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June 2017 Archives

Powers of attorney or a living will, how are they different?

When going through the estate planning process, Michigan residents may come upon a number of documents that seem to serve the same purpose. However, each document is different and created for very specific reasons. Failing to utilize the various legal documents can leave one unprotected. Powers of attorney and living wills are great examples of this. Many believe they do the same thing, but in all reality they serve separate purposes.

Why is estate planning important for young adults?

When going to college, getting started in one's profession, getting married or starting a family, one of the last things on a young person's mind is his or her mortality. Estate planning is not meant for young people after all, right? Actually, there are reasons as to why young adults in Michigan would benefit from having the legal protections offered in an estate plan in place.

What to gather before probate administration can begin?

The executor of an estate has the difficult task of making sure that the estate is closed out properly. This can seem like an overwhelming task for Michigan residents who have never before taken on such a role. If it is not handled appropriately, the executor could be held personally liable. To help probate administration go over smoothly, one could benefit by taking inventory of any assets, legal documents and debts tied to the estate. As soon as all this information is gathered, one can open a case in probate court.

When estate planning, young parents may want to name a guardian

Preparing one's estate is not something that many young parents in Michigan really feel is necessary. They generally have their hands full and it just does not seem like an important thing to do. The truth of the matter is, for people with minor children, estate planning really should not be put off as doing so will leave their children unprotected.

Estate planning for those who do not have children

According to the 2016 Rocket Lawyer study, 64 percent of Americans do not have at least a will in place. This is a rather large group of people who are leaving their assets unprotected should they pass on, whether expectedly or unexpectedly. Why do so many people in Michigan and elsewhere fail to complete the estate planning process? For some, the answer is that they do not have children so they do not feel it is necessary.

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