Estate Planning Section

This site is sponsored by the law firm of Sumner & Associates, P.C.  Our firm has attorneys with over 40 years of experience in creating estate plans.  

We have successfully assisted hundreds of clients with estate plans.  This website provides information on estate plans and their benefits.

WHAT IS INCLUDED IN AN ESTATE PLANNING PACKAGE? 

1.Revocable Living Trust - Designed to fit your personal needs, financial needs and family status. A Living Trust is the center of a competent estate plan for avoiding probate, protecting against disability, providing for your beneficiaries, maintaining control over your property, and saving as much in estate,   inheritance tax, and probate costs as possible.

2. Pour Over Will - A Will that names your trust as its beneficiary to act as a safeguard or" insurance policy" against any property from being left outside the control of your trust. This Will also revokes any previous Wills you have signed.

3. General Durable Power of Attorney - An all-encompassing power of attorney that gives your appointed legal agent authority to act on your behalf in matters unrelated to your trust. For example, financial documents such as an  IRA account must remain in your name; if you become disabled, your agent/representative  will be able to transact accordingly on your behalf regarding the IRA account.   The power of attorney may be effective immediately, or upon disability only.

4. Health Care Power of Attorney - a specialized power of attorney, drawn up under a new Michigan law, records your personal instruction regarding medical care, including the use or non-use of life support systems, in the event you are no longer capable of making your own decisions. This power of attorney appoints an agent called a patient advocate to act as your representative  to make legally binding decisions.

5. Funding paperwork - The only trust that  avoids probate is a fully funded trust, i.e.,  your assets must be titled in the name of your trust. This may be time consuming but is an important part of the process. We make the procedure uncomplicated by preparing  paperwork to initiate the ball rolling. That entails contacting all brokers and insurance companies, also gathering information on pensions, IRAs, banks, government agencies and counties in which you own real estate. In many cases, you only need to sign the letter or form and send it through the mail.

ESTATE PLANS ONLY.COM SERVICES

 When you decide to establish an estate plan, you are not only being proactive but also manifesting your testamentary intent to make decisions on matters beyond your own life.  This may include providing income to your children throughout their formative years, to determining who is awarded your personal property and real estate.  Should you engage the attorneys at Sumnerpc.com to assist with designing your estate plan, we will prepare and provide for you a trust including the latest legal statutes enacted by the Michigan Legislature- The Estates and Protected Individuals Code (EPIC).  Click Here for more news on EPIC.

Trusts and wills developed by attorneys at our firm are also included in the complete estate planning package available from Sumner & Sumner, P.C.  Our firm's estate plan includes pour over wills for you (and your spouse, if applicable), information and documents on trusts, patient advocate, durable power of attorney, and more.  The documents are professionally  bound in a handsome estate planning record book.  Below is a photo of the cover sheet to the estate plan.

ESTATE PLANNING PACKAGE

1. Revocable Living Trust Designed to fit your personal needs, financial needs and family status. A Living Trust is the center of a competent estate plan for avoiding probate, protecting against disability, providing for beneficiaries, maintaining control over  property and saving dollars on  estate and inheritance tax and minimizing  probate costs whenever  possible.

2. Pour Over Will - a Will that names your trust as its beneficiary to act as a safeguard or" insurance policy" against any property from being left outside the control of your trust. This Will also serves to revoke any previous Wills you may have signed.

3. General Durable Power of Attorney - an all-encompassing power of attorney that gives your appointed legal agent authority to represent on  your behalf for matters unrelated to your trust. For example, IRA accounts must remain in your name;  if you become disabled, someone will need to transact on behalf of the IRA account. That person  would be your agent. The power of attorney can be effective immediately, or upon disability only.

4. Health Care Power of Attorney - a specialized power of attorney, drawn up under a new Michigan law, sets forth your instructions regarding  medical decisions, including the use or nonuse of life support, in the event you are no longer capable of making your own decisions. The power of attorney appoints an agent called a patient advocate to represent your interests in legally binding decisions.

5. Funding paperwork - the only trust that is going to avoid probate is a fully funded trust; i.e., your assets must be titled in the name of your trust. This is a time-consuming part of the legal process.  However, we can expedite the steps by preparing  paperwork to get the ball rolling. For example, contacting all brokers, insurance companies, pensions, IRAs, banks, government agencies and counties in which you own real estate. In many cases, you may only need to sign the letter or form and send it through the mail.

ESTATEPLANSONLY.COM QUESTIONS AND ANSWERS

The following chart summarizes many client benefits of a complete estate plan, versus a simple will, or the potential danger if the deceased should die without a will or trust   ("intestacy").   

	No Will or Trust	Will Only	Living Trust
Can I avoid probate?	No	No	Yes
Can I reduce/ avoid federal estate taxes?	No	No	Yes
Can I keep inheritance from my heirs until they reach age 30 or older?	No	No	Yes
Can I arrange to have funds managed for the benefit of an heir who is handicapped or otherwise unable to handle funds?	No	No	Yes
Can I make sure my grandchildren will receive my estate after my children die, excluding spouses of my children?	No	No	Yes
Can I leave assets to children from an earlier marriage, cutting out my present spouse?	No	No	Yes
How long  after my death until all assets are distributed and the estate is closed (assuming all goes well)?	6 mos. to 2 yrs	6 mos. to 2 years	2 - 9 mos.
Can I retain control over my assets while I'm alive?	Yes	Yes	Yes
Can I change/revoke the plan?	N/A	Yes	Yes
Does the plan provide for someone to handle my finances if I become disabled?	No	No	Yes

 

ESTATE PLANS ONLY NEWS

     Attorneys at Sumnerpc.com are always tracking the latest developments in probate and estate planning.  For example, one of the latest changes that affects wills, trusts, and estate planning in general is the ratification into law on April 1, 2000 of Michigan's Estates and Protected Individuals Code (EPIC).  It substantially changes many facets of estate planning documents and creates a formal and informal procedure for probating an estate.  Recent clients have benefited from the changes.  Now might be the time to contact the attorneys at Sumnerpc.com if you need an update to your will, trust or estate plan.