At Bingham Legal Group PC, we understand how difficult it is to lose a loved one. The emotional turmoil can only be worsened by finding out that there were some last-minute changes to the will that either lessened your share or cut you out completely. The good news is that in Michigan, there is a “safe haven” clause. This protects you from loss of provisions made for you in the will if there is probably cause when you contest it.
Here’s what you need to know before you contest that will
Planning ahead to help your spouse after your death
There is little else as unsettling as thinking about how your spouse would manage if you were to pass away. While you can do your best to provide a supportive lifestyle while you are living, what happens when you are no longer physically able to protect your spouse? At Bingham Legal Group, we have helped many couples in Michigan to create an estate plan that is applicable to their living situation and is capable of meeting their end-of-life desires.
3 methods of reducing estate tax
When you work on your Michigan estate plan, chances are, you do so with the intent of leaving as much of your wealth behind for your loved ones, or the causes you care about, as you possibly can. One effective method of doing this involves reducing the amount of tax assessed against your estate, and there are several different methods you can utilize to help do this. At Bingham Legal Group PC, we are well-versed in the various methods of reducing estate tax, and we have helped many clients navigate this and related estate planning objectives.
How fiduciaries breach their duty
If you accepted the responsibility of becoming the executor of someone’s Michigan will, you become a fiduciary when that person dies and you are faced with the duties entailed in taking his or her estate through the probate process. Being a fiduciary means that you are the person who oversees and looks out for the estate’s assets, pays its bills and taxes, as well as those of the deceased person, and ultimately distributes the remaining estate assets to the people or entities designated in the deceased’s will. Sometimes you may even be one of those people yourself, but usually a testator gives the executor job to someone who is not one of his or her heirs.
Revocable trusts and a beneficiary’s divorce
You have many options if you are thinking about setting up an estate plan, whether you decide to go forward with a special needs trust for one of your loved ones who struggles with a disability or some other type of estate plan. It is important to consider many factors, and there are a number of situations which can impact an estate plan. For example, the end of a marriage can lead to estate plan revision because a former spouse was listed as a beneficiary or was given authority that is no longer desirable. Moreover, if one of your beneficiaries splits up with their spouse, you may also want to think about how this could impact your plans.
