For the most part, our loved ones know us fairly well. They understand our interests, what we don't like and even our aspirations. But when it really comes down to it, do you feel like they really know you and what you would do in a given situation? This is what needs to be considered and addressed when drafting powers of attorney. Many individuals in Michigan and elsewhere are faced with the task of naming a loved one to make their financial and health decisions if they are deemed incompetent. This is anything but an easy task to complete.
Life changes that warrant a will update
If you are creating a new estate plan or have an old one, there are certain facts you should be aware of. One that is not so common is what constitutes a change in an existing will.
Helping to ease the probate process
We do a wide variety of things to protect ourselves. We take precautions, make detailed plans, purchase insurance and even set up security systems. However, what about taking steps that also protect our loved ones at the same time. When it comes to your assets and property, it is important that these are passed on to the correct heirs and beneficiaries. Thus, wills and trusts are drafted to memorialize your wishes, ensuring that they occur at the time of your death.
The process of contesting a will and how to respond
Wills are an important part of an estate plan designed to distribute the estate and prevent conflict concerning how the estate will be distributed. They are also designed to ensure that the wishes of the party executing the will are honored and to provide peace of mind for the party executing the will and their family members. At times, however, it may be necessary to initiate a will contest or defend against a will contest to protect the rights of a beneficiary or other party.
Ways to avoid the probate process
Developing an estate plan can serve many purposes for residents in Michigan and elsewhere. While the documents contained in an estate plan could help individuals and their heirs sort through difficult decisions at the time of or after a loved one's death, it is important to understand that by simply drafting an estate plan, the probate process can be bypassed or eased.
