Michigan Estate Planning Checklist for Seniors
Estate Planning Checklist for Seniors: What to Prepare First
What Is an Estate Plan?
An estate plan is a set of legal documents and arrangements that explains what should happen to your money, property, and belongings after you die. It also allows you to choose who can manage your finances or make medical decisions if you become unable to do so yourself.
For example;
- A will lets you state who should inherit property covered by it.
- A financial power of attorney lets you appoint someone to handle financial matters on your behalf.
- A Patient Advocate Designation allows you to choose someone to make medical decisions if you cannot make them yourself.
Having these arrangements in place gives you more control over important decisions. Without them, Michigan law may determine who inherits certain property, and your family might need court involvement to manage some of your affairs if you become incapacitated.
If you are a Michigan senior starting from scratch, you do not need to create every possible document at once. Begin with the foundational documents, identify your assets and beneficiaries, and then consider whether additional planning, such as a living trust or long-term care planning, makes sense for your circumstances.
At The People’s Firm PLLC, we help individuals and families understand their estate planning options and prepare documents that reflect their wishes. If you need an estate planning lawyer in Michigan, use the following checklist to understand what to prepare first and which decisions may require additional planning.
Your Michigan Estate Planning Checklist
1. Make a Will
A will is a legal document that explains who should inherit the property after you die. You can also use it to nominate a guardian for minor children.
If you die without a valid will, Michigan’s intestacy laws determine who inherits property that is subject to those rules. The result may differ from what you would have chosen yourself.
A will also allows you to nominate someone to handle your estate during probate. In Michigan, this person is generally called a personal representative. Their responsibilities include handling estate matters and distributing property according to the will and applicable law.
To get started, decide:
- Who should inherit your money, property, and personal belongings.
- What you want each person to receive.
- Who you trust to handle your estate after your death.
- Who should care for any minor children, if applicable.
You do not need to know the legal wording required for a will before you begin. Start by identifying your wishes and the people you want to include. We can help you understand how to put those wishes into a legally valid document under Michigan law.
Is a will enough? Not necessarily. Certain assets, such as retirement accounts with beneficiary designations, generally pass according to those designations rather than under your will. Some jointly owned assets may also pass according to their ownership arrangements.
That is why your estate plan should address both your will and the assets that may pass outside it.
Choose Someone to Handle Your Finances
A financial power of attorney is a legal document that allows you to appoint someone to handle specified financial matters on your behalf.
Depending on the authority granted in the document, this person may be able to pay bills, manage bank accounts, handle financial transactions, or deal with other financial matters.
You may be healthy and fully capable of managing your finances today. However, an illness, injury, or cognitive decline could make it difficult to manage them in the future. Choosing someone in advance gives you a say in who can act on your behalf and what authority they have.
Without an appropriate power of attorney, your family might need to seek court authority to manage certain financial matters if you become incapacitated. This can involve additional paperwork, time, and expense.
When preparing a financial power of attorney:
- Choose someone you trust to act in your best interests.
- Decide which financial responsibilities they should be allowed to handle.
- Understand when their authority begins and the circumstances in which they can act.
- Consider naming an alternate if your first choice cannot serve.
The document’s terms determine the authority you grant and when it can be exercised, subject to applicable Michigan law.
A financial power of attorney does not make the person you appoint the owner of your property or give them the right to inherit your money. It gives them authority to handle the financial matters covered by the document.
At The People’s Firm PLLC, we can help you understand your options for appointing someone to manage your financial affairs.
Choose Someone to Make Medical Decisions for You
You should also decide who can make medical decisions if you become unable to communicate your wishes or participate in decisions about your treatment.
In Michigan, you can use a Patient Advocate Designation, commonly called a health care power of attorney, to appoint someone you trust to make medical decisions on your behalf when you cannot make them yourself.
The person you appoint is called your patient advocate.
Your patient advocate may need to make decisions about medical treatment, care, and other matters covered by your designation. Choosing someone you trust helps ensure that the person making those decisions understands your preferences.
To prepare for this decision:
- Choose someone you trust to respect your wishes.
- Talk to that person about your medical preferences.
- Explain any important concerns about treatment or end-of-life care.
- Make sure the person understands the responsibilities involved.
- Follow Michigan’s requirements for creating a valid Patient Advocate Designation.
What about a living will?
A living will is a document that records your preferences about medical treatment, particularly end-of-life care. However, Michigan does not recognize a traditional living will as a legally binding advance directive in the same way it recognizes a Patient Advocate Designation.
A living will can still communicate your wishes and help guide your loved ones. However, it does not itself appoint someone to make medical decisions for you.
For that reason, Michigan residents should understand the role of a Patient Advocate Designation rather than relying on a living will alone.
At The People’s Firm PLLC, we can help you understand the health care planning documents available under Michigan law and how they fit into your estate plan.
Choose Beneficiaries for Your Retirement Accounts and Insurance
Some assets pass directly to the people you name as beneficiaries rather than being distributed under your will.
These commonly include retirement accounts and life insurance policies. Certain financial accounts may also allow you to designate beneficiaries.
A beneficiary is the person or organization you designate to receive an asset after your death.
Start by identifying the accounts and policies you have. Then check whether each one allows you to name beneficiaries and whether the people currently listed reflect your wishes.
Your checklist should include:
- Identifying your retirement accounts.
- Listing your life insurance policies.
- Checking the beneficiary designations on eligible accounts and policies.
- Naming alternate beneficiaries where appropriate and permitted.
- Updating outdated designations through the relevant financial institution or insurer.
This step matters because your will generally does not override a valid beneficiary designation on an account or policy. If an old designation names someone you no longer intend to benefit, the asset may still pass to that person under the applicable account or policy terms.
If no beneficiary is named, or a named beneficiary dies before you, the asset may be handled differently depending on the account terms and applicable law.
If you are unsure how your beneficiary designations fit into your overall plan, we can help you identify the issues to address as part of your estate planning.
Make a List of What You Own and Owe
Before deciding whether you need additional estate planning arrangements, make a basic inventory of your assets and debts.
You do not need a complicated spreadsheet. A straightforward list is enough to get started.
Your assets may include:
- Bank and investment accounts.
- Retirement savings.
- Your home or other real estate.
- Vehicles and valuable personal belongings.
- Life insurance policies.
- Business interests, if applicable.
Your debts and financial obligations may include:
- Mortgage balances.
- Car loans.
- Credit card balances.
- Personal loans and other outstanding debts.
For each item, record what it is, where it is held, how it is owned, and where the relevant paperwork can be found.
The way an asset is owned can affect what happens to it after your death. For example, an account with a valid beneficiary designation may pass differently from property distributed under a will.
Keep your inventory secure. Do not include passwords or sensitive account credentials in a document that could be accessed by unauthorized people.
This list gives you a clearer picture of what you own and helps identify which assets need additional planning. It also makes it easier for the person handling your affairs to locate important information when necessary.
Decide Whether You Need a Living Trust
A living trust is a legal arrangement in which a trustee holds and manages property for the benefit of the people named in the trust.
With a revocable living trust, you can generally change or cancel the trust while you have the legal capacity to do so. Many people who create one also serve as its trustee while they are alive, allowing them to continue managing the assets placed in it.
A properly funded living trust can allow assets held in the trust to pass to beneficiaries without going through probate. It can also provide a structure for managing those assets if you become incapacitated.
However, a living trust is not necessary for everyone. Creating one involves additional paperwork, and property generally needs to be transferred into the trust for it to serve its intended purpose.
A revocable living trust may be worth considering if you:
- Own real estate or property in multiple states.
- Want a plan for managing trust assets if you become incapacitated.
- Want to control how and when beneficiaries receive certain assets.
- Have family circumstances that call for more detailed planning.
- Want to avoid probate for assets properly transferred into the trust.
A trust does not automatically eliminate estate taxes, protect every asset from creditors, or avoid probate for property that was never transferred into it.
Do you need a trust if you already have a will?
Not necessarily. A will and other foundational documents may be enough for someone with straightforward circumstances. A trust adds another layer of planning, so it is important to understand what it would accomplish before deciding whether to create one.
At The People’s Firm PLLC, we can help you determine whether a revocable living trust makes sense for your circumstances and whether its benefits justify the additional cost and effort.
Consider Long-Term Care and Medicaid Planning
If you are concerned about paying for nursing home care or other long-term care, you may need to consider additional planning.
Medicare generally does not cover most long-term custodial care, such as ongoing assistance with bathing, dressing, or other daily activities. Michigan Medicaid may cover certain long-term care services for people who meet the applicable eligibility requirements.
Eligibility can depend on factors such as income, countable assets, the type of benefits sought, and individual circumstances. Certain asset transfers can also affect eligibility for long-term care benefits.
If you are concerned about future care costs:
- Consider what types of care you may need and where you would prefer to receive it.
- Review your income, savings, property, and potential care expenses.
- Learn about Michigan’s Medicaid eligibility requirements.
- Explore whether long-term care insurance or other resources may be appropriate.
- Obtain legal guidance before transferring assets or creating a trust specifically for Medicaid planning.
Do not give away property or transfer assets into a trust solely to qualify for Medicaid without understanding the consequences. Certain transfers can trigger a period of ineligibility for long-term care benefits.
This step is not necessary for every senior. However, if you anticipate needing substantial long-term care, understanding your options early can help you make informed decisions about your finances and future care.
At The People’s Firm PLLC, we can help you understand whether additional estate or elder law planning may be appropriate for your circumstances.
If you are unsure how your beneficiary designations fit into your overall plan, we can help you identify the issues to address as part of your estate planning.
Decide What Should Happen to Your Home
If you own a home, decide who should receive it after your death and consider how your ownership arrangements fit into your estate plan.
Your home may be your most valuable asset. How it passes to someone else depends on factors such as how the property is titled, whether another person owns it with you, and whether it is included in a trust.
Start by locating your deed and checking how ownership is recorded. Then consider:
- Who you want to receive your home after your death.
- Whether another owner has survivorship rights.
- Whether your home should be included in a living trust.
- Whether your current ownership arrangement matches your wishes.
- Whether the property could affect future Medicaid eligibility.
These options are not interchangeable. Adding someone to your deed or transferring your home can have tax, creditor, ownership, and public-benefit consequences.
Michigan does not provide a general transfer-on-death deed for real estate. Do not assume you can simply name a beneficiary on a deed to transfer your home after death.
If you want your home to pass to a particular person, it is important to understand how your current ownership works and which planning options are legally available.
At The People’s Firm PLLC, we can help you understand how your real estate fits into your broader estate plan.
Organize Your Documents and Important Information
Once you have prepared the documents that apply to your situation, keep them secure and make sure the appropriate people know how to locate them.
Organize your legal documents, including:
- Your will.
- Any trust documents.
- Your financial power of attorney.
- Your Patient Advocate Designation.
- Any additional estate planning documents you have prepared.
Keep a separate inventory of important financial and property information, including:
- Bank and investment accounts.
- Retirement accounts and beneficiary information.
- Insurance policies.
- Property deeds and mortgage details.
- Outstanding debts.
- Contact details for your attorney and financial professionals.
Tell the people you have appointed where the relevant documents are stored and whom they should contact if they need assistance.
Keep original legal documents secure, and understand whether the relevant institution or legal process requires an original or accepts a copy.
Protect sensitive information such as passwords and account credentials separately. The goal is to make important information accessible to the right people without exposing it to unauthorized access.
Review Your Estate Plan When Your Circumstances Change
After creating your estate plan, review it when your family, finances, property, or wishes change.
For example, you may need to revisit your plan after:
- Marriage, divorce, or the death of a spouse.
- The birth of a grandchild.
- A significant change in your finances.
- Buying or selling property.
- Moving to another state.
- The death or incapacity of someone you appointed to handle your affairs.
- A change in whom you want to inherit your property.
These changes can affect who you want to inherit your assets and who you trust to make decisions on your behalf.
Updating your will, powers of attorney, beneficiary designations, or other relevant documents helps keep your plan aligned with your current wishes.
If you move out of Michigan or acquire property in another state, have your estate plan reviewed to determine whether any documents or arrangements need to be updated.
At The People’s Firm PLLC, we can help you understand which parts of your estate plan may need attention as your circumstances change.
Which Estate Planning Documents Do You Need?
Not every senior needs every estate planning document. The right combination depends on your property, family circumstances, financial arrangements, and wishes.
Use this table as a practical starting point.
Document or planning step | What it helps you do | When to consider it |
Will | State who should inherit property covered by your will and nominate a personal representative | When deciding how your estate should be distributed |
Financial power of attorney | Appoint someone to handle specified financial matters on your behalf | When preparing for possible incapacity |
Patient Advocate Designation | Appoint someone to make medical decisions if you cannot make them yourself | When documenting your health care decision-making wishes |
Beneficiary designations | Direct eligible accounts and policies to the people you choose | When reviewing retirement accounts, insurance, and other eligible assets |
Asset and debt inventory | Identify what you own, what you owe, and how assets are held | When starting your estate plan |
Revocable living trust | Arrange management and distribution of assets transferred into the trust | When your property, family circumstances, or goals justify additional planning |
Long-term care and Medicaid planning | Prepare for potential care expenses and understand benefit eligibility rules | When future care costs or Medicaid eligibility are concerns |
Real estate planning | Decide how your home and other property should pass to others | When property ownership or transfer arrangements need attention |
This is a practical guide, not a list of documents legally required for every senior. You may need additional arrangements depending on your circumstances.
What to Prepare Before Meeting With The People’s Firm PLLC
You do not need to understand every legal document before getting started. A little preparation can help us understand your circumstances and explain which options may suit your needs.
Before your consultation, prepare:
- A list of your major assets and debts.
- The names of the people you want to inherit your property.
- The names of the people you trust to handle financial or medical decisions.
- Any questions about your home, retirement accounts, or other significant assets.
- Any concerns about long-term care or Medicaid.
- Information about property you own outside Michigan, if applicable.
- Copies of any existing estate planning documents, if you have them.
If you have not created any estate planning documents, that is completely fine. You can start by explaining what you own, who you want to provide for, and what decisions concern you most.
We can then help you understand which documents may be appropriate, which additional options are worth considering, and what steps to take first.
Start Your Estate Plan With The People’s Firm PLLC
Creating an estate plan does not mean you need to establish a trust, prepare every possible document, or make every decision at once.
Start by deciding who should inherit your property, who should handle financial matters if you cannot, and who should make medical decisions if you are unable to do so yourself. Then identify your assets, review your beneficiary arrangements, and consider whether you need additional planning for your home or future care.
At The People’s Firm PLLC, we help Michigan residents understand their estate planning options and prepare documents that reflect their wishes and circumstances. Whether you are creating your first will, appointing a financial power of attorney, preparing a Patient Advocate Designation, or considering a revocable living trust, our estate planning lawyers can help you determine what to prepare and what to do next.
If you are looking for an estate planning lawyer in Lansing, Dearborn, or Ann Arbor contact The People’s Firm PLLC to discuss your estate planning needs and take the first steps toward putting your wishes in writing.