For some, thinking about the future comes natural to them. They have certain hopes and desires, and they want to takes steps to ensure that these fall into place and are protected. In contrast, some individuals in Michigan and elsewhere do not like thinking too far into the future, especially if it means thinking about their demise. Because death is a part of life, it is often something one needs to consider, even at a young age. This is why drafting a will can be a very important step to take, as it can memorialize one's wishes in writing when it comes to their property and assets and what will happen to them after their death.
Child-free couples need estate planning
More Michigan couples have opted not to have children as the number of babies born in this country fell to its lowest rate in 32 years in 2018. Couples without children, however, have different needs that require estate planning.
How to care for aging parents long distance
As your parents get older and their health declines, you may feel concerned about their welfare, especially if you live far away. Moving closer to them or having them live closer to you may not be viable options.
How do durable powers of attorney work?
It is important to know about Michigan estate documents that can help a resident when they are unable to make decisions and deal with their needs. Some of these cover health and medical matters, while others deal with financial issues. In a durable power of attorney, a person may grant powers to a trusted agent to handle their financial affairs.
Flexibility and trusts
Changes to the federal tax laws in 2017 increased estate exemption amounts and provided other benefits for a trust. But, this law is complex and may expire in 2025, if not earlier. Because of this unpredictability, trusts may need more flexibility.
