Estate Planning, Living Trusts, Wills and Trusts Petoskey, MI

Mortimer Law Firm specializes in Estate Planning, Asset Protection, Wills and Trusts (testamentary and living) in Northern Michigan

Mortimer Law Firm has 2 offices in Northern Michigan, one is located in Alpena, MI and the other in Petoskey, MI. If you need Estate Planning services in Petoskey, MI or Northern Michigan contact Mortimer Law Firm at (989) 358-2100 or (231) 487-1201.

Estate Planning Petoskey MI

Estate Planning Lawyer Petoskey, MI

Estate planning is the legal process in which an individual’s assets are arranged to be transferred if that individual passes away. In an estate plan beneficiaries are the individuals who will inherit the assets. An estate is defined as all the property real and personal owned by an individual. The real property includes land and building. Personal property includes: bank accounts, stocks, bonds, mutual funds and vehicles etc. Estate planning allows an individual to rightfully distribute their property to their heirs/beneficiaries. Outright distributions can be made to responsible beneficiaries and younger beneficiaries can have their assets held until they are old enough to be responsible for the inheritance.

Wills and Trusts Petoskey, MI

Wills and Trusts allow individuals to dispose of their assets and wealth. The difference between Wills and Trusts is that Wills have to go to probate court for a legal process regarding transfer of assets. It is important to have a will if you have children and you are able to state an age in which the child or children will receive an inheritance.

With no Will an individual’s assets will be distributed according to Michigan state law. In certain states assets could be divided between a spouse and children. If you have a Will you might want to review it and have changes made if you have an extreme financial change, divorce, new born children etc. An experience Wills and Trusts Attorney can ensure all requirements are met and the Will is executed professionally.

Living Trusts Petoskey, MI

A Living Trust is a vital part of an estate plan and is an arrangement in which an individual called a trustee holds legal title to property for an individual legally named beneficiary is a trust. If you want to keep full control over all property in a trust you can be the trustee of your living will. A living trust is created while an individual is alive rather that after their death.

A living will can be written up to define how healthcare will be handled if that individual is terminally ill or unable to make decisions. A main factor in a Living Will is to determine life preservation measures and decide whether an individual would like to be put on life support if the situation presents itself. If an individual is on unable to make decisions on their own and does not have a Living Will the Doctor would ask the family members to make the judgment calls.

How a Living Trust can Help you

If an individual is in a coma or unable to communicate how he or she would like their medical treatment implemented a Living Will is the document that would give the individual control over their future. A Living Will can be drawn up by an attorney to state how an individual would like their medical conditions handled if any traumatic experience is to happen in the future.

It is important for any individual (especially geriatrics) with assets to have a professional Living Will drawn up by a Michigan Estate Lawyer such as Rory Mortimer with Mortimer Law Firm. Mortimer Law Firm offers Living Trusts, Estate Planning, Wills and Trusts in Northern Michigan with offices located in Petoskey and Alpena Michigan.