Keating Law Blog

If you are a senior citizen, you should seriously consider creating an estate plan. Not only is an estate plan useful for leaving your assets to your loved ones, but it allows you to identify who will make financial and medical decisions on your behalf should you ever become incapacitated. In this article, we discuss the most common estate planning documents for seniors.

Will

The last will and testament is probably the most well-known type of estate planning document. A will dictates who will get your property after you pass away.
Read more . . .

When determining how to distribute your assets upon your passing, it’s important to determine whether your child is responsible enough to manage an inheritance. Managing money is tough, and if your child isn’t yet mature enough to responsibly handle money, you need to take this into account during the estate planning process. In this article, we review the ways in which you can leave money to a child who, for whatever reason, isn’t quite ready to responsibly handle it.

Establishing a Trust

A trust is an estate planning tool that provides you with control over how and when an inheritance is distributed to your child. In other words, rather than providing a child or young adult with a lump sum of money that he or she may not be mature enough to handle, a trust allows you to distribute payments in a controlled manner.
Read more . . .

Nearly half of all families in the United States are blended, which means that one or both parents in a relationship have children from a previous relationship. If you are a partner or spouse in a blended family, it’s imperative that you approach the estate planning process correctly. Below are a few estate planning tips for blended families.

A standard will isn’t enough

A standard last will and testament generally won’t cut it for a blended family. If you are a partner in a blended family, and you leave everything to your spouse, you create the possibility that he or she will cut out your children when you’re gone.
Read more . . .

If you have a loved one with special needs, you’re probably concerned about what will happen to him or her after you’re gone. After all, people with special needs often require extensive assistance in their day-to-day lives. In addition, many special needs people are unable to support themselves financially. Luckily, you can take care of all of this and more with a Michigan estate plan. By establishing an estate plan, you can ensure that your loved one will receive the support he or she needs for years to come.

Despite its funny name, the lady bird deed is a useful estate planning tool with which all property owners in Michigan should familiarize themselves. As a property owner, if you want to avoid probate in Michigan, a last will and testament, commonly referred to as a will, simply won’t cut it. With a lady bird deed, however, you can rest assured that your property will pass along without going through the expensive and slow probate process. In this article, we examine the lady bird deed.

Purpose of the Lady Bird Deed

Real property, such as a home or vacation rental, that is owned by one or more individuals must go through probate when the final living owner passes away.
Read more . . .

Many people believe that estate planning solely refers to drafting a will. While a will certainly has its place in an estate plan, it is far from the only estate planning instrument one should consider. In fact, wills have many disadvantages when compared with other estate planning instruments, such as living trusts.
Read more . . .

Many people believe that estate planning is just for the wealthy. This couldn’t be further from the truth. Regardless of your income, you need an estate plan. Below are a few reasons that estate planning is so important.

An estate plan protects young children

If you have young kids, you need to make sure they’ll be taken care of if anything ever happens to you.
Read more . . .

There is a lot of misinformation out there about estate planning. Unfortunately, this confusion leads many people to skip the estate planning process altogether—this is a big mistake. Everyone needs an estate plan. In order to help clear up some of this confusion, below we discuss some common estate planning myths. For additional information on beginning the estate planning process in Michigan, please contact a Read more . . .

The last will and testament is probably the best-known estate planning document. However, there is much more to the estate planning process than simply creating a will. Most people should also consider including a trust in their estate plan. A trust is a legal instrument that allows a third party to hold and direct assets in a trust fund on behalf of a beneficiary. Below is an overview of the importance of including a trust in your Michigan estate plan.
Read more . . .

Changes in circumstances sometimes require the removal of a family member from an estate planning document, such as a will or trust. However, in order to disinherit a family member, specific legal requirements must be met. If done incorrectly, an attempt to remove a family member from an estate planning document can result in a legal challenge. Below is an overview of how to disinherit a family member in Michigan. For additional information, please contact a Read more . . .

If you want to ensure that your loved ones are financially protected after you're gone, you must have an estate plan. An estate plan ensures that your assets are distributed according to your wishes, not the state's. Without an estate plan in place, Michigan law will determine who inherits your assets, and this may not mesh with your personal wishes. Below is an overview of some of the many things that a Michigan estate plan can do for you. If you have additional questions, please contact a Read more . . .