Every state has its own definition of undue influence. The key word, however, is not "influence" - it is "undue."
The Bingham Legal Group PC recently discussed planning for the future of your pets in the event of your death. In that blog post, we touched upon the very basics with including your pets in your will and ensuring they have someone to take care of them after you are gone. In this post, we will discuss the benefits of a pet trust for Detroit residents, as well as what you might put in a pet trust.
There are many techniques one may employ to avoid probate when planning how to care for or pass on an estate. One popular tool for probate avoidance is joint tenancy, which allows for two or more individuals to own a piece of property and avoid many of the tax implications of transferring that property upon the death of one of the owners.
Probate procedures have long been a contentious issue among those who are attempting to plan for the distribution of their property following their death -- and often more contentious among the survivors of those who did not bother to properly prepare at all! In many states, including Michigan, living trusts have become increasingly popular as a tool to circumvent much of the probate process and retain value within the property of the trust’s creator.
If you have a child with a disability, you may rightly be concerned about how to continue caring for the child after he or she is an adult. At the Bingham Legal Group PC, we understand the questions that you and other Detroit residents with special-needs children may have. One particularly pressing question is how to ensure your child is taken care of after you have passed away.
It is an unfortunate fact for residents of Detroit and elsewhere that not everyone is able to live to old age with full mental capacities. Numerous conditions, including dementia, Alzheimer’s disease and stroke, can reduce an elderly person’s mental acuity and ability to make informed decisions. In many of these cases, the responsibility falls to the adult children to take care of their parents’ financial interests.
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.
You've probably heard of a will contest: A beneficiary of a will or another party goes to court in an attempt to prove the will is invalid. There are several good reasons for doing so. A party might have access to a will that was written later than the one being probated. A beneficiary might argue that the deceased was not in sound mind when the will was written. There might be allegations that a caregiver pressured the deceased person into revising the will. Whatever the situation, attorneys for the disputing parties can resolve the issue out of court or seek a ruling from a judge.
With estate planning in Michigan, you have many choices when it comes to the legacy you wish to leave to your loved ones. You might want to make sure your grandchildren's college tuition is taken care of. Perhaps one of your relatives is a disabled person and you want to be sure he or she is provided for. You could also be concerned about how the assets you leave to your beneficiaries are handled. Establishing a trust for your heirs could be an effective option for any of these situations, as well as others.
When involved in the estate planning process, being aware of all available options will help you make the best decisions for you and your family. A revocable living trust is one document that many Michigan residents find useful when creating an estate plan.