A Michigan estate plan is not something you prepare once and then put away. Divorce and remarriage, in particular, are events that should prompt you to make some changes. The team at Bingham Legal Group PC understands how these factors may affect your loved ones if you die before changing your will, and we often advise clients on the best way to address their unique family structure in their estate plans.
When it appears that you are on your way to court over a business disagreement that has spiraled out of control, or you anticipate disputes over your final wishes, you may want to consider the concept of alternative dispute resolution (ADR).
When planning for the future, a person in Detroit should consider how his or her beneficiaries may handle their inheritance. For many people, the goal is not merely to distribute assets, but to allocate them as provision for their children’s future. Not everyone understands how to be responsible with money, though, particularly when there is a lot of it. NerdWallet explains that in these cases, a parent can choose someone else to manage the child’s inheritance for him or her through a spendthrift trust.
Many people in Michigan may assume that probate is something to be avoided at all costs. By adding another person’s name to a property title or a bank account, they may be able to skip over that process. However, as Bankrate.com points out, there are dangers to sharing ownership of assets, particularly for people who are not spouses, even though the rights of survivorship can negate the need for a will or probate.
End-of-life decisions are often a part of a Michigan estate plan, but a person does not necessarily have to be on a deathbed to need important questions answered by this document. However, the answers could make the difference between life or death.