When taking the first steps to create an estate plan, people might hear a lot about wills and trusts. As this happens, it's natural to wonder if specific types of estate planning instruments will actually be beneficial. One increasingly common strategy is to use a pour-over trust in conjunction with a will as people take important steps to protect their legacies.
Estate executors must uphold fiduciary duty to beneficiaries
Being named as the executor of an estate requires trust. The person who creates an estate plan puts a lot of faith and confidence in this individual to distribute assets within the bounds of the prepared documents and state law.
Don't let undue influence derail a loved one's true estate plans
A will is generally viewed as a final chance for people to provide support for the people and causes they cared about while living. Significant time and attention may be dedicated to creating a robust, clear and accurate estate plan to minimize ambiguity. Leaving loose ends or room for doubt in regard to personal intentions can create complications for beneficiaries or individuals who feel they were wrongfully left out of a will.
'Living wills' don't carry legal force in Michigan
Taking the time to make an estate plan is often a very big step for many people. No one likes to think about decisions related to the end of life, which is a sentiment that might be shared among many young people. However, failing to formalize critical plans -- especially in terms of health care -- can create a lot of frustration and pain for loved ones.
