The executor is a vital part of estate administration in Michigan. Their responsibilities are numerous, but their experience is often limited.
How do you know which will is real?
You have recently mourned the death of your last parent and now you are facing the task of making sure you execute your parents’ will according to their wishes. However, while going through their paperwork, you realize that your parents left two wills. Both appear at first glance to be valid, leaving you with some confusion as to which will is the one to go with. You worry that choosing one or the other could cause hard feelings within your family. This is an uncommon situation, but not one that is unknown for Michigan residents.
Avoiding long-term care dilemma
There are many financial uncertainties in the future but there is one thing that most people know will happen. They will become old and ultimately need health care or assistance with performing their activities of daily living. While polls show that 64 percent of adults do not have a will, individuals should engage in long-term planning to finance their medical expenses and other future necessities.
What if I lost my will or forgot where it is?
Wills are such important documents that it seems unlikely you could make one and then lose it or forget where it is. Yet it happens to many people. For example, they make a will, put it in a "secret" space in their home and move 10 years later, forgetting the will is there. Or they put it in furniture that is sold many years down the road.
Senate tax bill hits family business trusts
Considering and drafting documents for trusts should include tax planning. However, changes to the tax code passed by the U.S. Senate may place family-owned businesses at a disadvantage because trusts may be excluded from deductions and face higher tax rates.
Pack up estate planning with move
Michigan residents who move to and even visit other states should not overlook updating their long-term planning and reviewing their estate planning documents. Other states will respect the validity of these documents and plans if they are legal in those states. However, there are important exceptions.
Never too early for an estate plan
Anyone with substantial property must consider how their assets such as home, brokerage account, retirement plan or savings account will be distributed after their death. Heirs who squander their inheritance or court battles are more likely without solid estate planning.
