When a person leaves assets to his or her family members, there is always the chance that one or more of the family members may disagree with the distribution of the assets or feel slighted in some way. A dispute over a large inheritance has recently made the news as it has
It is common for a Michigan landlord to collect a security deposit from new tenants. There are a variety of different rules Michigan law has in place regarding security deposits. It can be very important for landlords to understand and follow these rules when it comes to their security deposit
When a family member decides the time is right to being to the process of estate planning, including the appointing of trustees and heirs, the act of broaching the subject can be a little tricky. Each family is vastly different, and, therefore, the best way to go about ensuring that
Whenever a family passes, that family member’s last will and wishes expressed may come as a surprise to some. However, those typically close to the person may already be aware of the declarations and wishes that are part of a will. When a Michigan family feels that a will does
Individuals may think they have done huge favors to their families if they have drafted legal wills. However, having a will in place and ensuring it does not end up subject to a will challenge are two different things. It is important to understand how and why a will challenge
Some people may wrongfully assume trusts are only created for those who have a significant amount of wealth to hand down to loved ones. Regardless of the size of an estate or the amount of money being considered as part of an estate plan, creating the right kind of trust
When an estate plan is mapped out and put into motion, the duties of those involved should be clearly outlined and defined, preferably before attending to those duties is necessary. Knowing what role a person is accepting is as important as acting as an estate administrator, and it should not
While everyone may know they need an estate plan and the importance of taking care of affairs in the event of one’s passing, it may be overwhelming and confusing to understand the terms involved. Knowing the definition of basic terms associated with a comprehensive estate plan is the first step
The thought of sitting down to put together a will may naturally be unappealing, as people prefer to focus on enjoying life rather than contemplating what would happen to their belongings if they died. Failure to develop an estate plan, however, may mean that a person’s family members in Michigan
No plan is fool-proof, including an estate plan. While a vital process for any adult in Michigan, there are mistakes in the estate planning process that can truly disrupt or paralyze a person’s efforts to have his or her wishes honored after death. Several recent celebrity deaths and estate planning
Being a parent inherently means there are countless decisions and considerations that must be made with the best interest of the children in mind. When a parent is raising children alone, the need for a comprehensive estate plan is imperative, as the fate of children may hang in the balance
For many people, simply getting around to creating an estate plan is a major life feat in itself. It is a necessary part of life once one acquires any kind of assets or has a family. However, as much as people may feel like they’ve been responsible in creating an estate
People tend to think about physical assets when they prepare to create an estate plan or discuss one with family members. However, as technology permeates the lives of the young and old, an estate plan needs to include digital assets and instructions for online accounts just as much as it
People may naturally think that creating estate plans is about how to distribute funds to family members. While the distribution of family fortunes is most certainly part of an estate plan, Michigan families may want to think about how they can incorporate their faith and values into that plan. There
One of the most vital and popular documents drafted when an estate plan is set in motion is a will. A will is important and is put in place to clearly outline a person’s last wishes regarding his or her estate. Yet, having a will may not be enough to
When deciding on the kind of estate plan to put in motion, it is important to understand the various options for giving or bequeathing assets. One tool is the creation of a trust. However, before leaving trust management responsibilities to any one party or taking on the task of creating
An estate plan is a highly personal journey for most families. Most people don’t think of the role science may play when they are creating an estate plan. Reproductive science and changing families are playing a role in how the average Michigan family may choose to pursue the creation of an
When people think about creating a trust, they may automatically think about leaving sums of money to kids and determining how to ensure that those funds are spent appropriately. The truth is that there are many types of trust funds and trust management options from which Michigan families may choose.
There are many factors and assets that need to be considered as part of any comprehensive estate plan. Today, technology plays more of a role in daily life than many may ever consider. Because of the importance and reliance on technology, it is becoming more important to incorporate digital assets
When people sit down at the end of the year to evaluate their lives or decide on resolutions, creating estate plans may not automatically come to mind. Even so, the New Year is the perfect time to take stock of assets, funds and life choices and to create an estate
The day of the traditional family being the majority may be coming to a close. Today, American families come in all sorts of varieties and combinations, and an estate plan should reflect the individuality and uniqueness of a family in today’s modern world. Michigan families may want to consider the
When it comes to time decide estate planning details and strategies, there are a wide range of options for the modern family to implement. Michigan families should realize that not all estate plan options work for every family and an individualized approach may be helpful. One tool many find to
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
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
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,
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
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
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
When the time comes for a family, couple or an individual to set up an estate plan, that party or parties may have very clear ideas about what they want to happen or what they foresee the situation to be. Nevertheless, most Michigan families realize life circumstances and family changes
People may know they need an estate plan, but that can mean different things to different people. Anyone in Michigan who attempts to create an estate plan will need to understand what their estate actually entails. It is then important to understand what one’s wishes are and how to make
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