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 everyone understands the ins and outs of an estate plan varies widely. Michigan residents may want to think about the following tips when beginning the process of creating estate plans.
Family of Ernie Banks plans to fight will
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 not seem to go along with what that family believes the person would have wanted, the family may have grounds to successfully contest the will. The family of baseball great Ernie Banks has made it clear they plan to dispute the will said to be left behind by Banks.
Michigan families may need legal help with a will challenge
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 may occur and what a Michigan family should do if one or more family members do in fact challenge a loved one's will.
Trust administration duties are important part of trust process
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 can be a first step in the right direction. After the right kind of trust is created, trust administration becomes the way in which the process unfolds in accordance with your vision. Michigan families may want to get further information about trust administration duties and the types of specific trusts that may work in each situation.
Estate administration is an important undertaking
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 to be taken lightly. Michigan families may want to explore any potential issues or problems to ensure the estate administration process goes smoothly when the time comes to implement the plans.
Important to understand Michigan estate plan terms, paperwork
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 to ensuring a plan covers all of the needs of a given family. Michigan families typically benefit by sitting down with a professional and exploring basic terms while deciding upon the right steps to take.
