Marital problems are not only a family law issue – they can create problems with estate planning, as well. If you get divorced and later remarry, there may be disputes if your children from your first marriage or your blended family disagree on the terms of your will. For you and other Detroit residents, creating a prenuptial agreement may be a way to avoid the hassle of an estate planning dispute down the road.
Recently, our blog discussed how you might keep funds you inherited from falling into the hands of debt collectors. At the Bingham Legal Group PC, we understand how you and other Detroit residents might wish to prevent the same thing from happening to your loved ones. Is there anything you can do that might protect the assets you leave to your heirs from being taken by creditors they owe?
Naming your executor is one of the most important decisions you make when you draw up your will or establish a trust. You want someone with good business sense as well as good old-fashioned common sense. Some estate matters can be very complicated, and your executor must be able to work through them, exercise good judgement and seek help from experts when necessary.
The death of a loved one is always difficult, but receiving an inheritance may soften the blow and reassure you that you were loved by your family member. Naturally, you and other Detroit residents would want to put an inheritance to good use, such as purchasing furniture or going on vacation. You might also want to put your inheritance toward a car or home or use it for your children’s college fund. What happens, however, if you have debt that has gone to a collection agency? Can your creditors take your inheritance from you?
It is understandable that Detroit residents would want assets they bequeath to their relatives given to them, without any of it being taken to pay off a debt. In some cases, the government may also dip its hand into an inheritance to pay taxes or repay certain benefits. There are, fortunately, a few ways to protect the legacy a family leaves to its heirs.
If you or a loved one is dealing with medical issues later in life, you might have realized that it can be difficult to navigate the healthcare system, especially with a complicated health problem. One of the ways you might be better informed and able to regain control over your care is by involving a healthcare advocate. It can help for you and other Detroit residents to understand how a healthcare advocate works.
In a recent post on this blog, we discussed which of your family members are likely to receive your retirement funds after your death. To recap, it would usually be your spouse or adult children who receive your benefits from a 401(k) or Individual Retirement Account. However, you might have reason to worry that an ex-spouse would receive your retirement benefits, even if you have been divorced for years. How might you and other Detroit residents avoid the possibility of an ex receiving benefits that you would like to designate to more immediate family members?
Compared to other areas of law, estate and probate planning is pretty slow to change. However, the ubiquity of technology could open a new set of issues in estate planning. We have wishes for our tangible property including money, cars and houses - but what about digital property? Do you have an estate plan for the information you keep online?
After a family member passes on, his or her property and assets are given to the spouse, children and other beneficiaries according to a will or trust, or otherwise divided by the court. Retirement funds are treated in much the same way in Michigan and other states.
If you are just starting to think about your estate planning or if your wishes are relatively straightforward and simple, you might consider writing a will. This is usually a good idea for any adult in Detroit and elsewhere. It can help to understand the elements that make up a basic will.