Like some Detroit residents, you might have decided you do not need a will. You might trust your descendants to work things out maturely amongst themselves, or perhaps you do not believe your estate is large enough to require any estate planning. For whatever reason, it might not seem like a pressing emergency to get your affairs in order before you pass on. It is certainly within your rights to refrain from any type of estate planning. However, you may first want to consider what might happen if you die without a will in place.
Setting up a trust plan for your pets
The Bingham Legal Group PC recently discussed planning for the future of your pets in the event of your death. In that blog post, we touched upon the very basics with including your pets in your will and ensuring they have someone to take care of them after you are gone. In this post, we will discuss the benefits of a pet trust for Detroit residents, as well as what you might put in a pet trust.
Planning Your Estate In Divorce
A divorce can be a highly contentious time, both legally and emotionally. In the rush to secure short-term benefits, spouses often take serious missteps with regard to their long-term estate planning. These oversights can cost them life insurance benefits, cause them to incur large estate tax penalties, require new insurance policies and even result in unintentionally disinheriting their own children. Here are four pitfalls in estate planning than can happen to a spouse during or after divorce if not careful.
Make sure to have an estate plan in mind for your pets
If you have pets, you probably see them as your family members, and you’ll want them taken care of like your human family. However, at the Bingham Legal Group PC, we understand that estate planning laws are different in regards to animals and people in Detroit. You can leave money and belongings to your human family members, but you would not be able to leave any of your estate to your pets. So how can you ensure that your furry loved ones are taken care of after your death?
What are some of the costliest estate planning mistakes? Part 2
Last week, we outlined a few estate planning mistakes you and other Detroit residents might make that could end up being quite costly in the long run. We will conclude that topic in this post, including some suggestions on how to avoid these mistakes, preserve your pocketbook and save your loved ones some grief.
Probate avoidance though joint tenancy
There are many techniques one may employ to avoid probate when planning how to care for or pass on an estate. One popular tool for probate avoidance is joint tenancy, which allows for two or more individuals to own a piece of property and avoid many of the tax implications of transferring that property upon the death of one of the owners.
Costly estate planning mistakes – part 1
It is human nature to make mistakes. Unfortunately, some mistakes cost more than others. When it comes to planning for your loved ones, you can’t afford to mess up. At the Bingham Legal Group PC, we understand that the choices Detroit residents make now regarding the division of their estates and assets later can be either beneficial or disastrous for their heirs.
