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Why Everyone Needs a Plan for Incapacity, Not Just a Will
When most people think about estate planning, the first thing that comes to mind is writing a will. But preparing for what happens after you die is only half the battle. Another important and too often overlooked part of an estate plan is making sure you’re protected if you become incapacitated. Illness, accidents or cognitive […]
How Michigan’s Digital Asset Law Could Affect Your Estate Plan
In today’s digital world, personal assets extend beyond paper files and family heirlooms. Your email, cloud storage accounts, social media profiles, online banking and cryptocurrency holdings are now a part of your estate. As a result, you need your estate plan to provide for digital access to these assets after your death, so that you […]
Five Issues That Can Disrupt Probate, and How to Prevent Them
Probate in Michigan is the court-supervised process for settling a deceased person’s estate. It is designed to honor the decedent’s final wishes and to protect the rights of heirs and creditors. Yet, even for relatively simple estates, unexpected obstacles can arise, creating stress, delays and unnecessary expense for grieving families. The good news is that […]
Property Interests That Don’t Have to Go Through Probate
Probate is the legal process through which a deceased person’s estate is administered and distributed under court supervision. It involves filing necessary paperwork with the probate court, notifying heirs and interested parties about the proceedings and, when necessary, resolving disputes over the estate’s distribution of assets. However, probate can be time-consuming and often involves considerable […]
Using an Irrevocable Life Insurance Trust in Estate Planning
An irrevocable life insurance trust (ILIT) is an estate planning tool commonly used by individuals seeking to leverage life insurance for maximum benefit while minimizing exposure to estate, gift and generation-skipping taxes. An ILIT is a legal entity that owns your life insurance policy. Your appoint a trustee (such as a family member, friend or […]
Do You Still Need a Will if You Have a Living Trust?
A living trust is a revocable trust into which transfer ownership of designated assets during your lifetime. As the trust’s creator, you typically serve as its trustee, retaining complete control over the assets while you are alive. Upon your death, a designated successor trustee takes over management and directs distribution of the trust’s assets to […]
What Are the Options for Probate of an Estate in Michigan?
Probate is the legal process by which a deceased person’s estate is properly distributed to heirs and designated beneficiaries and any debt owed to creditors is paid off. In Michigan, this process can vary significantly depending on the size and complexity of the estate in question. Understanding these variations is important to choosing the most […]
Making a Will That Is Contest-Proof
A will serves as your final directive, outlining how your assets should be distributed after your death. It prevents your estate from falling under the application of state intestacy laws, which can cause undesirable results. Unfortunately, wills are sometimes contested by heirs or other interested parties. Common grounds include mental incompetency, fraud, undue influence; forgery […]
Using a Lady Bird Deed to Transfer Real Estate at Death
As a Michigan resident, you have the option of using an enhanced life estate deed, commonly known as a “lady bird deed,” to transfer real property upon your death without going through the probate process. This legal instrument allows you to maintain control over your property during your lifetime while designating beneficiaries to inherit the […]
Understanding How COVID-19 May Have Affected the Value of Your Estate
The economic and personal upheaval triggered by the COVID-19 outbreak is likely to warrant a review of your estate plan, no matter how thorough you think it is. As Americans cope with health fears and financial volatility, it’s worthwhile to determine whether a will, trust, advance medical directive or other legal instrument needs to be […]
