A Michigan estate plan is not something you prepare once and then put away. Divorce and remarriage, in particular, are events that should prompt you to make some changes. The team at Bingham Legal Group PC understands how these factors may affect your loved ones if you die before changing your will, and we often advise clients on the best way to address their unique family structure in their estate plans.
When it appears that you are on your way to court over a business disagreement that has spiraled out of control, or you anticipate disputes over your final wishes, you may want to consider the concept of alternative dispute resolution (ADR).
End-of-life decisions are often a part of a Michigan estate plan, but a person does not necessarily have to be on a deathbed to need important questions answered by this document. However, the answers could make the difference between life or death.
When you sit down with your attorney to flesh out your estate plan, you may be under the impression that the usual information about financial assets, property, bequests and the like will be sufficient. You will be talking about things like wills, trusts and patient advocate designations, and you think you have everything covered.
Whether you tend to be the type who is kept awake at night by worries, or you just recently had a major change of circumstances, right now might be the moment when you feel the need to jot down your last will and testament. If you die without completing this document, the probate process could become particularly difficult for those you leave behind. The legal team at the Bingham Legal Group PC has provided assistance to many people who want to make sure their wishes are honored after death.
You may have put some thought into what you want to include in your Michigan will, but if you own a business, there may be factors that you are not sure how to handle. For example, determining whether your child should run your company after you are gone may be difficult on a business level, but it could also be an emotional decision. At the Bingham Legal Group PC, our team often provides entrepreneurs with answers to this type of succession plan question.
You know that your family member in Michigan took estate planning to heart and followed all the steps necessary to ensure that you receive the items he or she wanted you to have. However, issues could still arise that take it out of your hands, in spite of any best intentions. We at the Bingham Legal Group, LLC, have often provided advice to beneficiaries who discover problems with a will.
When you are preparing to draft your last will and testament in Michigan, your primary concerns probably revolve around what you leave behind, and to whom. However, once you get into the legal process, you may discover a number of terms that are not in straightforward, everyday language. We at the Bingham Legal Group PC are careful to explain the meanings of the legal definitions to decode and simplify the process of planning your estate.
You drafted your will while your child was young, and that put you ahead of the curve when it comes to estate planning in Michigan, since many people procrastinate until it is too late. As time has gone by, though, your original wishes may not be relevant or appropriate for your child anymore. Forbes magazine explains that there are a number of circumstances that could make your will unsuitable, including the following:
The most common estate planning mistake is that many people simply fail to address the task. Sometimes they are intimidated because an estate plan points to the end of their lives. Some people shy away from discussions they know are going to be difficult or at least uncomfortable. Still others have no idea where to start. Therefore, it might be helpful to think about things you want to bypass in terms of estate planning. Here are six major estate planning mistakes to make sure you avoid.