Both Wills and Trusts are legal documents that provide for distribution of your estate upon your death. Deciding whether a Will or a Trust best fits your needs depends on your circumstances.  The following are typical estate plan documents that can be used together or individually. 

LAST WILL AND TESTAMENT (Simple Will)
►       Allows you to distribute your property to those you choose (your beneficiaries)
►       Allows you to name an "executor" who will carry out your wishes
►       Allows you to name a guardian to care for your minor children, if any
►       Must go through probate court to be administered

POUR OVER WILL

►        Used in Conjunction with Living Trust
►        “Pours Over” assets to Living Trust upon Death
►        Same Benefits and Uses as Simple Will except Living Trust Distributes Assets, Not Will

LIVING TRUST

►        Private Document
►        Avoids Probate
►        Allows Choice of Representative to Administer Estate after Death
►        Used to Minimize Federal Inheritance and State Death Taxes
►        Ensures that Client’s Assets do not fall into Ex-Spouse’s, or Ex-In Laws’ Hands

DURABLE POWER OF ATTORNEY

►        Nominate Agent to Act for Client in event of Disability
►        Unaffected by Client’s Subsequent Disability
►        Provides Authority for Agent to Handle Financial Affairs
►        Avoid Expensive Guardianship/Conservatorship Court Proceedings

PATIENT ADVOCATE/HEALTH CARE DIRECTIVE

►        Client can Designate Medical Treatment Directives and Avoid Undesirable Medical Procedures and/or Life Support
►        Nominate Agent to Act as your Representative 

Michigan law requires some contracts to be in writing to be binding. Contracts involving the sale of real estate, the sale of goods over $1,000.00 in value, contracts that cannot be performed within one year, contracts to pay someone elses debts, and leases for more than one year, by way of example, must be in writing to be enforceable to be recovered. 

When entering into these types of contracts, you want to make sure you are legally protected and that your contract is binding and enforceable.  If you have any questions about a contract you have already entered into or are contemplating entering into a new
contract, please don't hesitate to contact our office to get the advice you need.  Call us at 248-865-2500.

Once they make a will, many people will put it in a safe deposit box or leave a copy with their attorney, and forget about it. 
However, there are many reasons to review and update your will and other estate planning documents.  
 
Here is a checklist of some life events that may prompt you to do so:  1) The individuals you have named are deceased; 2) marriage or divorce; 3) your children have reached age 18; 4) you moved to a new state; 5) your assets have substantially increased or decreased; 6) need to name new trustee, guardian, or personal representative; 7) new people to name or add as beneficiaries. 
 
Call us today to schedule your consultation with our estate planning attorneys.

Many people believe that non-competition clauses in an employment contract are not enforceable; however, they are enforceable in many instances. In today’s economy, no job is secure. Even if you are fortunate enough to have an employment agreement which mandates that the company keep you on staff for a number of years, there is no guarantee of permanent employment in Michigan. I
always tell my clients,  hope for the best, and plan for the worst.

In other words, assume that your employment will not work out. As with many legal issues, a couple hundred dollars spent up front for attorney advice, can save the employee thousands of dollars down the line, and put that employee in a position to obtain gainful
employment if they lose their job. When it comes to non-compete and non-solicitation agreements, an ounce of prevention is really better than a pound of cure.

Given the current economic conditions that have had such a negative impact on so many businesses and individuals in Michigan, it is important that you protect yourself and your business through annual “check-ups.”

All corporations  in Michigan are required to hold an annual meeting; failure to do so may endanger your status as a corporation, potentially exposing the shareholders to personal liability.  Keeping your corporate records up-to-date protects the corporation, while also protecting the shareholders from possible individual, tort, contract, or tax liability. 

Our firm can assist you in maintaining proper records for your corporation.  Please call us to schedule a “corporate check up” .

Estate planning pays real dividends in results achieved, in dollars saved and most importantly, in security and peace of mind. 
Estate planning allows you to make the critical decisions about the disposition of your property and the care of your family. It allows you to decide who will stand in your shoes to manage your personal and financial affairs when you no longer can.  

Otherwise, without proper planning, you may not have the ability to choose the person who will act for you – a court will do it for you.  There are many estate-planning documents that can be used to meet your personal estate planning needs and objectives including: wills, trusts, durable powers of attorney and health care directives.

Don't delay in providing yourself and your loved ones with this peace of mind.  Call our office today to schedule a meeting to discuss your personal estate planning goals and objectives.   248-865-2500.

Welcome to the Alexander Law Associates, PLLC blog.  Our law firm represent clients in the areas of commercial litigation, business and real estate transactions, corporate formation and growth, probate administration, and  estate planning. We offer individuals, families, and businesses experienced legal representation in a cost effective manner.  Most of our clients are either families or businesses that are family owned or closely held. They range in size from the very small to the extremely large. We strive to make ourselves available to all our clients as well as providing an atmosphere where our clients feel comfortable coming to our offices.

We created this blog to provide our commentary on news and events in our local area, provide a forum for legal discussions and to update you on our latest firm news and information. We hope you will enjoy our blog.