Someone may work tirelessly for years or decades to create a fortune or amass a certain amount of assets. Deciding how distribute those assets or fortune to loved ones as an inheritance can be a highly personal and creative endeavor. One father recently made news in Michigan because of the unique and detailed stipulations he placed on his daughters if they want to receive their inheritance early.
Single folks in Michigan should have an estate plan in place
It is wrong to assume that only married couples with children and a significant amount of assets should worry about creating an estate plan. Any single adult who has assets in his or her name needs to ensure an estate plan is in place, and the plan needs to reflect the individual needs and wishes of that single person. While the basics may mirror the needs of any married couple in Michigan, there are unique needs a single person needs to reflect upon when creating that estate plan.
Michigan families can avoid mistakes in estate plan
All estate plans are highly personal, yet many people fall prey to the same common mistakes when drafting their plans. By being aware of the most common mistakes found in estate plans, Michigan families can prevent those mistakes from causing problems after loved ones have passed. These common estate plan mistakes can cause a great deal of family strife and become financially painful.
Prepare for the unexpected with landlord/tenant vacation homes
Owning and renting a vacation home anywhere may not be all it is cracked up to be for either the owner or the renter, especially when disputes or disagreements arise and adequate legal protection is not in place. Having clear expectations as to the landlord/tenant relationship and agreements can help stave off any disagreements between the parties. However, Michigan residents should be prepared for any challenges or obstacles that can arise regarding vacation homes and the relationship between landlords and tenants.
Fate of seniors on the line in landlord/tenant dispute
When a landlord decides to sell a building, the fate of those who live there can get complicated. A dispute may erupt and halt the plans if tenants feel blindsided or unfairly treated by the owner of the building. Michigan elderly who live in senior living facilities may not be immune to this type of scenario and can become the participants in a landlord/tenant dispute that results in litigation.
Issues regarding an inheritance need to be customized
There is no such thing as a standard estate plan or plan for dealing with an inheritance. Each family's needs are unique, and anything pertaining to an inheritance should reflect that individuality. Just as an inheritance in Michigan may need to be customized, it's also important to periodically review an existing estate plan as life changes warrant.
Unique challenges for women and their estate plan
Not all estate plans are alike, just as no two women are alike. The process of creating an estate plan is highly personal for anyone, and women may have unique challenges as they move forward with that process. Michigan women who have not created an estate plan or who have not recently updated that plan may want to explore their options, as the process of estate planning can be different for women than it is for men.
Business owners need an estate plan early in the game
An individual or family may work for years or even generations to establish a successful small business. If the owner or owners fail to have a comprehensive and smart estate plan in place early on, that small business can be at risk for failure in the event that an owner or invested partner passes away. Statistically, only a small percentage of family businesses are passed down to the next generation successfully. With the right estate plan in place before it is needed, a Michigan family can beat those odds.
Avoid probate litigation with legal assistance at time of need
Once a loved one passes, the ensuing process of probate can either be smooth or it can be contentious and lead to family strife. With the proper guidance and legal assistance, the probate process does not have to become a probate litigation situation for grieving Michigan families. Legal assistance can help with all areas of probate and can ensure that minor details are taken care of so families can move forward.
