You may already be familiar with some of the estate planning options available to you in Michigan, such as wills and trusts. Many people rely on the team at the Bingham Legal Group to explain the differences in the roles, and which option may be better in a given situation. However, there is a type of trust that is actually included in the will.
What you should know about testamentary trusts
Is probate always necessary?
The personal representative of your deceased spouse is responsible for administering the Michigan estate. However, there are many assets that may pass on to you that do not require the PR's involvement.
Important estate planning factors for new parents
Though a will can be beneficial after your passing, it may not cover all the areas of your estate. A proper estate plan can help you to take care of your loved ones even after you are gone.
Should I choose an individual or an institution as trustee?
When you are setting up a trust, one of the components is designating a trustee. The trustee has significant responsibility, so it is important to find just the right person. Or should you choose an institution instead? According to the American Bar Association, both trustee options have benefits, but they each also come with downsides.
The powers of attorney pertinent to your estate plan
True to its nature, a crisis often occurs when you least expect it. For example, your mom calls you in the wee hours to say that your father has had a stroke and is in the hospital. This seems unbelievable: Your folks came over for dinner last night, and your dad looked and acted just fine.
A holographic will could be easier to challenge
In Michigan, a person who is concerned about who receives certain assets after his or her death does not have to type out or download a document and find a couple of people to witness its signing. Instead, a pen and piece of paper are all that are needed to ensure that his or her wishes are honored.
