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Estate Planning Archives

Michigan families need estate plan for digital assets

Estate plans essentially outline the fate of one's personal belongings and other assets, such as bank accounts and investments. As technology continues to grow by leaps and bounds, it is becoming more important to think outside of the box when it comes to estate planning. Simply put, it is about much more than who gets the fine china and the house. An estate plan for Michigan residents may now need to include digital assets.

In Michigan, an estate plan can be about more than family

Traditionally, estate planning has been the process of handing down belongings and other assets from one generation to the next. The process of creating an estate plan is highly personal. That is reflected in some recent changes to the process in general, such as for those who do not have children or who are seeking a more creative approach. Michigan residents and others around the country are taking a different approach as family dynamics continue to evolve.

Important factors for an estate plan in Michigan

The general topic of estate planning may be difficult for some to bring up or think much about. However, anyone who has any kind of assets may benefit from learning more about the process and what it entails, especially the important decisions that must be made. Anyone in Michigan who has not begun the process of putting together an estate plan may want to consider some of the following factors.

Michigan residents may want to include pets in estate plan

When people sit down to decide what will become of their assets, they may think about bank accounts, homes, collectibles or even the fate of a family business. Many people already know that formulating a comprehensive estate plan is vital if there are kids involved. However, people in Michigan may not think ahead about what may become of their pets if something happens.

Reasons Michigan residents should prepare a will

People tend to put off anything related to estate planning, as it isn't a subject many younger people like to think about. Anyone in Michigan over the age of 18, especially anyone with children, may benefit by preparing and executing a will. Those over 18 may also gain by looking into other vital documents that are better to have and not need rather than not have and need.

Paul Walker's estate plan protects daughter

The recent death of movie star Paul Walker highlighted the fact that tragedy can strike anyone at any time. The accident has also turned out to be a lesson in the importance of having an estate plan at any age. Walker's estate plan, in particular, ensured his only child would be taken care of in the event of his early death. Any Michigan parent may benefit from understanding how he handled his estate plan pertaining to his daughter.

Should an estate be passed through a trust or a will?

Especially for a wealthy Michigan family, it can be difficult to know how to pass wealth along to the next generation and if it should be done through a will or a trust. Estate planning is a vital financial step for anyone, no matter the income level. However, for those planning on bequeathing a significant amount of money or assets, it is best to ensure all documentation for a will or trust is in place and legally binding.

Act can help to save taxes for married couple with estate plan

A person may feel average in many areas of his or her life in Michigan. The individual might view his or her job, marriage and/or financial situation as being mediocre, so he or she doesn't see the point of going through the same type of estate planning that the "rich and famous" often pursue. However, an estate plan isn't important just for the super wealthy -- it's necessary for everyone who wishes to properly pass on assets to beneficiaries. A recent law enables married people to more easily minimize their tax burden when passing on their assets to others.

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