In Need of an Estate Planning Attorney in Commerce Township, MI?
If you have young children, the most important parts of your estate plan may have little to do with property. They are about who would raise your kids, who would manage money for them, and who could make decisions if you were suddenly unable to.
Douglas Kuthy is an estate planning attorney who meets with Commerce Township parents in person to put those decisions in writing through a coordinated estate plan.
Doug builds each plan around your family, property, decision-makers, and goals, and a revocable living trust may be part of it. He explains his flat fee before work begins, and every meeting takes place in person at his West Bloomfield office. Call 248-432-1612 to schedule an in-person consultation.
Why Commerce Township Parents Plan Before They Think They Need To
Most parents who create an estate plan hope it never has to be used. Its value is in the decisions it makes ahead of time, while you are the one making them. A coordinated plan may address:
- A guardian for your minor children, plus an alternate
- Someone to manage money left for your children
- The age or stages at which children receive an inheritance
- Who handles your finances and health care decisions if you cannot
- How life insurance and retirement account beneficiaries fit the plan
- Whether a trust is appropriate
Planning for Commerce Township Families With Minor Children
Choosing a guardian is often the hardest conversation for parents, and it helps to think about more than who loves your children. Consider who shares your values, who has the time and health to raise children, and whether that person would want the role.
Many parents name one person to raise the children and a different person to manage the money, which spreads the responsibility and adds a layer of oversight.
Money left to minors needs a plan, too. Children generally cannot manage an inheritance or insurance proceeds on their own, so a trust can hold those funds for them and pay for needs such as education, health care, and everyday living, with a trustee you choose. Read more about estate planning for families with minor children.
Blended Families in Commerce Township
When one or both spouses have children from a prior relationship, planning takes extra care. A plan can provide for a current spouse while also protecting what children from an earlier marriage are meant to receive.
Beneficiary designations on older accounts may still name a former spouse, so they deserve a close look.
Doug also works with single people, empty nesters, and senior citizens.
Whether you are writing your first plan or updating one from before your children were born, schedule an [in-person consultation] with Doug at his West Bloomfield office.
When Commerce Township Parents Consider a Revocable Living Trust
Parents often ask whether a trust is necessary or whether a will is enough. A revocable living trust lets you keep control of your assets during your lifetime and name a successor trustee to manage them during an incapacity and for your children afterward, under terms you set.
It may be worth considering if you want to control when children receive assets, if you own a home, or if you want continuity during an incapacity.
A trust does not avoid probate on its own and only works as intended when it is properly funded, with the right assets titled to it and beneficiary designations coordinated. Learn more about how a revocable living trust works or compare wills and trusts.
Documents in a Commerce Township Family’s Plan
Doug tailors the documents to your family. Depending on your needs, he may prepare:
- A revocable living trust, if appropriate
- A will that nominates a guardian and coordinates with the plan
- A durable financial power of attorney
- A patient advocate designation
- A HIPAA authorization
- Deed or title planning, where appropriate
- Trust funding and beneficiary designation instructions
How Doug Works With Commerce Township Families
It helps to know what to expect from the process:
- An in-person meeting at the West Bloomfield office
- A conversation about your children, property, and the people you trust
- A recommended plan, with the flat fee explained before work proceeds
- Drafting, then time to review and ask questions
- An in-person signing meeting
- Instructions for funding your trust and coordinating accounts
Updating a Commerce Township Plan as Your Family Changes
Talk with Doug about an update after:
- The birth or adoption of a child
- Marriage, divorce, or remarriage
- A named guardian’s move, illness, divorce, or change of heart
- Buying or selling a home
- A new life insurance policy or retirement account
- A child reaching adulthood
Commerce Township Families Meet With Doug in Neighboring West Bloomfield
If you are looking for a Commerce Township estate planning attorney you can meet with face to face, Doug sees clients at his office at 5755 Fox Hunt Lane, West Bloomfield, MI 48322. All consultations and signings take place there. Learn more about Estate Planning Attorney Douglas Kuthy.
If you live in Commerce Township and want to create or update an estate plan, schedule an in-person consultation with Douglas Kuthy at his West Bloomfield office. Call 248-432-1612 to get started.
