The renowned performer Prince died without leaving a will. The battle among heirs and others is ongoing in Minnesota but has estate planning lessons for Michigan families who want their wishes and legacies preserved after they die.
Keeping wills locked away in a strongbox and forgotten may have unintended consequences. These documents must reflect current circumstances.
Like oral contracts, verbal wills may not be worth the paper they are written on. Having a written will is important to assure that major assets, like the house, go to intended heirs.
Couples who are in an unmarried relationship need to engage in additional estate planning and assure they have a valid will to assure that their assets and property are distributed after their death as they intended. Otherwise, the property may go to a family member or other person challenging a will.
End-of-life decisions are an unfortunate but necessary part of long-term planning. Like wills, these plans should be considered as early as possible. A living will is one mechanism used to declare these intentions.
Poor estate planning can lead to acrimony among relatives. A legal battle over the fortune of a deceased Baltimore bakery magnate involves allegations that cash was stolen from an office safe and safety deposit box, use of phony trusts, bad seafood and arguments in restaurants.
Litigation can outlive a person who made a will. In a Michigan will contest, a beneficiary can file a legal challenge to the will's validity. These challenges can take place before probate or after probate opens.
Wills are an important part of an estate plan designed to distribute the estate and prevent conflict concerning how the estate will be distributed. They are also designed to ensure that the wishes of the party executing the will are honored and to provide peace of mind for the party executing the will and their family members. At times, however, it may be necessary to initiate a will contest or defend against a will contest to protect the rights of a beneficiary or other party.
Creating an estate plan is likely not a one-person job. Even for a single individual, the process can be complex and confusing. Thus, involving family members and experts in the process can be beneficial. Even when it comes to drafting what may seem like a simple will, one needs to consider any tax implications of the document, as well as any conflicts that could exist. And while including certain experts in the will drafting of estate planning process is beneficial, the benefits of the experts are better experienced when everyone communicates and works together.
Assessing and protecting your finances is a crucial step to take throughout your life. While certain life events, such as marriage, the birth of a child, and retirement tend to signal an individual to begin this process, Michigan residents should note the importance of drafting a will long before these events occur.