you become incapacitated.
The agent could pay bills, buy groceries, manage investments, rent property, and do anything else that may need doing to protect and maintain what you've worked so hard for.
Drafting An Effective Will
A will is a legally binding document that allows you to control how your assets will be distributed after your death.
You can use a will to name an executor and list the final wishes for who should receive which items.
However, if you're unable to write or understand the will yourself, it won't have any effect on the distribution of your property at death.
An experienced attorney can help draft an effective will for you and make sure it follows all the rules set forth by state law.
About The Author
Clea Smith is a USA-based author on Legal issues related to estate planning, will & trust, business law, and elder law. Clea Smith does her best writing on these topics that help users to find the best solutions to their FAQ on estate planning attorney, probate, living trust vs will, and more about legal family issues.
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About the Authorsmith clea
Joined: February 6th, 2020
Articles Posted: 91
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