The renowned performer Prince died without leaving a will. The battle among heirs and others is ongoing in Minnesota but has estate planning lessons for Michigan families who want their wishes and legacies preserved after they die.
The many benefits of a pour-over will
If your Michigan estate plan includes a living trust into which you have placed most if not all of your assets but you have not yet executed a pour-over will, you are missing a crucial piece of your estate plan. Without a pour-over will, your entire estate may not in fact be in your living trust at the time of your death, leaving a complicated situation for your heirs to deal with.
LGBT community facing long-term care fears
Financing and obtaining long-term nursing home care and medical treatment is concerning for people who are planning for their old age. A recent survey also indicates that lesbians, gay, bisexual or trans Americans are worried that the now-accepted LGBT label still presents obstacles for finding long-term care when they are over 65 years old.
Wills may have limited shelf life
Keeping wills locked away in a strongbox and forgotten may have unintended consequences. These documents must reflect current circumstances.
Key factors of proper estate plans for new parents
More people are becoming aware of the benefits of having a proper estate plan. Not only does it solidify the distribution of the estate, but it can also help to create a peace of mind for the estate holder.
Trusts are useful alternative to wills
A will is an invaluable part of estate planning. However, trusts can take care of financial matters even before death and have other benefits such as faster distribution of assets, prompt payment of bills and confidentiality.
