Divorce can affect a person's life in many ways, bringing stress and financial changes, for example, and this is even more true for many people who go through a high-asset divorce. Moreover, it can also affect one's estate plan, prompting the dismissal of an executor, removing a beneficiary, or finding a new person to take on the responsibilities of an executor. Our law office knows that it can be tough for people to navigate these challenges after they have recently split up with their partner, but going over all of one's options can be tremendously helpful.
From setting up an estate plan for the first time to executing an estate after a loved one has passed on, there are many ways in which estates can cause stress. However, it can be especially tough for those who are creating an estate plan, whether they have decided to move ahead with a trust or with a will. Initially, some people may have difficulty trying to decide which type of estate plan will suit them and those they love best. Even once this has been established, other stressful questions may arise, such as figuring out who to name as an executor or deciding how to split up assets between beneficiaries.
Life can change in a number of ways, from a couple tying the knot to ending their marriage and the loss of a loved one’s life due to cancer. Moreover, these changes can also prompt people to modify their estate plan, whether their financial state has changed significantly or they wish to change the way in which their assets will be handed down to those they love. Furthermore, motorcycle accidents can be especially dangerous and have a major impact on entire families.
When spring arrives, many people feel as if they want a fresh start. With brutal winters, this is often especially true for people in Michigan. Fortunately, there are a number of ways you can move forward and find relief knowing that you are caring for your assets and loved ones to the best of your ability. Whether you want to set up an estate plan for the first time, such as a will or a trust, or you have decided to take a second look at your estate plan and make certain changes, this is an excellent time of year to take these matters into consideration.
With the end of marriage, your life could change in many different ways. For example, the amount of time you are able to spend with your children may differ, or you could face financial issues as a result of child support, alimony, or adjusting to life without your spouse. However, splitting up with a marital partner can also affect your estate plan, of course. Typically, a divorce will revoke a spouse’s appointment as the executor of an estate. Once your divorce has finalized, you may be looking over the different ways your life has changed and trying to move forward. For example, you may be trying to decide who to name as the new executor of your estate.
The majority of Michigan residents understand the importance of having a will so there is no question what happens to assets once the writer of the will passes away. These days, the aging population needs to consider a more complicated financial plan, and this is one that deals with the potential of developing Alzheimer's or some other form of dementia. It is a condition that is becoming more common and it is important for family members to discuss some of the difficult topics surrounding it.
As Michigan residents grow older, they need to consider a variety of things so they and their family are protected. This includes writing a will, deciding if a trust is beneficial and naming beneficiaries and guardians.
It does not matter what age you are, all adults in Michigan should have an advance directive. This includes legal instructions for what decisions should be made medically if you are unable to do so yourself. Hopefully it will never be needed, but in the event you are in an extreme medical situation it is an important document.
People in Michigan who have a will should regularly review the assets in it as well as the named beneficiaries. This is especially true during life-changing events, as this may call for the need to make changes regarding who the property and other assets are left to. This can save a lot of heartache and legal battles later on down the line.
While many people in Michigan choose to have their will drafted and typed out by an attorney, some choose to handwrite their will. Known as a holographic will, a handwritten one has some benefits, but it also comes with certain complications. People should weigh the different factors before deciding what form they want their will to be in.