Preparing a valid and well-thought out will and planning for contingencies can avoid problems for relatives and help assure that a person's wishes are carried out after they die. There are several mistakes that should be avoided with estate planning.
Estate planning for pet protection
Pets are a beloved member of 68 percent of American households and rising because many couples without children have pets and the use of comfort and emotional support animals is growing. Leaving pets out of estate planning, however, could lead to the unintended euthanizing of the pet or its placement into a shelter. Pet trusts are an effective measure to help assure the pet's future well-being.
Preparing an estate plan for a parent with dementia
Dementia is one of the most debilitating conditions afflicting the elderly. The Alzheimer’s Association estimates that 5.8 million people currently suffer from this disease in the United States alone. If your mother or father is one of them, you know you have a difficult road ahead.
What needs to be done to an estate following death?
Probate, the court proceeding governing the distribution of a decedent's property, is only one process that occurs after that person dies. The decedent's executor must also perform other several duties that are an important part of estate administration.
Online wills pose risks
The internet may be an excellent source of information, including forms to assist with estate planning. However, people who download these documents may not know what it is needed to know about Michigan law and estate planning. Do-it-yourself form documents may not address the many complexities surround the planning and drafting of wills and other important documents.
