Families in the throes of estate planning may sometimes forget about some assets, such as Medicare, retirement accounts, and Social Security. These are assets that can be very important down the road and could carry a lot of value within the estate. A wrong move in the consideration of such assets could have serious repercussions.
Going through the probate process in Michigan
Probate court can seem like a mystery to many Michigan residents. After all, going through the probate process may be the first exposure a person has with the court system. But, when the need to go through this process arises, taking the right steps and having all the right information about one's legal options can make the process go smoother.
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.
Estate planning for second lives
Estate documents are usually utilized for assuring the proper distribution of funds after a person dies or dealing with issues near the end of their lives. But, there is also reassuring news for those who plan to have their body scientifically frozen for future revival. Estate planning may cover this process, known as cryonics, through the creation of a future income trust, which allows access to assets until a person is ultimately revived and keeps the trust's contents from melting away.
Estate plans for Michigan residents without children
An estate plan is not restricted for people with children. Without a will or other estate documents, Michigan law will determine who inherits a person's assets regardless of that person's wishes. Estate planning is also needed to deal with other important issues that can cause disruption and expense for relatives.
Estate planning entering digital world
Personal property, assets and other information is moving online. These include email accounts, cryptocurrency, credit card accounts and photos. Estate planning must address issues on access and disposition of these assets to help avoid problems for an estate's executor or any heir.
Estate planning errors to avoid
A lifetime of success and earnings may not be enjoyed by heirs if wills, trusts and other important estate documents are not properly drafted and there was other poor planning. Effective estate planning can avoid mistakes and provide for the effective distribution of assets and property to heirs.
Divorce old estate plans
A divorce often requires changes in relationships and finances. Ending a marriage should also include estate planning changes so that the estate is managed in accordance with a person's wishes after they die.
Protecting estates against Mother Nature
A lifetime of preparation and planning can be wiped out in minutes by a sudden natural disaster like Hurricane Florence in North Carolina or the wildfires in Paradise, California. Now, estate planning must be a part of preparing for natural disasters to ensure that acts of nature do not destroy the ability to pass on assets or preserve long-term planning.
Leaving confusion to heirs
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.
