Galloway and Collens, PLLC
248-284-1990
248-284-1990

Estate Planning Archives

An estate plan is a necessity for Michigan single parents

Being a parent inherently means there are countless decisions and considerations that must be made with the best interest of the children in mind. When a parent is raising children alone, the need for a comprehensive estate plan is imperative, as the fate of children may hang in the balance if a parent dies. Any Michigan single parent who does not have an estate plan may want to create one and include the following documents and provisions.

An estate plan may evolve and need revisiting over time

For many people, simply getting around to creating an estate plan is a major life feat in itself. It is a necessary part of life once one acquires any kind of assets or has a family. However, as much as people may feel like they've been responsible in creating an estate plan, it is essential for Michigan families to understand that an estate plan is not a one-shot milestone. An estate plan needs to be managed and evolve as the times dictate.

A Michigan family estate plan should include online assets

People tend to think about physical assets when they prepare to create an estate plan or discuss one with family members. However, as technology permeates the lives of the young and old, an estate plan needs to include digital assets and instructions for online accounts just as much as it may include instructions for physical assets. Families in Michigan may want to discuss plans and set up a plan to deal with these accounts or update an existing plan as needed.

An estate plan for Michigan families is about more than dollars

People may naturally think that creating estate plans is about how to distribute funds to family members. While the distribution of family fortunes is most certainly part of an estate plan, Michigan families may want to think about how they can incorporate their faith and values into that plan. There are numerous ways a person may carry on religious values, traditions or expectations that reach beyond the scope of a dollar amount.

Reproductive science may play role in estate plan

An estate plan is a highly personal journey for most families. Most people don't think of the role science may play when they are creating an estate plan. Reproductive science and changing families are playing a role in how the average Michigan family may choose to pursue the creation of an estate plan.

Digital assets can be part of an estate plan for Michigan folks

There are many factors and assets that need to be considered as part of any comprehensive estate plan. Today, technology plays more of a role in daily life than many may ever consider. Because of the importance and reliance on technology, it is becoming more important to incorporate digital assets into an estate plan. Michigan families who already have an estate plan in place may want to consider revisiting the plan to incorporate provisions specifically for digital assets.

An estate plan is a smart New Year's resolution

When people sit down at the end of the year to evaluate their lives or decide on resolutions, creating estate plans may not automatically come to mind. Even so, the New Year is the perfect time to take stock of assets, funds and life choices and to create an estate plan that will ensure the protection of those assets and the family in general. Michigan families may want to think about the various benefits of creating or updating an existing estate plan sooner rather than later.

An estate plan should reflect a family's unique situation

The day of the traditional family being the majority may be coming to a close. Today, American families come in all sorts of varieties and combinations, and an estate plan should reflect the individuality and uniqueness of a family in today's modern world. Michigan families may want to consider the following issues when considering creating an estate plan to meet their modern needs.

A trust can provide asset protection for Michigan families

When it comes to time decide estate planning details and strategies, there are a wide range of options for the modern family to implement. Michigan families should realize that not all estate plan options work for every family and an individualized approach may be helpful. One tool many find to be helpful is the creation of a trust as means of managing how assets are distributed among beneficiaries.

Digital assets need to be included in an estate plan

As the world changes and technology evolves, that technology needs to be dealt with in ways that some innovators may have never imagined. One area of concern when it comes to technology is how digital assets are handled when a person passes. Because of how much the Internet has permeated daily life for Michigan families, including digital assets in an estate plan is something nearly everyone must think about.

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