If you have decided to set up a charitable trust, you may believe that taking the proper steps now will ensure that your wishes are honored after your death, regardless of circumstances. However, what happens to your trust if the purpose you wanted it to fulfill is no longer possible? In this type of case, the court may invoke the cy pres doctrine, which would allow the funds to be used in a manner that matches your original intentions as closely as is feasible.
Could the power of attorney you create be challenged?
A power of attorney can be created for several different purposes. You might need a limited POA for the sale of property for which you are unable to be present, or a medical POA in which a health care agent is appointed who can make decisions for your care if you should become incapacitated. A lawyer can make sure you have covered all the bases when an attorney-in-fact has been named and the document is drawn up, because a power of attorney may not be met with universal approval, especially by certain family members.
Legal names for the people in your will
When you are preparing to draft your last will and testament in Michigan, your primary concerns probably revolve around what you leave behind, and to whom. However, once you get into the legal process, you may discover a number of terms that are not in straightforward, everyday language. We at the Bingham Legal Group PC are careful to explain the meanings of the legal definitions to decode and simplify the process of planning your estate.
Using a life estate to avoid probate
When a person has a home or other real estate in Michigan that he or she is thinking about passing on to heirs, the number of ways to do this may seem confusing, and each has its own consequences. Naming the people who will inherit the property in a will is a common approach, and trusts are also frequently used to ensure that the probate process goes smoothly. Perhaps less well known is the transfer of the home or other property through a life estate.
Is your will outdated?
You drafted your will while your child was young, and that put you ahead of the curve when it comes to estate planning in Michigan, since many people procrastinate until it is too late. As time has gone by, though, your original wishes may not be relevant or appropriate for your child anymore. Forbes magazine explains that there are a number of circumstances that could make your will unsuitable, including the following:
Two words changed your rights to a special needs trust
When you have medical needs because of a disability, having your own assets in Michigan can sometimes ironically become a liability. While you may have enough to take care of things right now, that amount of income may quickly be depleted due to the high costs of your care, and when you need help later, it may not be accessible. Not only that, you may be currently ineligible for many services that are essential to your well-being. Our team at Bingham Legal Group PC understands when a special needs trust is the right option, and the avenues that have recently become available to you.
