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July 2014 Archives

Probate display of Lou Reed's estate could have been avoided

By now, anyone who reads this blog knows the importance of proper estate planning. Some people, however, choose to take a different route for dealing with their estate. The estate of Lou Reed brings this point to light. While the man did have an estate plan in place, some are calling it a "walk on the wild side." Michigan residents might be interested to learn why this comparison is being made.

Estate planning after a prenuptial agreement

When people get married, they sometimes have a prenuptial agreement in place to ensure that assets are properly protected in the event of a divorce. While prenuptial agreements are a good tool to ensure assets are protected, they might cause some problems down the road as the family's situation changes. In that case, working an appropriate estate plan out becomes vital to ensure that assets are distributed in accordance with your wishes when you pass away.

More reasons to update estate planning documents

Keeping your estate plan up to date is something that we write about often on this blog. The reason for this is that almost every change you make in your life can affect your estate plan. Sure, you are probably aware that if you get married, get divorced or become a parent, you need to update your estate plan. Our Michigan readers might be interested to learn about some of the other instances in which going over your estate planning documents might be a good idea.

Inheritance disputes over beneficiary designations and wills

The last thing that most people want is family members fighting over their estate or assets when they are gone. For this reason, it is important to make sure that your estate plan is set up exactly how you want it. In some cases, such as with an individual retirement account, this might be more complex than it seems. Michigan residents might be interested to learn how inheritance disputes dealing with a difference in will beneficiaries and IRA beneficiary designation is handled.

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