Pathway Law is experienced and happy to assist in these legal areas:
Wills, Trusts, Powers of Attorney, Probate, Trust Administration, Guardianships and Conservatorships.
Wills
A Will is a legal document that expresses a person’s desires regarding how their property is to be distributed after their death. A Will also specifies who is to manage a person’s property following their death until the property is transferred to beneficiaries.
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When a person dies, their Will is submitted to the Probate Court to open probate. A standalone Will can be a valuable legal tool, but it is important to understand that a Will does not keep your estate out of Probate Court when you die.
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Parents may specify who they desire to be the Guardian and Conservator of their children if they become incapacitated or deceased while their children are minors, or this can be accomplished in a separate legal document for that express purpose.
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Pathway Law is happy to discuss the differences between a Will and a Trust so you can determine which one best fits your personally and family goals.
Trusts
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A Trust is a relationship in which one person, the Trustee, holds title to property. The Trustee safeguards the property and uses it for the benefit of another person, who is called the beneficiary. The Trust instrument summarizes the details of that relationship in writing.
A proper trust specifies how a person’s property is to be managed and distributed while that person is alive and healthy, alive and incapacitated, and following their death.
Trusts help avoid the need for Probate following death and are a way to provide for beneficiaries who are underage, have special needs, or are unable to manage their own finances.
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Trusts provide paramount flexibility in estate planning and are usually coupled with Powers of Attorney to ensure you and your desired beneficiaries are protected without the expense and publicity of Probate.
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Pathway Law uses real life examples to explain how trusts protect clients and their loved ones. We believe you will find the informative and enjoyable.
Powers of Attorney
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A Power of Attorney is a legal document in which you appoint a substitute decision maker who can exercise your legal rights for your benefit.
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A Power of Attorney for finances specifies who you trust to access your assets and use them for your benefit in the event you are unable to do so. It also specifies who may exercise your legal rights such as signing a contract or filing an insurance claim on your behalf. A Power of Attorney for Finances is a great way to avoid needing a Court ordered Conservatorship.
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A Power of Attorney for Health Care specifies who you trust to be your Patient Advocate to make medical decisions and place of residence decisions in the event you temporarily or permanently incapacitated. It may also include Advanced Directives that specify your preferences for medical care procedures. A Power of Attorney for Health Care is a great way to avoid a Court ordered Guardianship.
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Pathway Law uses past experience and real life examples to explain how Powers of Attorney can benefit each client.
Probate
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When a person (a "decedent") dies with a Will, Probate is the court process used to determine the validity of a decedent's Will, identify the proper person to carry out the terms of the Will, and ensure the right beneficiaries inherit the correct shares of the decedent's estate.
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When a Person dies without a Will, Probate is the Court Process of determining the correct person to carry out the decedent's estate and transfer assets to proper heirs.
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Probate requires strict compliance with Michigan Law and Court requirements in filing an application, identifying heirs, serving notices, safeguarding assets, filing an inventory, determining creditors, accounting to heirs, and making distributions. The Probate process can be daunting but is in place to protect the wishes of decedents and the interests of their heirs.
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Pathway Law works with clients to ensure they understand the probate process, meet Court deadlines, and comply with all regulations.
Trust Administation
Trust Administration begins when the person who establish the trust (called the Settlor or Grantor) is incapacitated or dies. When a successor Trustee accepts their role as Trustee they must comply with all trust terms.
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An acting Trustee must safeguard trust assets, make the assets productive, ensure the assets are prudently invested and managed, keep a detailed accounting of assets, and ensure the assets are used for the benefit of the proper beneficiaries.
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A Trustee may also be required to provide notices to creditors, evaluate creditor claims, pay bills, and file state and federal tax returns.
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Trustees typically work with an attorney to ensure they properly carry out the terms of a trust to ensure compliance with Michigan Law. It is also common for a trustee to work with a tax preparer, realtor, and financial advisor.
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Pathway Law advises Trustees in every aspect of trust administration, from the most basic matter to the most complex.
Guardianship & Conservatorship
A guardianship is a legal procedure that provides a substitute decision maker for an individual who is incapacitated and cannot make their own health care decisions or housing placement decisions.
A conservatorship is legal procedure that provides a substitute decision maker for an individual who is incapacitated and cannot make their own financial and legal decisions.
Michigan law says that reasons for incapacity can be, but are not limited to:
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Mental Illness
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Mental Deficiency
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Physical Illness
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Physical disability
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Chronic Use of Drugs
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Chronic Intoxication
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Other causes that result in lack of understanding or capacity to communicate informed decisions.
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This procedure is also used to ensure orphaned minor children are protected.
Guardianship and Conservatorship can only be established through Court action.
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Pathway Law understands the stress involved in taking over financial and medical decisions of a loved one and is uniquely situated to walk with you on that journey.