Do you have a will?
The answer greatly impacts how a family meets life’s biggest challenge. A trust or a will is like a playbook of winning moves, keeping the focus on what matters most instead of sweating the details, so everyone pulls together like a well-coached team on game day. The alternative can be stressful, even chaotic.
A team with a good coach rebounds more quickly from a loss. More importantly, they rely on each other, building trust and developing resilience—elements essential to a good life. Winning teams, as the saying goes, tend to keep winning.
That is the reason it is so important to have a good estate plan, according to Bruce Nichols, Esq. He has been providing sound legal advice to Grosse Pointers in the form of estate planning, wills and trusts for 50 years.
“Everybody needs a will,” says Nichols. Start with research to determine what you need. There is plenty of free information on the web, including his website: www.brucenichols.com. Nichols recommends a plan that includes four components:
1 - Medical power of attorney allows someone you designate to communicate your wishes without violating HIPAA privacy laws. This is especially important if you are single (widowed/divorced) and have more than one (adult) child. Decide who can best speak for you.
2 - Power of attorney - designate an individual who can act on your behalf if you are unable to do so, usually someone you have a long-term relationship with, such as a spouse or trusted friend, who can do things for you. This is something you can do on your own without the need to hire an attorney.
3 - Make a will that spell out what will happen to your estate (all your personal property) upon your death. Choose a personal representative. If you don’t choose someone, the court will choose for you. You can attach a sheet of paper to your will (and save family feuding) with details, such as my mink coat goes to Lulu.
4 - Establish a trust. Put everything you own in the trust and nominate a trustee to step in upon your death. “This is ideal for newlyweds and newly dead,” Nichols says. The trust owns everything, so there is no need for probate. Simply name your trustee and advise how you would like them to administer your estate (I.e., what percentage to the Boy Scouts or your church). A key benefit is you retain control.
“You can take your money out of the trust any time you like. A revocable trust pays a dividend, but other than that, it is not touched by the IRS.” Trusts cost a bit more than a will to establish (approximately $3000), but they are a good, reliable option, according to Nichols, who adds they are very popular in Grosse Pointe.
Bruce Nichols always knew he wanted to work in the law.
“I like helping people,” he says. He was raised in Grosse Pointe and lives here with his wife of 40 years, as do his three grown children and their families. Nichols says it is a fascinating place for estate planning.
“Families have stories. . . . Each family has a pyramid with a patriarch or matriarch at the top. When the apex of the triangle is removed, the dynamic changes. Truths come out,” he says.
Siblings work things out, but everything changes once spouses get involved. Nichols has seen families argue over tie tacks, golf clubs, and small pieces of china they could buy themselves.
Nichols says a simple way to avoid all that is to make a plan.
Contact: Bruce R. Nichols, Law Office at 18430 Mack Avenue, Grosse Pointe Farms, (313) 886-7670, www.brucenichols.com
"A trust or a will is like a playbook of winning moves, keeping the focus on what matters most instead of sweating the details, so everyone pulls together like a well-coached team on game day."