Your estate plan protects the assets you worked so hard to acquire during your life. It also ensures that your family receives the proper support after you are gone, which will help them cover essential living expenses. In addition to creating a will, you must also...
When a person dies and owns property, the distribution of assets to the beneficiaries usually occurs via probate. However, not all assets need to go through probate. A personal representative is a person named to administer the decedent's estate. This individual has...
Like most other states, Michigan has a social safety net that aims to protect the most vulnerable members of society. The federal government also administers means-tested benefits to those who cannot work because of physical and mental impairments. Qualifying for...
Most people do not want to think about living wills until confronted with the possibility of death. According to a Caring.com survey, the delay in handling one's affairs leaves many families' assets vulnerable, as two-thirds of Americans have no estate plan. The end...
An estate plan consists mostly of documents that are legally binding, and this is important when it comes to procedures such as probate and the disposition of assets. However, not every document in your estate plan needs to be a legal document. While it is optional,...
Undue influence is a major issue in estate planning. However, most people will likely go their whole lives without ever hearing this term, up until they have to deal with an older relative and their estate plan. What exactly is undue influence? What should a person...
No matter your age or financial status, you must have an estate plan in place to protect your assets and your family. A solid estate plan can prevent a lot of stress and hassle after you are gone, while also ensuring your family receives your assets according to your...
Parents of children who have disabilities often elect to form special needs trusts. These trusts, which are an integral part of many comprehensive estate plans, provide financial support to beneficiaries without actually transferring wealth to them. Consequently,...
The main focus of estate planning is determining what happens when you die. However, there are also important decisions to make about situations that may occur while you are alive. One of these decisions is selecting a patient advocate. What is a patient advocate? A...
Disinheriting a spouse sounds like a harsh choice to make, but for some situations, it may serve as the best possible one. You may find yourself in a situation where it is beneficial to disinherit them, such as if you are in a second marriage and want your assets to...
