estate planning Archives

Estate planning is more than just giving assets away

The typical Michigan resident spends his or her life working, raising a family and planning for the future. As one ages, thoughts of how assets should be distributed upon death come to mind. For some families, giving part of the inheritance to beneficiaries prior to one's death makes sense. However, for estate planning as well as other legal purposes, one may want to reconsider that option.

Don't forget the smaller details in estate planning

Planning for the future takes on many forms depending upon each family's circumstances. For some families, a basic will is all that is really needed. However, for many Michigan families, there is the need for a more well-developed estate plan. Based upon the family dynamics and other concerns, estate planning should be a priority in planning for the future.

During your divorce, don't forget this very important document

It's done. You got the agreement hammered out, it's been signed and you are now officially divorced. Your next step is making sure your assets and property are in your name alone. But is there one thing you are forgetting?

Estate planning can be in vain if beneficiaries not updated

Time and money are often spent planning for the future. At some point in time, the average Michigan resident recognizes the need for estate planning. When this happens, a will or perhaps trust accounts are established, allowing the individual to specify exactly who should receive what upon his or her death. However, all of this hard work can be in vain.

Estate planning involves planning for an uncertain future

Planning for the future takes on many forms. Creating a will and deciding who will inherit what assets is just a part of the estate planning process for many Michigan individuals. Perhaps one of the most important parts of this process is planning for what needs to happen and who should make decisions if one is no longer able to make them.

Dynasty trusts may be interesting estate planning tool

A main concern that many Michigan residents may have when considering the estate they will leave behind is how to best protect their assets. There are many estate planning options that could help parties address such a concern, and trusts can be some of the most useful. This planning tool can be particularly helpful because there are many iterations that could suit a variety of needs.

Estate planning may be appealing for those wanting control

During life, most individuals like to have at least some modicum of control over their affairs. Because the idea of not having control can seem extremely unsettling to some Michigan residents, many of those parties like to plan ahead for various scenarios. Luckily, estate planning can prove useful to people hoping to maintain control over how their estates are handled even after death.

Revocable trusts may make Michigan estate planning easier

Having to change their minds is something that most people experience with some frequency. The catalyst for change can vary depending on the individual and circumstances, but typically, parties do not enjoy finding themselves in an irreversible scenario. Because of this apprehension, Michigan residents interested in using trusts during estate planning may wish to consider creating revocable trusts.

Celebrity estate planning mistakes may help Michigan residents

Preparing end of life wishes does not come easy for everyone. Individuals from all walks of life may feel as if they do not need to plan, do not want to plan or simply believe that they can put it off until a later time. However, if too much time goes by without estate planning, a person could pass without having made his or her wishes known.