Galloway and Collens, PLLC
248-284-1990
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Estate Planning Archives

Ways to avoid conflict with kids and an estate plan

The idea of leaving children an even amount of funds or assets in the event of a parent's passing may seem natural and an easy decision for parents to make. However, real life issues and varying family situations can make it a challenge to avoid conflict between adult children and parents as those parents embark on the process of creating an estate plan. There are tips to help Michigan families navigate this sensitive subject and minimize the potential for conflict.

When exactly is a good time to update an estate plan?

Estate plans are highly personal endeavors. Because each Michigan family is different, there may not be an exact day or month that is appropriate for the updating of an estate plan. However, many leading experts agree there are specific life or family events that require updates be made to estate plans. They also suggest a certain time of year that may be appropriate for many people.

Millennials must include end-of-life care in estate plan

There are a number of documents to consider as part of an estate plan and some of those documents relate to end-of-life care and health care decisions. While millennials may be just starting their own families or venturing out into the world, an estate plan is something all need to discuss with family members. Despite the benefit of youth, anyone any age in Michigan can find themselves in a situation where incredibly important and life-altering decisions need to be made and preparation can make those situations better for all involved.

Circumstances that may warrant changing an estate plan

Many people believe that all they need to do is create a will and their estate planning obligations are met until that estate plan is needed. The truth of the matter is that an estate plan should be crafted by any adult with children or any assets, but also that the estate plan is a baseline that may need to be adjusted over time. While most people in Michigan know the importance of having an estate plan to begin with, those same people may be unaware of when or why to alter that plan years down the road.

An estate plan is comprised of various documents

When most people think about an estate plan, they may naturally think of a will and not much else. Depending on the size of the Michigan estate and the number of beneficiaries, an estate plan can be comprised of a multitude of documents. It is important to understand which documents may pertain to your situation and to ensure you have all of your estate plan issues covered.

Now is the time for Michigan families to discuss an estate plan

The holiday season typically brings family members to the table who may be absent throughout the year. Considering that all family members may be in the same place at the same time, many experts believe the holiday season is the perfect time of year to disclose or make an estate plan. Michigan families may be hesitant to broach the subject, yet it may be necessary to do so sooner rather than later. There are helpful ways to begin the conversation and to ensure an estate plan for elderly parents is handled correctly.

Couples need to share information about an estate plan

At the beginning of marriage, most couples do not want to think about the possibilities of anything other than continued wedded bliss. However, all couples must face the reality that the unexpected is possible. Part of this reality is to discuss and share feelings and facts about creating an estate plan. When it comes to estate planning, Michigan couples need to not only understand each other's wishes but also which steps to take together to ensure those wishes are fulfilled.

An effective estate plan is necessary if you are married or not

Creating an estate plan is not just for married couples who want to ensure their spouse and/or children are cared for after their passing. Single people of all ages also need to consider having a comprehensive estate plan in place and periodically updated. Michigan singles are as concerned with their assets as anyone else. They will also benefit by considering who may have decision making rights regarding health and finances in the event of incapacitation.

Lamar Odom health scare highlights estate plan mishaps

Regardless of one's age or health, unexpected circumstances can leave a young person incapacitated and unable to make important health or financial decisions for him or herself. This is why it is essential that people of all ages have estate plans in place, and that they update those plans as life circumstances warrant. One lesson about the importance of keeping an estate plan current has been brought to light for Michigan residents due to the news-making health crisis of former NBA and reality TV star Lamar Odom.

Creating a trust may be the best step for your Michigan family

There are many ways to manage and leave behind assets for loved ones. While doing so by a last will and testament is an option for many, it may not necessarily be the best option for the unique circumstances of your family. The creation of a trust can be a useful tool for Michigan families wishing to maximize assets, avoid probate, minimize tax liabilities and ensure family members are cared for according to your wishes.

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