The Law Office of Kelly T. Braun | Estate Planning & Counseling
FAQs

If you are new to estate planning, feel nervous about talking with a lawyer for the first time, are confused on the difference between a Will or a Trust, Kelly is a good fit to help you with your planning. She is knowledgeable, approachable, professional, and friendly. She provides an explanation of estate planning documents in a way that makes less of a legal less and more of a practical solution.

As a sole practitioner, your matter will be handled directly by Kelly and you will not be handed off to a paralegal or other support staff.

When a question comes up you have someone willing to respond to your email, return your call, and provide an honest answer. If you have a unique situation that is outside of her area of expertise, she won't hesitate to refer other attorneys, financial advisors, insurance representatives, real estate agents, or CPAs, that may be able to guide you.

An estate encompasses all of your assets, things that you own, such as a home, a bank account, a dog, a car, an investment account, an annuity, a retirement asset, a second home, a timeshare in Florida, a cottage in Traverse City, etc.

The plan part includes your instructions and directions defined in a set of legal documents that reflect your wishes and intentions for you in the event of death or incapacity. They focus on your care and assistance during your lifetime and then the administration and distribution of your assets (money, property, business interests, vehicles, pets, real estate, etc.) upon your death.

Specifically, a comprehensive estate plan prepared by The Law Office of Kelly T. Braun specify in part: (1) how you do or do not want your assets distributed or handled in the event of incapacity and/or upon death, (2) who you want or do not want to carry out your plan, (3) who you want or do not want to make your financial or medical decisions in the event that you are legally unable to do so, and (4) if you have minor children, who you want (again, and who you would not want) to raise them if you could not.

With an estate plan, you are able to rewrite the statutory default laws in place to fit your specific circumstances.

A Revocable Living Trust, like a Will, is a legal document that contains your instructions for what you want to happen to your assets when you die and who you want to administer them. However, unlike a Will, a Revocable Trust can also define how you want your assets are handled if you are incapacitated (during your lifetime).

Revocable Trusts (if properly funded) avoid probate (court supervision) at death (which a Will does not necessarily do), are handled without court supervision (unlike a Will), and can provide creditor protection for those assets you leave to your beneficiaries, which can be important if your beneficiaries are minors, spendthrifts, immature with money, partnered with someone you do not trust, etc.

A Trust can be as complex or as straightforward as you'd like to carry out the most specific or broad wishes and plans.

Once you set up and "fund" (retitle assets) a trust with your assets, then you no longer legally own them, your Trust does. However, you retain control over these assets during your lifetime (as the Trustee of this Trust). When you die, trust assets do not require court supervision for their administration or distribution.

Simply, a revocable trust keeps your estate plan and administration private, your family out of court, and let's you determine the course for you assets, as well as minimize costs.

This is not an answer anyone likes, but it's an honest one - "it depends". Each person's estate plan is different. What your relative or neighbor has or had might not be what you want or need.

In considering the fee, there are a number of factors that go into determining the that price, such as what assets your are planning for, your wishes regarding your property and assets, your family situation and dynamic, the complexity of your plan, degree of control and direction that you want to provide to reduce the burden to family and loved ones, your comfort level, the value of your assets, how many documents are needed, etc.

The average costs (for 2025) are listed below and are subject to change and vary depending on your specific situation. What your specific cost will be is determined after a consultation.

* Individual Will based plan ranges from $900 to $1850+

* Individual Trust based plan ranges from $1750 to $2500+

* Joint Will based plan ranges from $1750 to $2500+

* Joint Trust based plan ranges from $2950 to $3750+

Keep in mind that this price is for much more than "a bunch of documents." Also, what appears to cost less today will likely cost more (money, time, stress) tomorrow.

Invest your money now and create a plan that allows you more control over the outcome and provides invaluable details and instructions for your family and loved ones. Why not leave your family members with details and instructions to let them help you when you need it?!

That is great that you have a plan in place. You are among the 45% of Americans that have estate plan documents in place. Now, the questions to ask - are your documents out of date, is what you have still the best plan for you, does it state your current wishes, are the individuals named in your documents still the best to fit each role, are you kids now older and can handle more responsibility?

If your documents were drafted more than 2 or 5 years ago, or there has been a major change in your life (birth, death, divorce, increased/decreased assets), it is a good time to review.

As situations, circumstances, and people in your life change, your estate plan should too.

Contact the office or schedule a meeting online today for a review.

Maybe, but probably not. A Will is simply a set of instructions to a judge describing how and to whom you want your assets distributed and who (Personal Representative/Executor) will handle this for you.

Since a Will only takes effect after your death, it cannot and does not provide any planning or instruction if you become physically or mentally incapacitated. If that happens, you might find yourself going through "living probate", which is court supervision to take control of and manage your assets, as well as appointing the person(s) to do this without any input from you.

Maybe... or maybe not. The issue, or one of the issues with things we find on the internet, of course, is that we cannot confirm the preparer or the source. If you use documents that are not prepared by Michigan attorneys, then they might be "good" or they might just provide a false sense of security that your plan is in place. Unfortunatley, you won't know how good they are until it might be too late.

Is a DIY estate plan a good idea? Probably not. It is usually a better idea to see a doctor if you don't feel well rather than looking up your symptoms online. Plus, if you do that, you probably have that nagging suspicion "I should probably just call the doctor."

Again, documents that are available online might be fine... or they might cause problems down the road. This could be an expensive internet search. There is no guarantee that these documents will fit your unique situation or are even valid in Michigan.

If you already prepared a “D-I-Y Estate Plan”, your intentions were good, however, it is a good idea to have it reviewed by an attorney.

Of course that is your choice, however, the people that will pay the price for your choice will most likely be your children, family, and loved ones who are trying to figure out what to do without your guidance or input during an emotionally charged time.

Most people that have dealt with estate administration in some way will probably tell you that this is stressful, time-consuming, expensive, and a burden for family and loved ones during an emotional time in their lives and they would have gladly paid someone to take care of things BEFOREHAND!

Also, if you have beneficiaries that could use the money or other property that you would leave them, it could be months, if not years, before a probate court settles the estate and distributes your assets to your beneficiaries.

Probate is a legal, court supervised process that may be required to distributed your assets.

Parts of the probate process include validating a Will, determining the administrator (personal representative) of the estate, appoints nominated Guardians for minor children, and distributes assets.

If you do not have a Will, or the Will you had is invalid for some reason, your assets (that are in probate) are distributed according to Michigan law (this is called Intestate Succession) to people in your blood-line - whether you want these family members to inherit your assets or not.

If Probate is required for assets in your estate, you should be aware that its a public process, laws and court rules dictate the process and the fees, so this process (which can be avoided) can be expensive (paying hourly fees to an attorney), and time consuming (whether an attorney is hired to handle the probate or the personal representative is handling it directly).

Most people that have been through probate describe it as "awful...nothing I'd want to do again... something to avoid if you can." However, for some, the idea of a court overseeing their affairs and distribution of their property is preferred. This is probably a minority group, but worth mentioning.

Estate Planning is not just for the rich and famous.

Estate Plans are important for everyone - we cannot foresee incapacity during our lifetime, nor can we predict death. Planning ahead allows you to get your ducks in a row as far as your assets (your property) goes should you become incapacited and after death. This will greatly assist those left behind to navigate the waters without your input.

• If you are over 18 years old, single and not a parent, you may only need a simple plan – proper beneficiary designations, a general financial power of attorney, and a healthcare power of attorney.

• If you are an unmarried couple, without a power of attorney in place, you may not be able to legally step in if your partner needs someone to make medical or legal decisions for them because you are not a legal spouse or next of kin.

• If you have children under age 18, a Will is the document that identifies your choice(s) for a Guardian and Conservator to care for them when you are gone. If you do not have this in place, the Court will make this decision for you.

• If you leave money or property to children (or another person) with poor spending habits, no knowledge of financial planning, or creditor issues, you cannot control if your hard-earned money will be quickly wasted. Also, if someone receiving governmental benefits or assistance receives an inheritance, he or she may lose these benefits.

• If you prefer organization, planning, control, and avoiding a “see what happens” approach, you are a candidate for an estate plan, which can allow you to control how your assets are managed, distributed, taxed, and protected.

Most importantly, it can help your children, family members, and loved ones when you are not here to help them. Other benefits include:

• Avoiding probate. Probate cost is between 3-8% of the estate’s market value. The time required for probate can be anywhere from 6 months to 2+ years (during which time accounts can be frozen, even if loved ones may need money sooner)

• Avoiding “living probate” (conservatorship and guardianship proceedings if you become incapacitated and do not have current (not more than 2-3 years old) powers of attorney in place)

• Identifying someone you select and trust to make decisions for you if you become incapacitated

• Specifying who will care for your minor children if you are unable to do so

• Carrying out charitable objectives

• Providing instructions and care for your pets

• Protecting assets from divorce and creditors

• Designating end-of-life medical wishes

• Transfering wealth to others

• Planning for business succession

• Minimizing tax liability (although there is no Michigan estate (death) tax and the federal estate tax allows for an exemption (in 2021) of $11.7 million per person. For a married couple, that comes to a combined exemption of $23.4 million)

At some point during your lifetime, will you deal with a bank, realtor, need to sign a contract, etc. If you are incapacitated and unable to sign a legal document giving someone the legal authority to handle these things for you, a court will appoint someone to do so.

Also, for parents with "children" 18+ years of age (whether you see them this way or not, legally in Michigan they are now adults), you may not be able to access your child's medical records, educational records, or handle financial affairs for them without these documents giving you that power.

You need to have the legal capacity to sign these documents, therefore it is important to have them in place before incapacity or disability arises.

A general (or also referred to as financial) power of attorney, and a healthcare power of attorney, are two essential, basic, estate planning documents, that everyone over 18 years of age should have in place.

This type of deed affectionately known as a "Lady Bird" deed (only available in a few states, including Michigan) is a quitclaim deed named after President Lyndon Johnson's wife, because the President was thought to have once used this type of deed to convey land to her upon his death.

A Lady Bird is a type of deed that works to transfer title for your home, or other real estate, with the home remaining in your name during your lifetime, and upon your death, it avoids probate, and goes to whomever you have named as a beneficiary. Simply, it acts as a beeneficiary designation for your real property.

If you use a Lady Bird deed, you maintain complete control over your property. You can refinance it, sell it, mortgage it, use it - do whatever you want with the property while you are alive - then at death, the property avoids probate and ownership is transferred to whomever is named (beneficiary) on the deed, which can be individual(s), or even a family trust.

Right now. Tomorrow. Next Week.

It is as simple as completing the appropriate Questionnaire on the website and then scheduling a :30 (virtual or telephone conference) consultation to talk with Kelly, ask some general questions, and review your Questionnaire.

At this meeting you will receive a recommended plan or two and the flat fee for such recommendation(s). When you decide which is right for you, you will receive an Engagement and Retainer Agreement detailing the plan, your responsibilities, and attorney responsibilities to finalize your estate plan and take the next step in planning which is defining distribution of assets and which people you want to fill various roles to help carry out your plan.