Having an estate plan has become more prevalent as more people have become aware of the need to ensure that their wishes will be carried out after their death. In Michigan and elsewhere, such planning can lead to peace of mind. But what if a terminal illness is diagnosed before estate planning has been put in place?
When a person dies in Michigan, there are many issues to be resolved. If estate planning was done, the process may be relatively straightforward. But what if a plan is not in place or if the appointed executor of the estate is not familiar with the plan? What is the best way to proceed in such an instance?
As you've probably discovered, divorces are hard enough when only two people are involved. Once you consider older children in your divorce, everything becomes more complicated.
When a person in Michigan prepares an estate plan, his or her will may indicate that certain bequests be made. These bequests may be made to family members, friends, charitable organizations or other recipients as indicated in the document. However, there are other factors to consider besides simply including the bequests in a will to ensure the wishes of the deceased are carried out. These factors can impact trust and probate administration.
Ask people on the street in Michigan if they have an estate plan in place and the likely response will be that they have wills and so are all set. But is that true? Are wills the best answer? What about a trust? In fact, what is a trust?