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Friday, January 21, 2022

4 Reasons You Need an Estate Plan


Many people believe that estate planning is only for the rich. This couldn’t be further from the truth. Without an estate plan in place, settling your affairs after you are gone could have a costly impact on your loved ones—regardless of your income or assets. In this article, we discuss four reasons that you need an estate plan.

Estate Planning Protects Beneficiaries

An estate plan can protect beneficiaries in a number of ways, including making arrangements for what will happen if something happens to you.
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Monday, December 13, 2021

Probate in Michigan


Probate is a legal process that is sometimes required after a person dies. During probate, the assets of a deceased person—called a decedent—are distributed to his or her heirs or beneficiaries. In addition, if a decedent has outstanding debts, the probate court will sell his or her assets to pay creditors what they are owed. In this article, we discuss the probate process in Michigan.

When is Probate Required?

In Michigan, probate is necessary when a person dies while owning property or assets that are listed under his or her name alone.
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Monday, November 15, 2021

Ways to Avoid Probate in Michigan


Probate is the process by which a court facilitates the distribution of a deceased person’s assets. Unfortunately, however, the probate process is often long, expensive, and confusing. Therefore, one of the primary goals of estate planning for most people is the avoidance of probate. In this article, we discuss some of the ways to avoid probate in Michigan.

Living Trusts

A living trust is a legal document that places your assets in trust for your benefit during your lifetime, and it details where you'd like these assets to go upon your death.


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Saturday, October 30, 2021

7 Common Estate Planning Mistakes


Everyone needs an estate plan. However, not just any estate plan will do. In fact, it may be better to have no estate plan at all than an estate plan that is riddled with mistakes. Therefore, before beginning the estate planning process, you should contact an Read more . . .


Thursday, September 30, 2021

Michigan Estate Planning Basics


A lot of people mistakenly believe that estate planning is only for the wealthy. This couldn’t be further from the truth. If you have any assets at all, you need an estate plan. In addition, with a Michigan estate planning attorney on your side, the estate planning process doesn’t need to be complicated or stressful. In this article, we examine six of the most common estate planning documents.
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Saturday, August 28, 2021

Reasons to Avoid Probate


You may have heard that one of the key advantages to estate planning is the avoidance of probate. But what’s the point of avoiding probate? In a nutshell, probate can be a long, expensive process. With an estate plan in place, however, it’s often possible to avoid the probate process entirely. In this article, we examine some common reasons to avoid probate.

A Probate Judge Can Make Things Difficult

Court approval is required during each step of the probate process.
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Friday, July 23, 2021

Estate Planning for People Without Children


Everyone needs an estate plan, especially people without children. However, due to their unique needs, people who don’t have kids must approach the estate planning process differently than those who do. In this article, we provide some estate planning tips for people without children.

Draft a Will

If you don’t have children, you definitely need a will. The reason for this is that, without children, you don’t have natural heirs to inherit your wealth.
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Saturday, June 26, 2021

Common Estate Planning Documents for Seniors


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.
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Monday, May 24, 2021

Estate Planning for an Irresponsible Child


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.
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Thursday, April 29, 2021

Estate Planning for Blended Families


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.
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Thursday, March 25, 2021

Creating an Estate Plan to Protect Special Needs Beneficiaries


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.


Read more . . .


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