Grand Traverse County Michigan Divorce and Estate Planning Blog

When a couple is considering going through a divorce in Michigan, it is likely that they will have kids, and this is one of the main reasons why divorces can be so complicated. However, studies show that it is more common for couples to divorce without children, and it makes things considerably easier from a legal perspective.

Of course, going through a divorce, no matter what your situation, is never easy, and this is largely due to the emotional stress and tension that has led up to this point. But by making sure that the administrative and financial aspects of a divorce are well managed, you will be able to mitigate some of the most stressful factors.

When people think of estate planning they may rule it out for themselves, believing they don't have enough assets to constitute an estate. Estate planning is not just for the wealthy in Michigan. Everyone can benefit from an estate plan.

Estate plans can vary in complexity, and range from very simple documents to a complex set of documents that may include wills, trusts and health care directives. The nature of the estate plan is often reflective of the desires of the family. A strong case can be made that everyone should have a will, while many of the other possible documents can prove beneficial to establishing an adequate estate plan as well.

In the United States, divorce in the general population is decreasing. However, divorce among the baby boomers, or those over 50, is actually on the increase. Twenty years ago, one in twenty couples over the age of 50 were divorcing, now it is one in four. The reasons for this increase are many.

For one, people are living longer. After children are out of the house, some couples find they grow apart, and the prospect of all those years together can be daunting and too much for some of them to contemplate in Michigan. Another reason is that it is more acceptable to be older and single today than it was many years ago. However, a factor that must be considered is the prospect of dividing accumulated assets and how that will impact the couple going forward as two single people.

When establishing estates and trusts, people normally take into consideration who will care for minor children in the event of the parent's passing. Michigan families may be overlooking important family members. Pets are often considered part of the family, and as such, they should also be accounted for in any estate planning or family trusts.

A woman married into a family who owned an African Gray parrot. African Grays can live to be 75 – 100 years old. The family was working on a will where the daughter would take over care of the bird if the bird outlived the parents. Other animals in the family were not going to be given the same consideration. The woman's sister said she would take the family's dogs and cats in the event that her sister and her husband both died, but this arrangement was not going to be formalized in their estate planning as was the case for the parrot.