Estate documents should ease the distribution of property and other matters for heirs. Inadequate estate planning, however, can end up passing on complications and problems.
Estate executors have important duties
Create an estate plan for your surviving digital life
A person may own a lot more than they initially think. For example, a Michigan resident who does not own a home and has a modest income may not believe that they actually need an estate plan. However, they likely have many items of personal property, checking and savings accounts, and maybe even retirement investments that will need to be distributed upon their death.
Estate planning and small business
Surviving spouses need to plan
When a person dies, their widow or widower is focused on resolving their estate and dealing with legal filings. However, surviving spouses must engage in estate planning for themselves and update their documents and plans.
Wrong people may bring big estate problems
The designation of individuals to act upon a person's behalf on financial and medical issues if they become incapacitated is essential for estate planning in Michigan. Selecting the wrong surrogate, however, can undermine financial security.
Preparing an estate roadmap
After a person dies or becomes incapacitated, an heir or family members may have to engage in a scramble and search for important documents and assets. They may not know whether these documents are kept in a lawyer's office, a safe or a shoebox under the bed or have passwords to gain access to important information. An important part of estate planning is consolidating this important information in one place accessible and known to family members.
Estate planning survives tax cuts
Changes to the federal tax law effectively excludes 99.9 percent of all Americans from federal taxes by providing a $11.18 million estate exemption to single persons and $22 million to married couples. However, well-reasoned estate planning can help people in Michigan ensure that their inheritance will pass on as intended, lower the possibility of family disputes and reduce costly lawsuits.
Estate legal actions may change this year
Usually, estate administration is ignored until there is a fight over a Michigan will or inheritance. But, there are some trends indicating that this legal area is changing, and estate and probate litigation may grow in 2018.
Fraud leads to probate law changes
Michigan's estate administration law was intended to assure transfer of property from testators and heirs through probate. However, misappropriation of funds sparked change to this law.
