For family-owned businesses, issues of succession form the center of all estate planning efforts. The manner in which a business is handed down differs for every family, and there is no such thing as a one-size fits-all legacy solution. When addressing the issue, Michigan families should take the time to sit down with their loved ones and discuss the matter at length.
Will you leave your ex an unexpected inheritance?
For many Michigan residents, the primary purpose of estate planning is to ensure that their loved ones are looked after, and that assets are passed down in the manner of one's choosing. This process rarely includes making provisions for a former spouse. Even so, many people will unexpectedly leave their ex husbands or wives an inheritance. At the same time, those loved ones who were intended to receive that wealth might be shocked to find that they have very little chance of reversing that outcome.
Residential real estate deals in Michigan need legal protection
A residential real estate transaction is a legal process that follows the same basic procedures as any other legal contract. Regardless of whether a residential real estate deal is for a primary home or a vacation home, the contract needs to be reviewed and examined by a legal professional, as the provisions contained within are legally binding. Without legal protection, a potential Michigan homeowner or seller could open the door to disputes or minimize his or her own legal protections should something within the deal go awry.
Michigan residents should understand benefits of a will
Regardless of the size of an estate or anyone's age, having a will drafted is a smart and vital part of being an adult. Many people put off the process of creating a will out of fear or trepidation of thinking about the inevitable. However, every adult in Michigan should understand the benefits of having a will in place long before that will is ever needed.
Landlord/tenant dispute gets heated as gas is shut off
Renters expect their landlords will provide a safe and peaceful place for them to live. When there is a landlord/tenant dispute, tenants may feel there is no other way to protect their rights as a group. Renters in Michigan and elsewhere who feel their landlord has violated their rights or intimidated them into leaving can pursue legal means of protecting themselves as a group. They can also file suit individually if needed.
