Like oral contracts, verbal wills may not be worth the paper they are written on. Having a written will is important to assure that major assets, like the house, go to intended heirs.
Seeking future financial protection
A power of attorney allows a trusted agent to step in to make health care or other important decisions. There are various ways to make this device more effective and provide better protection.
It is a misconception that a newer will is always the valid one
It happens sometimes that people die with two wills or even more than that. If you are involved in such a scenario right now, it is natural to think, "Well, the newer one is the one I must follow. It is more recent and best reflects Dad's wishes."
Estate planning for pets
Pet care is a lifetime responsibility that does not end with the death of their owners. The Humane Society, however, claims that 100,000 are left homeless each year after their owners died. Planning and the creation of well-drafted trusts helps assure that a trusted family member or friend will care for pets and can prevent the situations where pets were sent to shelters or even euthanized.
Powers of attorney: Important but restricted
A power of attorney is an important estate planning document in Michigan. But, it has limitations and may not always be implemented quickly.
Options for financing long-term care
Dealing with care later in life is an important part of long-term planning for Michigan residents. Financing long-term care, however, is based on changing realities such as the steadily rising cost of long-term care insurance.
