5 Critical Lessons we can learn from Michael Jackson and Farraw Fawcett’s Estates – and the Trick to getting your estate plan done right

Do you know how your life will be divided after your death? Who will your estate go to Who will look after your children? With an estate plan you decide. You are in control of your family's security in the event that something tragic should happen. Now perhaps you are a little foggy with some of the fundamental ideas associated with estate planning. Let's start at the beginning.

As we've seen with the passing of Music and Pop icon Michael Jackson and right before him Farraw Fawcett, there are easy steps a busy family should take to stay out of probate court. It's true that with small kids the Probate court will always be involved to oversee what happens to the children – that's a given. But there are critical and costly mistakes busy family's make and we reveal the easy and simple ones below.

1. An Emergency Will is a document in which you can spell out where all of your assets will be going and who can guard your children. It does not bypass probate.

2. A VIP Revocable Living Trust allows you to name a person who will handle all of your legal affairs after you pass away. This is the main document to bypass probate and protect immediately 30% or even more of your assets. On a small estate my firm handled (under $250k) the costs where in the range of 43% yikes!)

3. An Emergency Medical Power of Attorney names who oversees critical medical decisions for you.

4. A Living Will is a document referenced in your Medical Power of Attorney which allows someone to pull the plug so you don't have to lay in a bed like a vegetable for the rest of your life (google Terri Schiavo from Floriday case).

5. Life-Saving HIPAA Release – Possibly the most critical document. This document (and 24/7 access system) is the ONLY document that can actually save your life. Not to mention save from $5k or even up to $10k in costs for you and your loved ones to gain access to your medical records – when you need them. Think about this, is your attorney's office open on Friday nights? Do you carry your documents with you when you travel? Undoubtedly the answers are No.

For more information on Joseph J. Dadich (Attorney/Speaker/Author/CPA) email at contact@1estateplanningmichigan.com or office number 248.358.6965.