Will-Based Estate Plan Rochester Hills

Financial Power of Attorney

You nominate a substitute decision maker to make financial/legal decisions on your behalf if you are unable to do so yourself (personal decisions as opposed to trustee decisions)

Goal: Avoid probate conservatorship 

Patient Advocate Designation

You nominate a substitute decision maker to make healthcare decisions on your behalf if you are unable to do so yourself

Goal: Avoid probate guardianship

Simple Will

· Wills serve as letters to Probate Courts

· Nominates guardians for minor children

· Allows you to appoint a personal representative to manage administrative decisions, ensuring your final affairs are handled

· Outlines a plan for distributing assets remaining after administration

When a minor child is set to receive an inheritance under a Simple Will

• Probate Court Involvement: After the deceased’s estate goes through probate, the court may establish a conservatorship for the minor child. This involves appointing a conservator to manage the child’s inheritance and to see the funds are used for the child's benefit, such as education, healthcare, and general living expenses
• Court Oversight: The conservatorship is subject to court oversight, which means the conservator must report to the court on how the assets are managed and distributed until the child reaches the age of majority
• Distribution upon Reaching Majority: Once the child reaches the age of majority the conservatorship can be terminated, and the child will receive their inheritance outright

Funeral Representative Designation

Choose someone to handle your physical remains after your death, typically the same person you appoint in your Patient Advocate Designation

Goal: Avoid probate fight 

1. Simplicity: A Simple Will is easy to create and requires less time and effort than setting up a trust
2. No Funding Required: Unlike a trust, a Simple Will doesn’t require you to transfer assets into it, avoiding a time-consuming process
3. Suitable for Smaller Estates: For smaller estates, a Simple Will paired with a Ladybird deed may be sufficient for asset distribution

1. Probate Requirement: A Simple Will must go through probate, which can be a lengthy and costly process, while a revocable living trust can avoid probate altogether
2. Public Record: Wills become part of the public record during probate, meaning details about your estate and beneficiaries can be accessed by anyone. In contrast, a trust generally remains private
3. Less Protection for Minor Children: A Simple Will does not provide a structured plan for managing their inheritance, whereas a trust can hold and manage assets until the children are of appropriate age
4. Potential for Disputes: Since a Simple Will must go through probate, it heightens the potential for disputes by removing the financial and procedural barrier of needing to      initiate a new case