If you have pets, you probably see them as your family members, and you’ll want them taken care of like your human family. However, at the Bingham Legal Group PC, we understand that estate planning laws are different in regards to animals and people in Detroit. You can leave money and belongings to your human family members, but you would not be able to leave any of your estate to your pets. So how can you ensure that your furry loved ones are taken care of after your death?
Last week, we outlined a few estate planning mistakes you and other Detroit residents might make that could end up being quite costly in the long run. We will conclude that topic in this post, including some suggestions on how to avoid these mistakes, preserve your pocketbook and save your loved ones some grief.
It is human nature to make mistakes. Unfortunately, some mistakes cost more than others. When it comes to planning for your loved ones, you can’t afford to mess up. At the Bingham Legal Group PC, we understand that the choices Detroit residents make now regarding the division of their estates and assets later can be either beneficial or disastrous for their heirs.
Loaning money within a family can always be a complicated proposition, but proper legal guidance can help make intra-family loans an effective option for wealth transfer and keep them from becoming points of contention in personal relationships. In certain circumstances, such loans and notes have clear legal advantages over other forms of wealth transfer.
There are many reasons a person may desire to establish an estate plan, regardless of the value of the relevant property or the specificity of one’s end-of-life wishes. Due to the increasing complexity of legal and tax implications of dying without an estate plan for caring for and distributing one’s property after death and defining one’s end-of-life wishes, it is wise for everyone to have some type of estate plan.
When taking care of your estate planning, our team at the Bingham Legal Group PC understands that it may be unpleasant to think about end-of-life matters. Additionally, these smaller details may be overlooked when you are focusing on how to divide your assets and property with a will or trust. However, it is just as important, if not more so, for Detroit residents to ensure they have plans that tell their loved ones what they wish to happen in case they are incapacitated.
Like many Detroit residents, when you plan what will happen to your assets after your death, you are probably hoping to prevent your loved ones arguing over who gets what. The loss of a family member is always a difficult situation, and it may bring out the worst in some. When your children, grandchildren and siblings disagree over who should get which beloved family heirlooms, it could result in ongoing resentment and even permanent family rifts.
While not exactly an estate planning aspect, power of attorney is one method that is often used to protect a person’s interests and assets. Many Detroit residents have been appointed power of attorney over a loved one, or have designated one themselves in anticipation of a condition that would later leave them unable to make important decisions.
Imagine a family with two children. One of those kids has always marched to the beat of his own proverbial drummer. He has traveled the world, lived abroad for many years, can be out of contact for weeks or months on end and has only returned to his childhood home a handful of times in the past decade. He also has a very good-paying job, isn't married and has no children.
Know Michigan's expectations for personal representatives - and consider getting the right help.
If a loved one has named you as the personal representative of their estate, they clearly trusted you on a personal and financial level. However, that doesn't change the fact that estate administration is often highly complex.