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Estate Planning Archives

An estate plan can entail a number of documents in Michigan

When it comes time to think about how to handle the estate-planning process, there may be more than meets the eye. Each person's estate plan can be vastly different than another person's. Anyone in Michigan who is in the beginning stages of the estate plan process may want to be clear about the differences between documents and the facts about which document may be best for which situation.

A power of attorney should be part of any Michigan estate plan

The decision to begin the estate planning process may seem overwhelming and confusing. However, regardless of age or life circumstances, anyone involved in an estate plan should consider the benefits of having a power of attorney as part of the process. In Michigan, there are many reasons a person should have a power of attorney, but one primary reason is to avoid disputes among family members during an already difficult time.

Things people get wrong when preparing an estate plan

The process of creating an estate plan may seem like a cut and dried kind of endeavor. However, there are aspects of an estate plan that people commonly get wrong or disregard altogether. It is important for Michigan residents to understand the mistakes of others to ensure they are on the path to comprehensive estate planning for themselves and their family.

A special needs trust may be ideal for some situations

Families can be complicated, and the individual needs of family members or other beneficiaries may be just as complicated. This means that each family may have specific and very different needs as they move forward with the estate planning process. For some Michigan families, the creation of a trust, specifically a special needs trust, may be a viable option for overseeing the care of a loved one.

Estate plan needs vary for childless couples in Michigan

Oftentimes, when people think about beneficiaries of assets and funds, they may automatically think about parents leaving an estate to be split between children. However, for Michigan couples and individuals without children, the process of crafting an estate plan may be slightly different. It may require some more thought regarding beneficiaries than for those who have children and who simply plan to leave all assets to those children.

Finding out more about a trust is important

There are many options for estate planning and no one plan will work for everyone. However, regardless of the size of the estate, a trust may be a good idea to consider. For anyone in Michigan who is venturing into estate planning, learning about the different types of trusts can help a family determine what may be the best course of action for them.

Estate plan mistakes of James Gandolfini may be lesson for others

Oftent, people think those who have a great deal of assets must have all of their estate planning ducks in a row. However, the death of Soprano's star James Gandolfini showed that not everyone has taken the necessary steps to ensure that a comprehensive estate plan is in place. Because Gandolfini had a will, the details of his estate plan were made public. Anyone in Michigan who has yet to make an estate plan may be able to learn from his reported mistakes.

Tips for how Michigan residents should not estate plan

Every estate plan is different. Despite the size of an estate or the value of any assets, an estate plan is pretty much the same process for all Michigan residents who want to protect their family and also protect all for which they have worked. For those who have not started or who have devised an estate plan years ago, there are some important tips about what not to do.

Drawing up a will could alleviate future stress in Michigan

Broaching the topic of estate planning can be somewhat uncomfortable for many people. However, it is better to have these plans in place long before they are needed in order to ensure that end-of-life decisions are handled accordingly. Estate planning covers various subjects from creating a will to appointing a power of attorney, and these decisions should not be made hastily.

Michigan residents should not put off drafting an estate plan

Many people wrongfully assume that they do not need to think about such things as estate planning if they are just starting out or do not have a great deal of valuable assets. Yet, anyone in Michigan who has children would be wise to make estate planning a priority. Also, residents should seriously consider how the size of their estate or number of owned properties can factor into an estate plan.

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