For family-owned businesses, issues of succession form the center of all estate planning efforts. The manner in which a business is handed down differs for every family, and there is no such thing as a one-size fits-all legacy solution. When addressing the issue, Michigan families should take the time to
For many Michigan residents, the primary purpose of estate planning is to ensure that their loved ones are looked after, and that assets are passed down in the manner of one’s choosing. This process rarely includes making provisions for a former spouse. Even so, many people will unexpectedly leave their
Regardless of the size of an estate or anyone’s age, having a will drafted is a smart and vital part of being an adult. Many people put off the process of creating a will out of fear or trepidation of thinking about the inevitable. However, every adult in Michigan should
The task of creating a comprehensive estate plan can be overwhelming and confusing for some. Breaking up the creation of an estate plan into steps is recommended as a way to tackle the process and ensure it is done correctly. Similarly, it is important for Michigan families to weed out steps
While the importance of drafting a will can’t be overstated, there are incidents where the presence of a will does nothing to stop family disputes from unfolding after a death. This can be true especially between children after the death of a parent in Michigan. A recent will challenge is
Some people may wrongfully assume the estate planning process is for families with children or couples with valuable assets to divvy up or protect for the other party’s future. Everyone, particularly single Michigan residents, needs to ensure that a proper and well-thought-out estate plan is in place as soon as
A trust can be an essential tool for the estate planning process. Once you have decided that leaving funds to beneficiaries through a trust is wise, your trust management options may hinge on the type of trust you decide to create. Trusts can meet varying needs, which makes understanding the
As the baby boomer generation enters the realm of retirement, there are other needs that may be left unchecked. An estate plan and what to do in the event of incapacitation may be one area where baby boomers in Michigan have failed to be proactive. If one has not been
For financially stable families in Michigan, a great deal of pride may be taken in the act of leaving a significant inheritance to a family member. However, Michigan residents may want to consider the downside of leaving a family member a large sum of money. For some families, the concern
Couples with children may be apt to go about the estate planning process in a timely fashion as they realize the importance of protecting minor children and ensuring proper care of those children should something happen to both parents. Michigan couples who don’t yet or won’t ever have children should
Members of Generation X are in a unique period of life where it is time to think about an estate plan for themselves and also time to be sure they know what type of plan their parents have adopted. Anyone considered to be Gen X — typically those individuals born
Typically when people marry, they merge all they have and start a new life together. Part of that merging of two lives is preparing for the future with each other. For any couple just starting out in Michigan, it may be a good idea to think about working on an
The role technology plays in daily life is ever-expanding for the average American. When a Michigan resident or family decides to venture into the task of creating an estate plan, digital assets may need to be addressed as part of that plan. Regardless of how vast a person’s digital life
When a person leaves assets to his or her family members, there is always the chance that one or more of the family members may disagree with the distribution of the assets or feel slighted in some way. A dispute over a large inheritance has recently made the news as it has
When a family member decides the time is right to being to the process of estate planning, including the appointing of trustees and heirs, the act of broaching the subject can be a little tricky. Each family is vastly different, and, therefore, the best way to go about ensuring that
Whenever a family passes, that family member’s last will and wishes expressed may come as a surprise to some. However, those typically close to the person may already be aware of the declarations and wishes that are part of a will. When a Michigan family feels that a will does
Individuals may think they have done huge favors to their families if they have drafted legal wills. However, having a will in place and ensuring it does not end up subject to a will challenge are two different things. It is important to understand how and why a will challenge
Some people may wrongfully assume trusts are only created for those who have a significant amount of wealth to hand down to loved ones. Regardless of the size of an estate or the amount of money being considered as part of an estate plan, creating the right kind of trust
When an estate plan is mapped out and put into motion, the duties of those involved should be clearly outlined and defined, preferably before attending to those duties is necessary. Knowing what role a person is accepting is as important as acting as an estate administrator, and it should not
While everyone may know they need an estate plan and the importance of taking care of affairs in the event of one’s passing, it may be overwhelming and confusing to understand the terms involved. Knowing the definition of basic terms associated with a comprehensive estate plan is the first step
The thought of sitting down to put together a will may naturally be unappealing, as people prefer to focus on enjoying life rather than contemplating what would happen to their belongings if they died. Failure to develop an estate plan, however, may mean that a person’s family members in Michigan
No plan is fool-proof, including an estate plan. While a vital process for any adult in Michigan, there are mistakes in the estate planning process that can truly disrupt or paralyze a person’s efforts to have his or her wishes honored after death. Several recent celebrity deaths and estate planning
Being a parent inherently means there are countless decisions and considerations that must be made with the best interest of the children in mind. When a parent is raising children alone, the need for a comprehensive estate plan is imperative, as the fate of children may hang in the balance
For many people, simply getting around to creating an estate plan is a major life feat in itself. It is a necessary part of life once one acquires any kind of assets or has a family. However, as much as people may feel like they’ve been responsible in creating an estate
People tend to think about physical assets when they prepare to create an estate plan or discuss one with family members. However, as technology permeates the lives of the young and old, an estate plan needs to include digital assets and instructions for online accounts just as much as it
People may naturally think that creating estate plans is about how to distribute funds to family members. While the distribution of family fortunes is most certainly part of an estate plan, Michigan families may want to think about how they can incorporate their faith and values into that plan. There
One of the most vital and popular documents drafted when an estate plan is set in motion is a will. A will is important and is put in place to clearly outline a person’s last wishes regarding his or her estate. Yet, having a will may not be enough to
When deciding on the kind of estate plan to put in motion, it is important to understand the various options for giving or bequeathing assets. One tool is the creation of a trust. However, before leaving trust management responsibilities to any one party or taking on the task of creating
An estate plan is a highly personal journey for most families. Most people don’t think of the role science may play when they are creating an estate plan. Reproductive science and changing families are playing a role in how the average Michigan family may choose to pursue the creation of an
When people think about creating a trust, they may automatically think about leaving sums of money to kids and determining how to ensure that those funds are spent appropriately. The truth is that there are many types of trust funds and trust management options from which Michigan families may choose.
Our law firm is ready to help. Contact the probate and estate attorneys at Collens Estate Law.
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