As discussed in previous posts, it may complicate matters significantly if someone dies without leaving behind a will or trust. Therefore, Detroit residents may consider it a wise move to handle their estate planning well in advance. Having a clear and understandable will may protect the beneficiaries of an estate from the hassle and heartache of trying to sort out how to divide money, heirlooms, property and other assets after a loved one's death.
As you probably know, it is important to have a will or trust in order for your loved ones after you pass. Estate planning may help your heirs avoid confusion or conflict later on. However, it is not unusual for Detroit residents to need clarification on some of the common estate planning terms.
An important part of estate planning is to make sure that your wishes are kept following your death. As our team at Bingham Legal Group PC knows, another part is to make the task of allocating your assets easier on your family. Too often, someone passes away without a proper plan in place, and survivors end up arguing over who receives what.
Our estate planning tools have been developed and refined over the course of centuries, but that does not mean there is nothing new to consider. In fact, even a carefully considered, well-drafted estate plan should be reviewed from time to time, even if you're not sure your position has changed.
Good news for pet owners: You can make plans for your animal friends when you are putting together your estate plan. While you cannot leave money to an animal, you can make sure that your pet is taken care of in the event that you pass away.
There are two key components of estate planning: putting together a strategy, and then keeping that strategy current. According to the American Bar Association, approximately 55 percent of people living in Detroit and across the country do not have any estate planning documents in place when they pass away.
Detroit residents involved in the estate planning process must select an executor to perform a number of important duties related to their wills. Choosing the right person as executor is extremely important, as he or she will ultimately be responsible for carrying out the decedent’s final wishes.
Estate planning, as many readers are aware, can quite complex, but it can also be very simple, depending on the needs and desires of each individual. Even in simple estate planning, though, there are various elements that need to be addressed and coordinated, and that includes beneficiary designations.
When people enter into estate planning, there are a variety of things they can bring to the table, not only in terms of goals their estate plan, but also in terms of assets. Naturally, folks think of their major assets, like their home, their business, vacation properties, stock, life insurance and retirement accounts. Each of these, and other major assets, certainly needs to be addressed by thorough estate planning.