In several posts on this blog, we discussed setting up a trust plan to make sure your pets are taken care of if you are incapacitated or pass away before they do. As we pointed out, a pet trust may be the most effective way in ensuring the needs of your “fur babies” are met. At the Bingham Legal Group PC, we understand that you and other Detroit residents want to be sure your loved ones, including your pets, are provided for.
Naming your executor is one of the most important decisions you make when you draw up your will or establish a trust. You want someone with good business sense as well as good old-fashioned common sense. Some estate matters can be very complicated, and your executor must be able to work through them, exercise good judgement and seek help from experts when necessary.
The death of a loved one is always difficult, but receiving an inheritance may soften the blow and reassure you that you were loved by your family member. Naturally, you and other Detroit residents would want to put an inheritance to good use, such as purchasing furniture or going on vacation. You might also want to put your inheritance toward a car or home or use it for your children’s college fund. What happens, however, if you have debt that has gone to a collection agency? Can your creditors take your inheritance from you?
When you and other Detroit residents are taking care of your estate planning, you may consider the best ways you might help your family members avoid disputes over who receives your heirlooms and other property. At the Bingham Legal Group PC, we have often heard clients ask how they can help their loved ones avoid probate. While it is understandable that you want to preserve family harmony, it is important to distinguish the differences between the normal probate process and an estate dispute.
You may be considering setting up a trust fund to benefit your loved ones after your death. Like many Detroit residents, you might also be thinking about developing a trust that can be put into effect while you are still alive, especially if you are worried that you might become incapacitated during your later years and unable to make legal decisions. You might, however, have heard from well-meaning friends and family members that trusts are only for the extremely wealthy. This is a common belief, but the truth is that nearly any family can benefit from a well-planned trust.