Many people spend tons of time preparing and planning for some things--like a wedding or a vacation--and virtually no time on other important issues--such as long-term care. The problem is that many Michigan residents do not like to think about a time when they may become partially or fully incapacitated or need to rely on the care of others. Long term planning is crucial, however, for those who want to protect their interests and their families and ensure that their wishes are carried.
What are the requirements for legally valid wills?
Wills are an important way for people to manage their affairs after they are gone. These legal documents enable people to pass property on to beneficiaries, make charitable donations to nonprofit organizations out of their estate and avoid disputes between family members. However, in order to have a valid will and a better chance of avoiding a will contest, Michigan residents need to be sure that their will complies with the legal requirements for valid wills.
Understanding the basics of a revocable trust
Many people avoid estate planning altogether because it tends to be an uncomfortable subject. Other people may tackle estate planning head-on but rely primarily on a will as the way to ensure that their wishes are carried out upon their deaths. There are some things that a will cannot do, however, that trusts can--and these things are often beneficial to the owner of the trust.
What is probate and how does it work?
Probate is a word that refers to the process of estate administration after a person's death. The administration of the estate is carried out by someone named as the personal representative of the decedent. The representative may have been named in the decedent's will or a probate court may appoint an interested person as the estate administrator and personal representative.
Study shows most want to leave inheritance, but few expect one
Michigan residents, like other people around the country, probably experience a range of emotions when they contemplate estate planning. Some of them probably prefer not to think about it because the thought of planning for one's death feels morbid. Others take the responsibility of estate planning very seriously, intent on leaving relatives--especially children, in many cases--an inheritance in their wills.
