Galloway and Collens, PLLC
248-397-5507
248-397-5507

Mistakes may be made in the details of an estate plan

Having an estate plan in place long before it is needed is a responsible step most people take the time to make. However, there may still be room for mistakes or mishaps even after a person has had an estate plan drafted and put into effect. By drafting a comprehensive estate plan and then ensuring the details are managed correctly, Michigan family members can ensure wishes are upheld and an estate is handled as envisioned.

One mistake that some make is simple oversight -- not signing the will. Legal documents are worth the time and energy put into drafting them, but only if those documents are finalized. Regardless of the specifics or how well-known intentions and wishes may be, the will is useless without a valid signature. Some may have specific reasons for not signing a will right away, though they should realize that is a risky move.

Another mistake some make is to be avoid the potential tax implications. State and federal taxes are complex. Knowing what part of an estate may be taxable and how much may be lost in the shuffle of settling tax debt can help a person decide an exact amount to leave behind and the best manner in which to leave that to beneficiaries.

For most Michigan families, the difficult part of creating an estate plan may be deciding just what should be done with assets and funds. Once a family makes those difficult decisions, it is vital that the estate plan be to the benefit of all involved and properly handled. By being aware of common mistakes made by others, an estate plan can be customized and created in a way that minimizes tax burdens, disputes or confusion for the family left behind.

Source: thestreet.com, "Stop Making These Three Terrible Estate Planning Mistakes", Scott Gamm, Aug. 14, 2015

No Comments

Leave a comment
Comment Information
  • dbusiness - 2016 Top Lawyers
  • dbusiness - Top Lawyers
  • Lead Counsel Rated Attorney
  • Senior & Caregiver
  • American Appartment Owners Association - Member since 2015
  • Same Address
  • ICLE Contributor
Email Us For A Response

Contact Our Metro Detroit Attorneys

Our law firm is ready to help. Contact the real estate and estate planning attorneys at Galloway and Collens, PLLC, by calling 248-397-5507.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

26075 Woodward Avenue Suite 200 Huntington Woods, MI 48070-1341 Toll Free: 888-349-0309 Phone: 248-397-5507 Fax: 248-545-2520 Huntington Woods Law Office Map