When people are planning their estates, they have a variety of options to choose from. Depending on their specific situations, Michigan residents may turn to a trust in order to help ensure that their assets are put to the best use following their deaths. A trust can help to protect an inheritance while still providing a benefit to the beneficiaries.
What is a special needs trust?
There are many estate planning tools available for a Michigan family to choose from. When people are making their estate plans, they need to consider all their options to ensure that their plans fit their needs. For families with a mentally or physically disabled family member, a special needs trust may be one tool that they choose to use.
Protect your social media and digital assets
When people think of estate planning, they probably think about assigning their traditional assets to the people they love. Michigan residents want to make sure there is a plan in place so that their loved ones get important assets like homes, real estate, investments and cash. Other personal property is also assigned in an estate plan. This plan helps a person know that the person's family will be taken care of should the unfortunate occur.
When will a health care directive not be upheld in Michigan?
Michigan residents often go to great lengths to ensure that their estate plans are perfect. This often includes working with professionals to make sure that every last detail has been thought about. An estate plan can include everything from where people want certain assets to go when they die, to how medical decisions should be made if they become incapacitated.
Same-sex marriage ruling has huge effect on estate planning
For decades, same-sex couples have struggled to string together legal protections that could work for them in times of emergencies. People had to struggle to make sure their partners had some legal rights should they become incapacitated or die. In some states where same-sex marriage was allowed, this was easier than in other states. In states where same-sex marriage was banned,however, gay couples were left with legal uncertainties if their partner fell ill or passed away. Long term planning issues, therefore, were much more complex.
