Prince Law Firm
Call For A Consultation
Toll Free 866-383-1125
Local 248-419-1968

Michigan Powerball winner will need to consider changes to will

As many of our readers are probably aware by now, a recent Powerball lottery jackpot of $337 million went to a lucky winner in Michigan. With such a windfall coming to the winner, it is easy to image that the individual or group holding the winning ticket probably won't have to worry about money anymore. That is likely to be true in some respects, but with that type of money it is best to start making some plans on how to accommodate the associated changes into a normal life.

While the winner is likely starting to dream big about all the potential benefits that come with this type of fortune, it would be a good thing for the winner to also consider changing a few things and planning for the future. If the winner had a will or estate plan before, that plan is now most likely almost completely irrelevant. The winner will probably need to start estate planning from scratch, because that type of money will need to be carefully accounted for.

In making changes to a will or estate plan in light of a recent windfall -- be it lottery winnings or something more common, like an inheritance -- steps need to be made to properly designate property distribution. Trusts are extremely useful in this type of situation, but the options can be almost endless. It will depend on each individual planner.

The recent lottery winnings are a dramatic example of when someone should consider changes to their will. More common occurrences, such as the birth of a child, the death of a spouse or a smaller change in assets are some of the best types of occurrences to begin considering adjustments to an estate plan.

Source: MLive, "Michigan Powerball winner should spend a little, plan a lot," Ron Fonger, Aug. 16, 2012

No Comments

Leave a comment
Comment Information

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Our Office

Prince Law Firm
800 W. Long Lake Road, Suite 200
Bloomfield Hills, MI 48302

Fax: 248-865-0640
Bloomfield Hills Law Office Map

Connect with us

  • Facebook
  • Twitter
  • Linkedin
  • Google+
VISA | Master Card | American Express | Discover Network