The process of estate planning may seem overwhelming to many families. They may know that a thorough estate plan is important, and be aware that there are a number of different important considerations and documents that may be included in the process, but may not always know what each estate planning tool refers to. One estate planning tool you may have heard of but wondered about and wanted to know more about is a power of attorney.
Considerations in naming a guardian in a will
Many people think that estate planning is an issue relevant only to older people who are advancing in age. In reality, however, death sometimes strikes unexpectedly, even when people are young and in the prime of their lives. Thinking about estate planning and creating a will has numerous benefits beyond simply indicating who will receive the deceased individual's possessions. In fact, one of the most important parts of wills drafted by younger people is naming a guardian for children.
What are the basics of trust administration?
Trusts can be an important vehicle for estate planning because they help protect a person's estate and ensure that a beneficiary's needs are adequately met during his or her lifetime. One of the key elements of a trust is that it creates a distinction between the income of the trust and the principal of the trust. Trusts can be created in many different ways, with various types of provisions, so the specific trust administration will depend on those provisions.
Help with probate disputes is available for Michigan families
The period of time following the loss of a loved one is, of course, a difficult one. At times, challenges concerning estate administration may arise during an already difficult period. Disputes surrounding the legitimacy of a will or trust; the appointment of a guardian or conservator or power of attorney; or the administration of a trust or estate are potential challenges that may arise following the death of a loved one.
