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Estate Planning Archives

Including an ethical will in Michigan estate planning

When most Michigan residents think about planning their estate, it is the practical details that they spend the most time on. Matters of inheritance, issues related to powers of attorney and whether to create a trust are some of the important considerations. Few people give much thought to the more emotional aspects of estate planning, which is often far more meaningful to those left behind. One way to handle the more personal side of estate planning is by creating an ethical will to accompany the legal will.

Could incentive trusts have a place in Michigan estate planning?

When individuals think about how and to whom they want to leave their assets in the event of their passing, many family members may come to mind. Of course, some of those family members may be children or otherwise unfit to immediately inherit large sums of money or other assets. As a result, many Michigan residents may choose to utilize trusts as part of their estate planning in order to bequeath assets on their own terms.

Estate planning basics to offer peace of mind

When people die, they often hope that their surviving family members do not suffer and the legacy they leave behind is filled with happy memories and not stressful court proceedings. Over half of Americans do not have an estate plan, and sadly that leaves them and their families vulnerable to higher taxes, inheritance confusion and court. Estate planning is an important tool to ensure that your final wishes are carried out in the easiest and most efficient manner. Just a few basic steps can help residents of Michigan be prepared for their future needs. 

Michigan estate planning: Do not hospitalize

Advance directives can be put in place to protect one's wants and wishes for health care treatment. Michigan residents have several to choose from, though there is one in particular that many are not aware even exists. This is called a do not hospitalize order, and for some it would be wise considering when going through the estate planning process.

Michigan estate planning: Pet trust, yes, it's a thing

Numerous Michigan residents have pets that are more than just animals -- they are family members. Who will take care of these precious creatures if one was to become incapacitated or make his or her final exit from this world? Thankfully, this is something for which one can prepare during the estate planning process.

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.

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.

Michigan estate planning: Don't forget to fund a trust

Creating a trust takes a lot of time and effort. Unfortunately, there are those in Michigan and elsewhere who, after leaving their attorney's office, fail to take the steps necessary to fund their trusts. Do not make this estate planning mistake.

Michigan estate planning: Making a valid will

While everyone may not need or even want a will, for those who do, having one in place is a great way to make sure that their estates are protected at the time of their deaths. Creating a will, a valid will, can take time, but it is time that may be considered well spent if it means that the document is legally binding. Michigan residents who need help with this can turn to an estate planning attorney in order to make sure they have done all that is necessary to create a valid document.

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