The probate process can be challenging for a multitude of reasons. First of all, many people in Detroit and across the entire state of Michigan struggle with overwhelming emotional pain following their loved one's death. Aside from emotional concerns, there are many other issues that can arise which can hold up the probate process. For example, a bitter and lengthy dispute may interfere with the way in which an estate is handled. These disputes can sometimes lead to litigation, which can be tough for various reasons, and there are other factors that can cause significant delays.
Whether a marriage breaks down because of a partner’s infidelity or a married couple grows apart after many years, countless factors can lead to a divorce. As if the divorce process is not challenging enough in and of itself, there are other legal considerations that may arise in the wake of a divorce, such as those involving an estate plan. For example, it may be smart for you to take a look at your will and ensure that any necessary changes resulting from your divorce have been taken care of.
Some Detroit adults find themselves having to care for an old, ailing parent, with the other parent having passed away. However, sometimes if an adult child is granted responsibility for the parent’s finances, that child may try to take over the parent’s finances entirely even if the parent spells out different wishes or if another sibling wants a share of what would potentially be an inheritance. Forbes explains a number of reasons why such clashes may happen.
As the season changes to warmer weather, it is a good time to reevaluate your estate plans in Michigan. Perhaps you wrote a will, but you have not made any changes to it since. There are certain circumstances that call for adding to, or changing, a will, so now is the perfect time to consider if you should make any changes.
If you live in Michigan and are planning your future, setting up a trust is often a smart move, but there are various types of trusts to choose from. If you are philanthropic and are looking for your own estate tax benefit, a charitable trust may be a good option.
When a husband and wife plan the disposal of their estate, one of the major issues can concern the best way to provide for their children's future needs. With the help of their financial planning attorney, the parents agree that setting up an irrevocable trust is the best way to make sure their assets benefit their children.
In this blog post, we will take a closer look at two issues that can be incredibly difficult for people to deal with: being diagnosed with cancer and setting up an estate plan. If you were recently diagnosed with cancer, you may feel as if you have no control over your life or your future, and you could be worried about what will happen to your loved ones in the years ahead. Fortunately, there are steps that you may be able to take to alleviate some of these concerns, such as creating an estate plan.
Parents in Michigan often leave the proceeds from their estate to their children and grandchildren. However, if a child has special needs, having a trust that provides for them after your death is critical. The team at Bingham Legal Group PC has experience helping clients assess their situation and implement the type of trust that best meets their needs.