estate planning Archives

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.

No children does not equal no estate planning in Michigan

For whatever reason, many individuals go through life without having any children or close family. While this type of life does not necessarily mean that these individuals have led less fulfilling lives, as they get older, they may begin to wonder what will happen to their accumulated assets. Some Michigan residents may think that it is not even necessary to go through the estate planning process.

Michigan residents may wish to watch for estate planning errors

Though many Michigan residents like to have plans in place for various scenarios, they may not always understand certain aspects of certain plans. For instances, many individuals may think that estate planning is useful, but they may not be fully utilizing those plans effectively. Mistakes are not uncommon when it comes to this type of preparation, and therefore, parties may wish to be on the lookout for possible errors.

Estate planning could eliminate the search for heirs in Michigan

Some Michigan residents may not think creating an estate plan is necessary. If they have no close family or do not feel the desire to bequeath any of their assets to their family, they may skip the estate planning process altogether. However, even if a person does not create a plan, their estate must still be administered and beneficiaries determined.