Many Michigan residents understand the importance of having a will. A will can help people allocate their personal property and distribute assets once they have passed away. With the will, people can sometimes ensure that their family members are taken care of long after they are gone.
Williams' family settles probate litigation
People all over the world were shocked and saddened to learn that comedian and famed actor Robin Williams had passed away last year. Following his death, as the world mourned, his family began the estate administration process. The estate was estimated to be worth more than $100 million. It is said to have included more than 85 watches, 50 bikes, his Academy award and other important awards he earned over the course of his inspiring career.
Estate planning decisions that must be made
Some Michigan residents are natural planners. For others, planning takes effort and work. Thinking about the future, especially questions involving mortality, can be difficult for some people. However, most people likely want to take care of their love ones following their own passing. Estate planning helps to ensure that people's love ones are taken care of, so they do not need to worry about the future.
How is a qualified domestic trust taxed?
When a couple is married, they generally pool their resources together in order to accumulate wealth. They may use these resources to raise a family, purchase property or support themselves. As people approach their retirement, their assets may be significant. They may rely on these assets to support them as they move away from working.
Consider all your options when planning for the future
Every year more and more baby boomers are reaching retirement age. As this happens, the need to consider estate planning options becomes more and more real. Many may not realize it, but estate planning goes far beyond trying to figure out how assets should be distributed after a person's passing. In fact, part of estate planning and elder law is making plans for situations that affect a person while he or she is alive.
