As the baby boomer generation enters the realm of retirement, there are other needs that may be left unchecked. An estate plan and what to do in the event of incapacitation may be one area where baby boomers in Michigan have failed to be proactive. If one has not been put in place as of yet, anyone of this particular generation may want to get started with the basics.
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.
Following the death of a loved one, families are often eager to make all the final arrangements and settle that person's estate. This can be a long process that includes finding all the estate planning documents including the will, identifying all the heirs to the estate, dealing with life insurance payments, finding and paying all the estate's creditors and many other issues.
Many people prepare wills and trusts during their lifetime to help ensure their wishes are adhered to following their death. Michigan courts generally try to uphold the wishes of a decedent outlined in valid trust documents and last wills and testaments.
Heirs of a millionaire are suing the hospital that took care of her for the last 20 years of her life, alleging that the facility overstepped its bounds to get money before her death and to be included in her will. Relatives say the case, which has garnered international attention, is not just about getting their money. It's about inappropriate behavior, including medical professionals who coerced an ill woman into giving them money, the family says.
If you own a successful business in Michigan, no matter what your age is, it's time to start thinking about passing the business on to your successors. Many admirable entrepreneurs are so immersed in business operations that they become in large part defined by decisions related to the company, so it becomes difficult to let the business fall under the control of other parties, even if they're family members.