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.
It's common for there to be some unhappy people once the contents of a testator's will are revealed after that individual dies. You must understand that not everyone is entitled to challenge a person's will, and they're not allowed to do so for just any reason either. Most jurisdictions only allow "interested parties," or creditors, spouses, children, heirs, devisees or any others who may a claim to the estate or property of the estate, to do so.
Creating a will is a critical step in making your estate plan, but you don't have to include everything you own in the will. Instead, there are some specific things that don't have to be discussed in this document. It's imperative that you understand the distinction here so that you can focus on the things that should be included.
A will allows a deceased person to dictate what happens to his or her assets after passing. In Michigan and most other states, the will is verified during probate. The document can also name the executor of the estate as well as who would look after a minor child if the other parent is unable to. It is important for beneficiaries to understand that will readings generally don't take place in the 21st century.
Estate planning can be a complicated subject in Michigan. Not only can it be a fearful experience as it acknowledges mortality, but there could be concerns about disputes arising among relatives as to how the assets are divided. Tax implications are also a common worry. For many, gift-giving is a useful strategy to address a variety of concerns with family members and to give to groups and organizations the testator cares about. There are aspects of gifting that people need to understand as part of the estate planning process. Legal advice can always be beneficial with these considerations.
In September, rock and roll legend Ric Ocasek passed away in his mid-seventies. Ocasek suffered from a number of heart-related illnesses and was recovering from surgery when he died of natural causes. He was found by his wife, model Paulina Porizkova, from whom he had been estranged since 2017.
A Michigan resident does not have to panic when they consider how and when they will draft their estate planning documents. Attorneys are well-versed in the requirements that apply to trusts, wills, and other important tools. Because estate planning documents must conform to certain specifications, individuals may be well-served to seek professional assistance when preparing these items.
The loss of a beloved family member can be difficult for a Michigan resident. As they work through their emotions and manage the decedent's end-of-life plans, they may begin to think about what will happen to the decedent's possessions and property. When a person dies, the things that they own become part of their end-of-life estate and that estate must be managed and distributed.
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.