When it comes to estate planning, there is no one size fits all solution. In fact, the circumstances surrounding one estate may vary dramatically in comparison to another estate, which highlights how crucial it is for you to set up a unique estate plan that caters to your individual needs. Your estate plan should also take into account the unique needs of your family members and beneficiaries. Additionally, you may need to revise your estate plan at certain points, depending on changes that occur in your life or the lives of your loved ones.
You have taken the time and effort to create a will in Michigan, and you feel reasonably confident that your children are not going to suffer financially if you die while they are young. However, this estate planning tool only gives peace of mind for the time after your death. What if you are involved in a car accident that leaves you in a coma?
With estate planning, communication is paramount to the efficacy of your trust or will. In addition to talking with loved ones, trying to answer any questions they have, and going over any concerns that may arise, it is also very important for you to find answers to any questions that you have. By taking the time to talk with those who are affected by your estate plan, you might be able to eliminate confusion or even prevent disputes from arising later on. There are many facets of effective estate planning, but our law firm knows how crucial communication is.
With estate planning, there are many facets of the law and your personal circumstances that you may want to consider. You should always try to move forward with a plan that will best suit your individual needs and make things easier for your loved ones once you pass away. Moreover, if you have any unanswered questions, such as the legality of holographic wills in the state of Michigan (since these are not legal everywhere), it is essential to find answers. Holographic wills, for example, are entirely written by the testator, but they are not accepted in all states.
As a business owner in Michigan, you no doubt understand the importance of having estate planning documents in place to ensure that probate and taxes do not diminish your hard work. Our legal team at the Bingham Legal Group often works with entrepreneurs to ensure that their assets are protected.
You may already be familiar with some of the estate planning options available to you in Michigan, such as wills and trusts. Many people rely on the team at the Bingham Legal Group to explain the differences in the roles, and which option may be better in a given situation. However, there is a type of trust that is actually included in the will.
True to its nature, a crisis often occurs when you least expect it. For example, your mom calls you in the wee hours to say that your father has had a stroke and is in the hospital. This seems unbelievable: Your folks came over for dinner last night, and your dad looked and acted just fine.
In Michigan, a person who is concerned about who receives certain assets after his or her death does not have to type out or download a document and find a couple of people to witness its signing. Instead, a pen and piece of paper are all that are needed to ensure that his or her wishes are honored.
Whether you post pictures and updates about your life constantly from your phone or you have important business information backed up in your email account, chances are, your way of life in Michigan has a digital side that is important to you. It could be important to other people, too, and if you die without a plan in place, they could be left without the keys to your online information.
If you are worried about how debt, Medicaid, probate and other factors will affect your estate after you die, you may want to consider a ladybird deed. According to the Michigan Bar Journal, this document transfers real estate to your beneficiary upon your death, but it allows you to retain the use of the property for as long as you live. Not only that, you can continue to make all the decisions regarding the property without the input of the grantee, including selling it or choosing a new beneficiary.