Battles over a family's estate can be bitter. Recent litigation over a will contest in Washtenaw County became especially acrimonious after one man accused his brother of drowning their wealthy mother because she was planning to make changes to her will.
Passing on non-monetary property may be complicated
Passing on money and bonds to heirs may be relatively straight-forward. But, distribution of things like property, art and jewelry require additional estate planning. Determining an object's fair market value is important, regardless of whether the asset or profits from its sale are passed on. This is important because some assets may appreciate over time. Insurance coverage should be updated so that planning decisions are based upon accurate information.
Estate planning is important
The failure to have a will in Michigan is not an absolute disaster, especially when a decedent wanted to have an outright distribution of assets to their children.
Wills have strict requirements
Disposing of property and assets after death must be done following strict legal requirements. To avoid legal disputes, wills must comply with numerous legal requirements. First, rules govern their signature and execution. While these rules may appear unnecessarily formal, any flaw can lead to a will contest or invalidation.
Estate planning goes beyond wills
Charities as heirs
Having a say after death
Estate planning is not restricted to the wealthy. Estate documents, such as wills, are necessary for anyone who wants a say on how their property will be distributed after they die. Families of those who failed to make plans are not completely unprotected, however. Michigan law governs the distribution of property for people who die intestate.
Online estate documents have drawbacks
An online storage system for estate documents may be advantageous for those who are tech-skilled. But, all online accounts should be addressed in estate planning documents or access may be denied or accounts may be destroyed. This can allow lawyers, executors, beneficiaries and relatives to have quick access to wills, medical documents and other information.
Country singer's children may contest will
Celebrities may remain in the news for matters unrelated to their talents and accomplishments long after they die. In an estate case that is instructive for Michigan families, a judge in Tennessee recently ruled that the children of country music singer Glenn Campbell may contest two wills that disinherited them.
Estate planning mistakes may be costly
Many people follow myths and rely on outdated wills for passing on property to their heirs. This can be costly. Estate planning should go beyond the drafting of wills and encompass many documents and health and legal concerns.
