Jerry Lewis was a popular entertainer that appealed to individuals across different generations. Michigan fans of the recognizable star may have been surprised to learn that he passed away just last month from heart failure. Lewis was 91-years-old at the time of this death and left behind a wife, six children born from a prior marriage and an adopted daughter from his current marriage.
Trust used as an important estate-planning vehicle
It is common to want to pass on your belongings to your loved ones upon your death. But when it comes to your important financial accounts and property, you want to make sure this pass your assets along to your heirs and beneficiaries without any issues or pitfalls. One vehicle frequently used to address these problems is a trust. A trust can be a very important estate-planning document, making it important for individuals to understand what role it could play in their lives.
Common problems associated with “cookie cutter” wills
When it comes to creating your will, you may feel tempted to take the “easy” route and find a template version online that you can fill out and be on your way. Nowadays, it is not difficult to find a do-it-yourself will, but given the importance and permanent nature of the document, is it really worth cutting corners?
How can professional collaboration help with will drafting?
Creating an estate plan is likely not a one-person job. Even for a single individual, the process can be complex and confusing. Thus, involving family members and experts in the process can be beneficial. Even when it comes to drafting what may seem like a simple will, one needs to consider any tax implications of the document, as well as any conflicts that could exist. And while including certain experts in the will drafting of estate planning process is beneficial, the benefits of the experts are better experienced when everyone communicates and works together.
Even when you are single, drafting a will is important
Assessing and protecting your finances is a crucial step to take throughout your life. While certain life events, such as marriage, the birth of a child, and retirement tend to signal an individual to begin this process, Michigan residents should note the importance of drafting a will long before these events occur.
Less obvious signs of undue influence to watch for
As you get older in Michigan, you may need to rely more on others to continue enjoying your quality of life. This can make you susceptible to manipulation and undue influence.
Helping you understand your options when it comes to trusts
Protecting your finances and safeguarding your loved ones are important steps to take in your lifetime. Individuals in Michigan could accomplish this through estate planning and by creating a trust that specifies their wishes. While the task might seem daunting and something that can be pushed until off later in life, it is certainly a step that should be taken as soon as possible.
