Many individuals may think that because creating an estate plan falls into the area of elder law, only older parties need to worry about making such plans. However, estate planning can be useful to adults of all ages. Unexpected life events can occur at any time -- often when individuals are least prepared -- and therefore, Michigan residents may benefit from considering their options for creating a plan.
With only a few days left in the month of March, the National Developmental Disabilities Month will be coming to an end. This month may have helped many individuals become more aware of information and issues individuals with developmental disabilities may face. Additionally, parents who have children with such disabilities may have used this time to seriously consider the future care of their children. As a result, some Michigan residents may have started looking into their estate planning options.
One of the most important parts of creating an estate plan is choosing someone to be your executor. This is an incredibly important decision because your executor will be making a huge variety of major decisions for you. He or she will also be interacting with your family, close friends and beneficiaries. You will entrust the person with the power to handle your debts, assets and property, plus resolve any disputes that might arise after you've died or become incapacitated.
You may have seen movies like this: A man tries to divorce his vengeful and uncooperative ex or vice versa. The ex, not wanting to give into the spouse’s demands refuses to answer the divorce papers and sits on them, causing an extremely long and difficult legal litigation process eventually ending up with our hero’s freedom and often a subsequent true-love relationship. Well, in reality, it’s not that complicated. Here’s why.
Many individuals are often bequeathed assets from loved ones' estates. Though much of the information pertaining to inheritances and other estate aspects is contained in wills, some surviving loved ones may face issues if they do not understand or even hear the contents of those documents. Michigan residents may be interested in one family's predicament currently underway in another state.
You wrote your will. You had all of the documents notarized, spoke with an estate lawyer; everything is in place. A few years pass, maybe ten, maybe twenty. You have a will, what need is there to change it? Well, sometimes, it?s necessary. You may have experienced love, loss, heartbreak, bankruptcy, seizure of goods or property, etc. which all play into what you have written and left in your will. Keeping these things up to date to protect not only you but your family is very important. Let?s explore some scenarios.