There are two key components of estate planning: putting together a strategy, and then keeping that strategy current. According to the American Bar Association, approximately 55 percent of people living in Detroit and across the country do not have any estate planning documents in place when they pass away.
How to avoid the probate process
The importance of estate planning cannot be overstated, which is why being aware of common mistakes and the best methods for avoiding them is essential. For Michigan residents currently involved in the creation of wills and trusts, devising legally binding documents is crucial to avoiding probate and ensuring one’s final wishes are upheld.
Tips on selecting the right executor for your estate
Detroit residents involved in the estate planning process must select an executor to perform a number of important duties related to their wills. Choosing the right person as executor is extremely important, as he or she will ultimately be responsible for carrying out the decedent’s final wishes.
Is a revocable living trust a good idea?
When involved in the estate planning process, being aware of all available options will help you make the best decisions for you and your family. A revocable living trust is one document that many Michigan residents find useful when creating an estate plan.
