Many of our previous posts have stressed the importance of comprehensive and detailed estate planning. For most people, the question marks that can pop up from dying intestate are just too great of a concern to ignore. However, if there are some among our Michigan readers who have taken the first step and actually constructed an estate plan, it is important to remember that life-changing events can happen - and your will should sometimes be changed as well.
Some of our Oakland County readers may be keeping up with the family strife that is tearing the world-famous Jackson family apart these days. Michael Jackson's death was both sudden and tragic, and even after so much time has passed since then, his family members are waging a very public and, at times, very nasty fight over perceived problems with his estate administration.
Most people, including our Detroit-area readers, would probably rather avoid going to court if they can. After all, court hearings usually only occur when the conflict between two parties reaches a point where the issue cannot be resolved through alternative means. But whenever parties do end up in court, most would like to think that all of the best practices are being followed. A recent audit of Michigan's probate courts, however, found a few bugs in the system.
Readers in the Detroit area were likely saddened to hear of the death of Etta James, the R&B icon with the powerful and husky voice who sang such hits as "At Last" and "Tell Mama." James passed away recently at the age of 72. Sadly, in her later years, she suffered from a number of health problems, including leukemia and dementia, and the final year of her life saw much controversy over matters of estate planning. Oakland County residents may take interest in the dispute over the care of James' estate, as many families in Michigan often face similar issues.
For many Oakland County residents, estate planning is a crucial aspect of financial management. However, mistakes in the estate planning process happen all too frequently. There are some especially common mistakes that a majority of people make when hashing out their estate plans. Whether it involves guardianships or trusts, an estate plan can cause a multitude of problems if due care isn't taken in establishing details.