Galloway and Collens, PLLC
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November 2014 Archives

Digital assets need to be included in an estate plan

As the world changes and technology evolves, that technology needs to be dealt with in ways that some innovators may have never imagined. One area of concern when it comes to technology is how digital assets are handled when a person passes. Because of how much the Internet has permeated daily life for Michigan families, including digital assets in an estate plan is something nearly everyone must think about.

Beware of loss of control in an estate plan

Creating an estate plan can be an overwhelming and emotional journey. For some, outlining the division of assets or funds can pose unique complications. Anyone in Michigan who is involved in creating an estate plan may want to carefully consider his or her options before relinquishing control of any aspect of his or her life.

Avoid making estate plan mistakes through proper planning

When it comes to life lessons, there are a few lessons to be learned from the lives of certain celebrities. There are also lessons about what not to do based on mistakes exhibited in the estate plans of the rich and famous. While each and every estate plan is unique, as unique as the Michigan family involved, there are easy ways to avoid making mistakes that are similar to some brought to light by the passing of celebrities.

Proactive tips for an estate plan in Michigan

Creating an estate plan typically involves drafting, signing and filing a few key documents. While this is an important part of the process, there are other recommended steps for creating an estate plan. Michigan families may be interested in the following tips and ideas, if they are in the midst of the process of simply beginning to think about creating an estate plan.

Estate planning can include what kind of legacy to leave behind

Estate planning often revolves around who will get an inheritance and who won't. The question of how much money and what assets to leave to whom is an essential part of the estate planning process for Michigan families. However, families have recently begun to think about what else they leave behind for the next generation, namely what their legacy will be.

An estate plan for single parents should be done early

There are many challenges that come with being a single parent. A single parent may find him or herself in a situation where he or she is solely shouldering the burden of ensuring a stable financial future for his or her children. Michigan single parents may want to stop and think about how crafting a comprehensive estate plan is one very vital move that should be made sooner rather than later.

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