When spring arrives, many people feel as if they want a fresh start. With brutal winters, this is often especially true for people in Michigan. Fortunately, there are a number of ways you can move forward and find relief knowing that you are caring for your assets and loved ones to the best of your ability. Whether you want to set up an estate plan for the first time, such as a will or a trust, or you have decided to take a second look at your estate plan and make certain changes, this is an excellent time of year to take these matters into consideration.
What is a spendthrift trust?
You want to leave your assets to a family member or friend in trust, but frankly you do not trust they have the maturity to manage a large lump sum disbursed to them responsibly. You may be worried they will spend it recklessly on frivolous things, leaving them without the ability to care for themselves and their loved ones as the trust intended. When that situation arises, you may be advised to establish a spendthrift trust - but what is a spendthrift trust, and is it legal in Michigan?
Your postnuptial agreement can merge with your estate plan
Prenuptial agreements have become very popular in the past few years, but you and your spouse might not have had one. Instead, you may have created a postnuptial agreement.
How to benefit charities after death
Philanthropists in Michigan who want to make significant charitable contributions upon their death may want to consider setting up a charitable trust. This type of estate planning can ensure money and other assets benefit particular charities, and there are also tax incentives associated with them.
