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Knowledge & Guidance

Helpful Resources

Whether you're a family planning for the future or a financial advisor seeking a trusted estate planning partner, you'll find answers, guides, and tools here.

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Understanding Estate Planning

Estate planning doesn't have to be overwhelming. These guides cover the essentials for Michigan and Florida families at every stage of life.

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What Is a Revocable Living Trust?

Learn how a living trust works, why it's one of the most powerful tools for avoiding probate, and whether it's right for your family.

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Why Michigan Families Should Avoid Probate

Probate in Michigan is public, slow, and expensive. Discover the legal strategies that keep your estate out of the courthouse.

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The Difference Between a Will and a Trust

Many people assume a will is enough. We explain when a trust is the better choice โ€” and why both have an important role.

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Estate Planning If You Own Property in Florida

Florida's homestead laws and probate rules are unique. We help Michigan clients with Florida assets navigate both states seamlessly.

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Planning for Long-Term Care & Medicaid

Nursing home costs can devastate a family's savings. Learn how proactive Medicaid planning can protect what you've worked for.

Protect Your Assets โ†’
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Business Owners: Is Your Company Protected?

Without a succession plan, your business could be forced to close or sold at a loss. Learn your options now, before it's too late.

Plan Ahead โ†’

Frequently Asked Questions

Your Estate Planning Questions, Answered

These are the questions we hear most often from Michigan and Florida families. Click any question to read the answer.

Do I really need an estate plan if I don't have a lot of assets?+

Yes. Estate planning is about more than wealth โ€” it determines who raises your children, who makes medical decisions if you're incapacitated, and who inherits your property. Without a plan, Michigan law decides for you, which may not match your wishes. A basic plan is affordable and essential for anyone with a family or property.

What is probate and why should I avoid it?+

Probate is the court-supervised process of distributing a deceased person's estate. In Michigan, it is public record, often takes 12โ€“18 months, and costs attorney and court fees that reduce what your heirs receive. With proper planning โ€” including a living trust โ€” your estate can transfer privately and immediately, with no court involvement.

How often should I update my estate plan?+

We recommend reviewing your plan every 3โ€“5 years, or after any major life event โ€” marriage, divorce, birth of a child or grandchild, death of a beneficiary, significant change in assets, or a move to a new state. Michigan and Florida laws also change periodically, which can affect your plan's effectiveness.

Can you help me if I have property in both Michigan and Florida?+

Absolutely โ€” this is one of our specialties. Attorney Wakefield is licensed in both Michigan and Florida, so we can address the unique rules of each state under one roof. Florida's homestead protections, for example, require careful coordination with a Michigan-based estate plan to function properly.

What is a durable power of attorney and do I need one?+

A durable power of attorney authorizes a trusted person to manage your financial affairs if you become incapacitated. Without one, your family may need to go to court to obtain guardianship โ€” a slow and costly process. We strongly recommend this document for all adults, regardless of age or wealth.

What happens if I die without a will in Michigan?+

If you die "intestate" (without a will), Michigan's intestacy laws determine who inherits your assets. The result may surprise you โ€” for example, a surviving spouse does not always inherit everything. Your assets will also pass through probate, which is public and time-consuming. A simple will or trust prevents this.

How much does estate planning cost at Wakefield Law?+

We believe in transparent, reasonable pricing. Costs vary depending on the complexity of your plan, but we discuss fees openly at your free initial consultation โ€” before you commit to anything. Most basic estate plans are far more affordable than people expect, and far less costly than probate.

Can Wakefield Law help with Medicaid planning?+

Yes. Medicaid planning is a critical component of our elder law practice. We help clients structure their assets well in advance of needing long-term care, so they can qualify for Medicaid benefits without first spending down their life savings. Early planning is key โ€” reach out as soon as possible.

Estate Planning Readiness Checklist

Use this checklist to assess where your plan stands today.

  • โœ“ I have a current, valid will or living trust
  • โœ“ I have a durable power of attorney in place
  • โœ“ I have a healthcare proxy / patient advocate designation
  • โœ“ My beneficiary designations are up to date on all accounts
  • โœ“ My plan has been reviewed in the last 3โ€“5 years
  • โœ“ My plan accounts for property I own in other states
  • โœ“ I have considered Medicaid / long-term care planning
  • โœ“ My plan includes a business succession strategy (if applicable)

"The best time to create an estate plan was yesterday. The second best time is today."

Ready to Get Started?

Whether you're a family planning for the future or an advisor looking to refer a client โ€” we're here to help.