With estate planning, there is no one-size-fits-all solution. If you are in the early stages of setting up an estate plan, it is important for you to find out which route is best given your personal circumstances. For example, some people decide to move forward with a will, while others benefit more from a trust. Moreover, there are many different examples of trusts, from special needs trusts and charitable trusts to other options. In Detroit and cities across Michigan, it is important for people to carefully approach estate planning with their loved ones in mind.
The importance of a unique estate plan
Finding the right special needs trustee
In one of our recent posts, we reviewed some of the reasons why special needs trusts are advantageous for some people. If someone you love has special needs and you are interested in helping them down the road, this option could be ideal. However, the Bingham Law Group also recognizes that a number of questions may arise for people in Detroit and other parts of Michigan who have decided to move forward with a special needs trust. For example, you may be unsure of who to choose as the trustee and finding the right person is paramount.
Avoid unintended estate planning consequences during divorce
If you are going through a divorce, you likely have much on your mind and many demands on your time. However, do not forget to update your estate plan. While the divorce is underway, your spouse still has certain rights, and you will want to keep as much control over your assets as you can.
Health challenges and your estate plan
There are many different events in life that may affect an estate plan, including divorce and a change of heart. However, some are completely unexpected and can be devastating in more ways than one. For example, some people suffer unanticipated health problems that result in emotional, physical and financial hardships. Depending on the severity of the health problem, it may even be necessary to go over an estate plan once again. There are a number of different reasons why revisions may be called for in the wake of a health crisis and we will cover some in this post.
Examining other benefits of charitable trusts
Those who decide to set up a trust may have a hard time deciding which option is right, but charitable trusts are an ideal estate plan for some. Aside from being able to support a cause you believe in, charitable trusts offer many other benefits that you may want to review. It is important to make sure that whatever decisions you make with respect to estate planning are best for you and your loved ones and this may be the most sensible option for you.
