With the end of marriage, your life could change in many different ways. For example, the amount of time you are able to spend with your children may differ, or you could face financial issues as a result of child support, alimony, or adjusting to life without your spouse. However, splitting up with a marital partner can also affect your estate plan, of course. Typically, a divorce will revoke a spouse’s appointment as the executor of an estate. Once your divorce has finalized, you may be looking over the different ways your life has changed and trying to move forward. For example, you may be trying to decide who to name as the new executor of your estate.
When it comes to the probate process, there are a wide variety of challenges that people on all sides may encounter. For example, a beneficiary may not believe that their loved one's estate plan was distributed according to his or her wishes, while an executor may struggle with all sorts of different legal issues. However, the breach of fiduciary duties is often an especially tough issue for beneficiaries and executors alike. If you are in this position, you should go over the ins and outs of your circumstances from a legal perspective and know your rights.
The majority of Michigan residents understand the importance of having a will so there is no question what happens to assets once the writer of the will passes away. These days, the aging population needs to consider a more complicated financial plan, and this is one that deals with the potential of developing Alzheimer's or some other form of dementia. It is a condition that is becoming more common and it is important for family members to discuss some of the difficult topics surrounding it.
A happy blended family is one that is blended on several levels: physically, mentally, emotionally and financially. An estate plan can be very helpful with the financial aspect.
Many Michigan residents are familiar with a trust in regard to estate planning. However, fewer know about constructive trusts, which have a completely different purpose than regular trusts do. A constructive trust is court-ordered when someone obtained the property of someone else in a wrongful way.
As Michigan residents grow older, they need to consider a variety of things so they and their family are protected. This includes writing a will, deciding if a trust is beneficial and naming beneficiaries and guardians.