If you are creating a new estate plan or have an old one, there are certain facts you should be aware of. One that is not so common is what constitutes a change in an existing will.
When it comes to creating your will, you may feel tempted to take the “easy” route and find a template version online that you can fill out and be on your way. Nowadays, it is not difficult to find a do-it-yourself will, but given the importance and permanent nature of the document, is it really worth cutting corners?
As you get older in Michigan, you may need to rely more on others to continue enjoying your quality of life. This can make you susceptible to manipulation and undue influence.
Dogs, cats and other pets make your life more exciting and special. You likely consider them part of the family. Along with the emotional connection you have with your pet, the law considers him or her to be personal property, according to Forbes. Both of these are good reasons to include your pet in your estate plan. Your will or trust can secure a stable and loving future for your beloved pet.
Writing a will may not be a fun priority. However, far too many Americans are neglecting to create this vital document. In a 2017 report by Fox Business, reports found that more than half of adults in the United States did not have a will.
Is your parent getting older and finalizing an estate plan? You might feel concerned about the well-being of your loved one during this time. If you are suspicious whether something is happening with the estate planning process, you should be aware of a term known as “undue influence.”
As you go through a divorce, your estate plan may be the furthest thing from your mind. Despite the financial and emotional turmoil, you must remember to update your estate plan. If you do not revisit your will or trust, your ex could inherit some of your assets. Do not make the mistake of putting this off.
When a loved one dies in Michigan, and you learn that he or she left behind a legacy, you naturally have the expectation that he or she chose the right person to manage his or her estate. However, if the choice for executor is not honoring his or her fiduciary duty to the testator and other beneficiaries by following the instructions outlined in the testator’s will, you may find yourself wondering what you can do to rectify the situation. After all, doing nothing and waiting and hoping that the executor gets his or her act together can cause you and the other beneficiaries to miss out on your inheritances.
Making changes to a will is a common experience, but sometimes these changes are caused by undue influence. International Psychogeriatrics published research outlining the risk factors for undue influence in older people, but first, the legal construct must be defined. “To be undue influence in the eye of the law there must be – to sum it up in a word – coercion. The coercion may of course be of different kinds, it may be in the grossest form, such as actual confinement or violence, or a person in the last days or hours of life may have become so weak and feeble that very little pressure will be sufficient to bring about the desired result.”
It is important for people in Bloomfield Hills to be careful and diligent when planning their estates. It is not unusual for people to update their wills when life events happen, such as the birth or death of family members, changes in income and assets, and changes of heart as to who they want to inherit their property. But, if a situation arises where someone dies and leaves behind multiple wills, loved ones may be confused about how to handle the situation.