Estate planning can be very complex and this is true for almost everyone who decides to set up a plan, whether they move ahead with a will or decide that a trust is the better option. For some people, estate planning can be even more complicated, however. For example, some people own property outside of the U.S., which can make setting up an estate plan even trickier for various reasons. If you have international assets or are dealing with other international issues that could impact your estate plan (citizenship, beneficiaries living overseas, etc.), it is especially important for you to carefully approach this process.
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.
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.
If you have been placed in charge of a loved one's estate plan, you may have uncertainty for a number of reasons, whether your loved one recently passed on or they just informed you that they decided to name you as the executor of their will. This is understandable and there are all sorts of factors related to estate plans that can give rise to uncertainty. However, by discussing this issue with your loved one if they are alive, or consulting a legal professional if they have passed away, you may be able to ease some of your concerns.
Some people set up an estate plan because they are simply looking to the future and want peace of mind, while others experience an unexpected crisis which prompts them to create a trust or will in order to protect their assets. For example, a health scare may cause someone to set up an estate plan much sooner than they were expecting. If you have recently suffered a medical emergency that you did not see coming, it is crucial to not only protect your health but your finances as well. These situations may also cause people to create an estate plan at a relatively young age.
We have covered many of the reasons why people decide to revise their estate plans, such as the birth of a child, an injury they suffered or the end of their marriage. There are other circumstances in which it may become necessary to go over your estate plan again, however. For example, you may experience a number of different changes with regard to your career which may make it necessary to revise certain aspects of your estate plan. In Detroit, and cities all over the state of Michigan, those whose lives change in significant ways should ensure that their estate plan is also taken into consideration.
If you have kids in school, September may be a hectic month, to say the least. Not only could your kids be facing challenges related to school, from adjusting to a new daily schedule to issues involving classmates or schoolwork, but you may have additional stress as well. After all, driving kids to school and extracurricular activities can be demanding. Some parents allow these stressors to get in the way of creating an estate plan during this time of year, but it is extremely important to make sure that you do not push off estate planning.
We have been over some of the reasons why people need to make revisions to their estate plans, whether they file for divorce or are seriously hurt in an accident and have their entire life changed. However, the birth of a child is a common reason why many people in Detroit and across Michigan decide to revise their estate plan (or even set one up in the first place). If you are expecting a child, or if you are awaiting the birth of a grandchild, it may be necessary to revisit your estate plan and make any necessary revisions.
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.
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.