Keating Law Blog

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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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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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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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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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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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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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.
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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.
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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.
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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 Michigan estate planning attorney for assistance.