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November 2013 Archives

Should Michigan residents have a trust if they have a will?

Whether a Michigan resident has a living trust as part of his or her estate plan depends on the desires of that individual. A will distributes assets after death to whomever the maker of the will instructs. A living trust accomplishes the same thing, but it can also ensure the grantor is taken care of financially in the event he or she becomes incapacitated.

Will modifications could cause trouble during probate

Going through the process of estate planning might be a big step for many people. Whether or not it takes convincing to get someone to create a will, chances are that the testator will want to get it right. No one wants to have an estate plan in place and feel as though it doesn't truly reflect his or her wishes. This is why it's possible to update and revise estate plans essentially up until the time that a person passes on.

Reed didn't take a walk on the wild side with his estate plan

When musician Lou Reed was recording with the Velvet Underground and later as a solo artist, he took many chances. This effort to produce innovative music earned Reed a reputation as one of the most influential musicians of his age. However, as was revealed upon the musician's passing, Reed didn't take any chances with his assets. He took time to go through estate planning and clearly laid provisions to distribute assets to his loved ones and manage his extensive music catalog.

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