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May 2020 Archives

Ensure estate is handled properly in Michigan

When a loved one from Michigan passes away, their family members have to deal with their final arrangements. An individual with has an estate plan in place will likely have named a personal representative. This person is responsible for making sure the decedent's estate is probated properly. They have several duties that they must complete throughout the process.

Know what type of power of attorney to set up

When you're thinking of your estate plan, you have to consider setting up a power of attorney for your health care and one for your finances. This might seem like a fairly easy task, but it is one that will require you to make some decisions. One of these is the type of power of attorney you want to set.

Include these points in your will

A will is the backbone of the estate plan that lets your loved ones know your wishes when you pass away. There are some specific points that you should include in your will. Remember, you also have other estate planning tools, including trusts, to help you care for your beneficiaries and heirs.

Set a plan for your finances if you're incapacitated

There are many things that you have to think about when you set up your estate plan. Many people know that they need to set a plan for their assets and possibly their health care. They might not think about what's going to happen with their financial matters if they're unable to handle those.

Trusts: Revocable and irrevocable vary considerably

Many people opt to use trusts as part of their estate plan. When you do this, you have to determine what type of trusts you are going to establish. There are many to choose from, but each one will be classified as either a revocable or irrevocable trust. Understanding the difference between these two designations can help you make the decisions you feel are best.

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