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Trusts, Wills, Powers of Attorney and Estate Planning

Monday, September 21, 2020

Disinheriting a Family Member in Michigan


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 . . .


Monday, July 20, 2020

What Can a Michigan Estate Plan Do for Me?


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 . . .


Monday, June 22, 2020

Is a Will the Only Document I Need in My Michigan Estate Plan?


Many people falsely believe that a will is the only estate planning document they need. While a well-drafted and legally valid will is important, it is only one component of an effective estate plan. In most situations, other estate planning documents actually trump the will in terms of importance and immediate impact. Therefore, if you currently have a will and nothing else, you need to contact a Read more . . .


Friday, May 15, 2020

How Does the Coronavirus Affect Estate Planning?


The coronavirus is currently affecting people all over the world. It's infected over 400,000 people in the United States to date, and it's unclear how long this virus will continue to spread. Therefore, in addition to following the recommendations of health experts and official government mandates, individuals should consider how the pandemic may affect other areas of their lives, including estate planning. Although most people who contract the virus will recover, there have been nearly 15,000 coronavirus deaths in the United States. Therefore, although the odds of contracting and succumbing to the virus are low, now is as good a time as any to make sure your estate plan is current.
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Tuesday, April 14, 2020

What Are the Duties of a Trustee?


A trust is a fiduciary relationship in which one party (the trustor) gives another party (the trustee) the right to hold title to assets or property for the benefit of a third party (the beneficiary). Given the importance of the trustee's role in the property distribution process, the law imposes several duties on those who choose to accept this responsibility. Below is an overview of the duties of trustees in Michigan. For additional information on the benefits of including a trust in your Michigan estate plan, please contact a Read more . . .


Thursday, March 12, 2020

Estate Planning Tips for Unmarried Couples


It's common today for people in committed relationships to live together without getting married. While this may have its advantages, it can also leave unmarried couples without legal protection, particularly in the area of estate matters. Even in the absence of items like a will or trust, married couples generally remain protected under state probate laws. Unmarried couples don't enjoy this luxury. Therefore, it's particularly important for unmarried couples to work with a Read more . . .


Monday, February 10, 2020

Importance of Discussing Estate Planning with Your Aging Parents


If you have aging parents, you understand the importance of spending as much time with them as possible. In addition to spending quality time with your aging parents, you should assist them in getting their affairs in order. Although it can be uncomfortable to discuss, everyone (including young adults) should have an estate plan in place to ensure that their loved ones will be cared for in the future.

Below is an overview of the importance of discussing the estate planning process with your aging parents. For additional guidance on discussing the estate planning process with your parents, please contact a Read more . . .


Monday, January 13, 2020

Estate Planning Tips for Young Adults


Estate planning isn't just for seniors. In fact, it isn’t even just for those aged forty and above. Estate planning is for everyone and, like many things in life, the earlier you start, the better. Although you may not have many assets or any beneficiaries as a young adult, the decisions you make now during the estate planning process will lay the groundwork for more complex planning tasks that will come as you get older. And perhaps more importantly, by starting the estate planning process now, you’ll have a plan in place to protect you and your loved ones in case the unexpected ever occurs.

 


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Wednesday, December 11, 2019

Here's How to Create a Valid Will in Michigan


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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Friday, November 8, 2019

About Durable Powers of Attorney in Michigan


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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Friday, October 4, 2019

Consider This Before Gifting Assets to Your Grandchildren in Michigan


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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