If you already have an estate plan in place you are way ahead of the curve. Having a proper estate plan means you care enough about your estate and your loved ones to ensure they are handled appropriately upon your death. Having an estate plan is only one step in the process however ensuring these documents are relevant to your current needs requires periodic review from time to time. And with that thought, here are five of the most common life-changing events that require just such a review to ensure your estate plan is up to date.
We have all heard or read about stories in Michigan and elsewhere involving families in disputes over a relative's death and what he or she would have 'wanted.' Without a solid estate plan, including a will or trust it can be difficult to know, let alone prove in probate court, what the deceased would have wanted. Many families in Michigan and around the country may not think they have an estate worth planning ahead for, but you would be wrong.
You don't need to have a massive fortune on the scale of Bill Gates or Warren Buffet to benefit your retirement while planning for the future of your estate. For Michiganders thinking about retirement, most likely the kids have grown and you are decades away from end of life issues and using a few smart estate planning strategies at retirement can not only solidify your retirement plans but also help your loved ones well into the future.
Since many couples delay marriage, or simply do not marry at all, Massachusetts residents may wonder what happens when you own a home with another in a joint tenancy and one person listed on the title dies. One reader wanted to know if there was an inheritance tax in just that situation, so we thought others may be interested in the topic as well.
Anytime someone dies prematurely there is sadness and grief for all who lost a loved one. What may compound that grief is the lack of an estate plan that can provide guidance for the survivors to follow their loved ones wishes. Whenever a celebrity passes away prematurely it can be a great educational opportunity to discuss the importance of planning ahead for the unexpected events in life, especially when children are involved. The untimely death of Whitney Houston is a sad reminder of how important an estate plan is for any family.