Keating Law Blog

A will is probably the most well-known estate planning instrument. With a valid will, you can leave property to your loved ones and ensure that your children will be cared for should anything ever happen to you. Although most people know what a will can do, many are unfamiliar with the steps required to ensure that a will is legally valid. If you are a Michigan resident and you’d like to create a valid will, please review the information below and contact a

 

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Every Michigan resident, regardless of income, should create an estate plan with the assistance of an experienced Michigan estate planning attorney. And a complete estate plan often includes what is known as a durable power of attorney. This is a document that details who is permitted to make decisions on an individual's behalf if he or she becomes incapacitated or is otherwise unable to make certain decisions. Some of these decisions may be related to health and medical matters, while others address financial issues. In other words, a durable power of attorney allows one person to handle all or most of another person's legal affairs.
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The ability to help your grandchildren out financially is a great thing, and most grandparents jump at the chance to do so. However, before gifting assets or money to grandchildren, there are some important legal issues to consider. If you live in Michigan and would like to gift assets to your grandchildren, below is some information to help you get started. In addition, it is highly recommended that you contact a

 

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Due to changes in circumstances, it sometimes becomes necessary to remove a family member from a will, trust, or other estate planning document. However, in order to do so, certain legal protocols must be followed. When done incorrectly, an attempt to disinherit a relative can result in a legal challenge. Therefore, if you would like to disinherit a family member in Michigan, please review the information below and contact a

 

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A revocable living trust allows an individual to retain complete control over his or her assets while maintaining the ability to amend or revoke the trust at any time. However, the assets in the trust remain available to creditors. Therefore, while this type of trust is not for everyone, it may be beneficial to certain individuals for the following reasons. 

Control over distributions to beneficiaries 

A revocable living trust gives the trust creator (trustor) control over the way in which assets are distributed to beneficiaries. This is particularly useful to parents who have concerns that their children may waste the trust assets they receive.

 

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Effective estate plans have many components. And while most people are familiar with wills and trusts, few understand the benefits of living trusts. Living trusts have many benefits, including flexibility and the avoidance of probate. If you're interested in learning about how a living trust can improve your estate plan, please review the information below and contact an experienced

 

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Everyone should have an estate plan in place. However, prior to beginning the process, it's imperative to consult with an experienced Michigan estate planning attorney. In addition to ensuring that your estate planning documents are valid and enforceable under Michigan law, an experienced estate planning attorney will help you avoid common estate planning mistakes.
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If you have questions about the estate planning process, you aren't alone! Estate planning is a complicated process that requires the assistance of an experienced Michigan estate planning attorney. At Keating Law, PLC, our experienced Michigan estate planning attorneys are happy to answer any and all questions you may have about the process. Frequently asked estate planning questions include:

• What do I need to put in my will?
  
• Do I need to name a guardian for my children?
  
• Do I need to establish a trust for my children?
  
• Who should I choose as executor of my estate?
  
• Do I need a power of attorney?
  
  

In order to help you get started with the estate planning process, please review the answers to these common questions below, and contact us as soon as possible for a free consultation.
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Estate planning is the process of anticipating and arranging for the management of a person's estate during his or her life and after death while minimizing associated taxes. A typical estate includes things like:

• Real estate
  
• Bank accounts
  
• Stocks and bonds
  
• Vehicles
  
• Retirement accounts
  
• Personal property 
  
• Insurance proceeds
• Dividends 

Below is some additional information about estate planning in Michigan.

Why you need an estate plan

If you die without an estate plan in Michigan, the state will create one for you based on existing laws. Unfortunately, however, estate plans crafted by the state don’t account for your unique circumstances or wishes. Rather, the state relies on statutory guidelines to determine how your property will be distributed.

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Estate planning is the process of arranging for the management and distribution of an individual’s assets following incapacitation or death. For some individuals, a small business is included among the assets to be distributed. Unfortunately, however, some business owners fail to account for their business assets during the estate planning process, leaving interested parties little direction on how to proceed. Therefore, it is important that each business owner who wishes to control the direction of his or her business after death engage in estate planning. Typical estate planning considerations for business owners include: 

1.
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