Often, when people tie the knot, they expect to stay in a marriage with their spouse for the rest of their life. However, things do not always work out well and some couples ultimately end their marriage. This can bring on a number of changes in one's life, especially when it comes to financial matters such as estate planning. Moreover, some people may choose to get married to someone else, and this can also give rise to various considerations related to one's estate plan. Whether someone wishes to modify an existing estate plan or set up a will or trust after their second marriage, it is essential to be careful moving forward.
Sometimes, the probate process moves forward smoothly, and an estate is distributed properly without any disagreement or hard feelings. In other circumstances, however, probate disputes arise and these can be very difficult for entire families. If you are an heir, it is important to make sure that you avoid key mistakes which could complicate your situation further. In this write-up, we will take a brief look at some of the different errors that heirs make and how they can be avoided. That said, we also understand how challenging it can be as an heir in Detroit, Michigan.
When the holiday season rolls around, people may have a variety of feelings, from excitement to loneliness and stress. Many different family issues may come to a head during the holidays, especially since many family members may be seeing each other for the first time in months (or even years). Our law office knows that estate planning matters can also be difficult to deal with during this time of year and you may be unsure of how to approach the subject with your loved ones. For example, you might decide to discuss your estate plan with your relatives over the holidays. Or, perhaps you have already announced some aspects of your estate plan and there is disagreement.
Living trusts are a great estate planning tool. However, it’s important to understand exactly how trusts are created, as well as what they can do, to ensure your needs are met. There’s a lot of misinformation surrounding living trusts, which The Balance attempts to dispel with the following information.
If one of your loved ones asks you to manage his or her trust, you may feel honored and thankful. Being a trustee is a major responsibility. Someone you love and appreciate chooses you to oversee and administer his or her precious assets and wealth.