Many Michigan residents employ trusts of all kinds to help implement and protect estate planning goals. But, there are still many people who don't know how a trust could help in their specific circumstances. A recent article demonstrated one particular estate planning goal that most people can identify with: preserving ownership of the family home.
Understanding the probate process
It is quite understandable if Michigan residents have a lot of questions about the probate process. After all, anyone familiar with previous posts here knows that topics can range from the details of trusts to powers of attorney to long-term planning. With so many factors to consider during the planning stage, there is every reason for an estate planner to think about what will occur when the actual estate administration process begins.
Long term planning can include money for charities
The holidays have long been considered the season of giving. People give to charitable organizations that they believe need their funds. However, between 80 and 90 percent of people who give to charitable organizations during their lifetime, fail to leave a legacy to any charitable organization after they pass. However, with the right long term planning, Michigan residents will be able to secure the future of their families and the charities they have supported during their lifetime.
A "deadly sin" to leave out powers of attorney from estate plan?
It is common for many people to associate estate planning with preparing for the distribution of assets after death. While this is indeed one of the main reasons for a Michigan resident to have an estate plan drafted, there are many aspects of the plan that will address events that could be possible before a person's death. This is where the power of attorney documents come into play.
Thinking about estate planning in a different light
Thousands of Michigan residents probably think at least once a day: "I need a will." Many of our readers know from previous posts here that there are so many people out there who know that they need an estate plan, yet each day passes and they don't get any further along with the estate planning process. Procrastination in this area of life is somewhat understandable, since having an estate plan drafted will necessarily entail thinking about some unpleasant situations; namely, death.
