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November 2013 Archives

Do Michigan residents know the basics of a trust?

Trusts are becoming a popular option for many Michigan residents when they prepare an estate plan. The wide variety of options and uses for trusts can't be understated. There are those that are designed with the primary goal of protecting inheritance, while others are intended to benefit children with special needs. Whatever the purpose behind the trust, there is no doubt about these instruments' ability to protect an estate.

Age can be a factor that leads to probate litigation

Any of our Michigan readers who are familiar with previous posts here probably know by now that one of the key parts of estate planning that many experts recommend is to communicate the contents of the plan to relatives and others who may believe they will be part of the distribution of assets and property. Some people may find this hard, preferring instead to keep their wishes secret until the will is actually needed. But, of course, by that time it is too late to discuss why a planner made certain decisions, and the result may be something a solidly drafted will is designed to avoid - a will contest.

Deciding who to appoint as power of attorney is a crucial point

There is a lot that a Michigan resident needs to do in order to put together a comprehensive estate plan. But, for the most part, there is one overarching requirement: making decisions. The process of estate planning is all about making decisions. From determining how to distribute assets to assessing the pros and cons of trusts, and much more, drafting and executing an estate plan is essentially a series of decisions to be made. However, some decisions are more important than others. For instance, how does a Michigan resident decide who to appoint to make decisions in their place?

What do Michigan residents think about estate planning?

Many of our Michigan readers know that having a will is just one piece of a larger, comprehensive estate plan. Previous posts here have also detailed how important other estate planning documents can be, such as trusts and powers of attorney. However, those other documents - while still very important for many people - should not cast a shadow on the fact that a will is going to be the bedrock document in most instances, regardless of the amount of assets that need to be distributed or the number of relatives that need to be included in the plan.

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