You may have put some thought into what you want to include in your Michigan will, but if you own a business, there may be factors that you are not sure how to handle. For example, determining whether your child should run your company after you are gone may be difficult on a business level, but it could also be an emotional decision. At the Bingham Legal Group PC, our team often provides entrepreneurs with answers to this type of succession plan question.
Providing for your heirs through your business
As trustee, what are my duties if Uncle Joe has a stroke?
If your Uncle Joe named you as trustee in his revocable trust, he obviously had faith in your ability to act on his behalf if he became incapacitated. Your first priority is to follow the instructions in the trust document. Remember that you cannot mix trust assets. Always keep those belonging to the trust separate from your own.
Life insurance trusts for minor children
If your children are under the age of 18 when you die, they will need a guardian, but the best person for the job may not be the one who has the financial assets to provide for them. The attorneys at the Bingham Legal Group PC often work with parents who have these concerns for their children’s future.
Who pays the bills?
If your loved one has recently died, he or she may still have unfulfilled debts and obligations in Michigan. According to the Federal Trade Commission, these do not automatically pass to you, even though you are an heir or beneficiary. Not only that, you should not assume that you must use money from your family member’s accounts to pay the bills, and although there are some exceptions, such as joint debts, you typically also should not pay any debts with your own money.
Abatement and ademption: When bequests are not valid
You know that your family member in Michigan took estate planning to heart and followed all the steps necessary to ensure that you receive the items he or she wanted you to have. However, issues could still arise that take it out of your hands, in spite of any best intentions. We at the Bingham Legal Group, LLC, have often provided advice to beneficiaries who discover problems with a will.
