If you have ever drafted a will, you probably understand the ramifications of doing so and appreciate the careful consideration that needs to go into the process. When determining how you want to allot your assets in the event of your passing, you may consider things such as who you trust the most, or who has children of their own that may need support. You may, too, give some thought to how each of your children may decide to use any funds you leave to them.
Some of our readers may have seen previous posts here referencing the many different aspects of a comprehensive estate plan. Of course, most people know that a will is essential, and many know that powers of attorney are also a key component.
Protecting inheritance is important, and, when it comes to the potential for arguments among family members, the documents which are drafted specifically to distribute an inheritance can be of the utmost importance. That's why in one fight involving a high-profile individual, the fight was over almost as soon as it began.
It seems to be a sad reality in today's world that whenever a celebrity or famous person dies unexpectedly there will be a dispute about the persons' estate and assets. Most of our Michigan readers probably saw the huge problems that the death of Michael Jackson caused within his family, and now it appears some similar issues may be arising in the wake of the unexpected death of Whitney Houston.
Readers in the Detroit area may be interested in a recent survey showing that just 19 percent of baby boomers feel obligated to leave their children an inheritance. But this percentage is higher than in 2005, prior to the nation's crushing economic downturn, when just 3 percent of baby boomers reported feeling obligated to pass on estate assets to heirs.