# Collens Estate Law > News and Updates: Collens Estate Law attorneys focus on contested and uncontested probate and trust administration, guardianships and conservatorships, and estate planning. --- ## Pages - [Trust Litigation: Contesting a Trust](https://collensestatelaw.com/probate-litigation/trust-litigation-contesting-trust/): Protect your role as executor or trustee. Learn how to handle breach of fiduciary duty claims in Michigan. - [Michigan Probate Attorney](https://collensestatelaw.com/probate-law/michigan-probate-attorney/): Protect your role as executor or trustee. Learn how to handle breach of fiduciary duty claims in Michigan. - [Tenisha J. Wardford](https://collensestatelaw.com/tenisha-j-wardford/): Tenisha J. Wardford is an Associate Attorney at Collens Estate Law with a Juris Doctor from the University of Detroit Mercy School of Law. - [Super Lawyers (LP)](https://collensestatelaw.com/super-lawyers/): Our experienced estate and probate lawyers in Detroit Michigan provide personalized legal solutions to secure your assets and plan for the future. - [Find Law (LP)](https://collensestatelaw.com/find-law/): Our experienced estate and probate lawyers in Detroit Michigan provide personalized legal solutions to secure your assets and plan for the future. - [Privacy Policy](https://collensestatelaw.com/privacy/): This privacy policy applies to information collected online from users of this website. - [Commitment to the Community](https://collensestatelaw.com/commitment-to-the-community/): Collens Estate Law attorneys focus on contested and uncontested probate and trust administration, guardianships and conservatorships, and estate planning. - [About Our Law Firm](https://collensestatelaw.com/about-our-law-firm/): Ensure your estate is in trusted hands. Learn how Collens Estate Law offers expert guidance in planning, probate, and administration. - [Media](https://collensestatelaw.com/media/): Videos and podcast from Howard H. Collens and media recognitions. - [Howard H. Collens](https://collensestatelaw.com/howard-h-collens/): Expert probate attorney Howard H. Collens is here to help. From planning to litigation, ensure your legacy is protected. - [Basic Estate Planning Documents](https://collensestatelaw.com/estate-planning/basic-estate-planning-documents/): Estate planning is essential for everyone. Learn about the key documents, such as wills, powers of attorney, and patient advocate designations, to protect your assets and loved ones - [Estate Recovery](https://collensestatelaw.com/elder-law/estate-recovery/): Michigan’s estate recovery program is being reviewed. Plan ahead to protect your assets from long-term care costs - [Trust Overview](https://collensestatelaw.com/estate-planning/trust-overview/): Learn how establishing a trust can protect your assets, minimize taxes, and help your family avoid probate in Michigan - [Last Will and Testament](https://collensestatelaw.com/estate-planning/last-will-and-testament/): Understand the need for a will to avoid intestate succession and costly probate. Learn how a will can help you protect your loved ones - [Medical and Financial Power of Attorneys](https://collensestatelaw.com/estate-planning/medical-and-financial-power-of-attorneys/): Creating a power of attorney can ease end-of-life decisions for your family. Explore how financial and medical powers of attorney work in Michigan - [Planning for Digital Assets](https://collensestatelaw.com/estate-planning/planning-for-digital-assets/): Digital assets are part of your estate. Learn how to manage your passwords, accounts, and intellectual property with clear legal instructions. - [Special Needs Trust in Michigan](https://collensestatelaw.com/estate-planning/special-needs-trust-in-michigan/): Discover the benefits of a Special Needs Trust. Keep your loved one’s eligibility for Medicaid and SSI while providing financial support for their needs. - [Charitable Giving](https://collensestatelaw.com/estate-planning/charitable-giving/): Wondering how to support a nonprofit after you pass away? Learn about bequests, charitable gift annuities, and other giving tools that can make a difference - [Long Term Care Planning](https://collensestatelaw.com/elder-law/long-term-care-planning/): Explore options for long-term care in Michigan, including Medicaid and insurance. Protect your assets and plan ahead - [Long-Term Care Planning in the Home](https://collensestatelaw.com/elder-law/long-term-care-planning-in-the-home/): Explore long-term care options to stay in your home and qualify for Medicaid. Learn about MI Choice Waiver, PACE, and more - [Nursing Home Planning](https://collensestatelaw.com/elder-law/nursing-home-planning/): Explore nursing home care options in Michigan, including financial considerations and guidance for families planning long-term care. - [Nursing Home/Hospice](https://collensestatelaw.com/elder-law/nursing-home-hospice/): Learn about long-term care options in Michigan, including nursing home and hospice services, for elderly family members. - [Spending Down Assets](https://collensestatelaw.com/elder-law/spending-down-assets/): Discover how to effectively reduce assets to qualify for Medicaid in Michigan, and avoid mistakes that could lead to Medicaid ineligibility. - [Veteran Aid and Attendance](https://collensestatelaw.com/elder-law/veteran-aid-and-attendance/): Find out how to claim the Veterans Aid and Attendance benefits for long-term care, health services, and mental health treatment with expert legal assistance in Michigan. - [Litigation](https://collensestatelaw.com/probate-litigation/): Collens Estate Law attorneys have been litigating probate matters in Michigan for over 30 years. Contact us today for a free consultation. - [Estate Planning Mistakes](https://collensestatelaw.com/estate-planning/estate-planning-mistakes/): Ensure peace of mind with expert estate planning services from Collens Estate Law. We help you avoid common mistakes and update your plan for life changes, even in uncertain times like the COVID-19 pandemic. - [Estate Planning ](https://collensestatelaw.com/estate-planning/): Estate planning is much more than drafting a will. It's a comprehensive strategy to protect assets, and provide for your family. Learn more... - [Estate Planning FAQs](https://collensestatelaw.com/estate-planning/estate-planning-faq/): Understand estate planning basics: FAQs on wills, trusts, and more. Protect your legacy with guidance from Michigan’s Collens Estate Law - [Breach of Fiduciary Duty](https://collensestatelaw.com/probate-law/breach-of-fiduciary-duty/): Protect your role as executor or trustee. Learn how to handle breach of fiduciary duty claims in Michigan. - [Probate Litigation FAQs](https://collensestatelaw.com/probate-litigation/probate-litigation-faq/): Explore common questions about Michigan probate litigation, including the probate court's role, fiduciary qualifications, and the appeal process. - [Avoiding Probate](https://collensestatelaw.com/probate-law/avoiding-probate/): Plan ahead to avoid Michigan probate. Discover effective strategies like living trusts and transfer-on-death accounts. - [Probate Administration](https://collensestatelaw.com/probate-law/probate-administration/): Michigan probate law can be complex, especially with title issues. Learn about the probate process and different administration types available for Michigan estates. - [Trusts & Administration](https://collensestatelaw.com/probate-law/trusts-administration/): Explore the process of creating and managing trusts in Michigan, from understanding trust types to administering and resolving disputes. - [Real Estate Transactions in Probate Court](https://collensestatelaw.com/probate-law/real-estate-transactions-in-probate-court/): Learn about handling real estate transactions in Michigan probate court, including how title issues and property value disputes are addressed. - [Contested Probates and Trusts](https://collensestatelaw.com/probate-law/contested-probates-and-trusts/): Resolve probate and trust disputes in Oakland County with expert legal guidance. Protect your loved one’s legacy - [Estate Litigation](https://collensestatelaw.com/probate-litigation/estate-litigation/): Facing disputes over a loved one’s estate? Understand how probate litigation in Michigan protects beneficiaries and resolves conflicts - [Will Contests](https://collensestatelaw.com/probate-law/will-contests/): Explore the common reasons behind contested wills in Michigan and the legal processes for addressing disputes over asset distribution. - [Probate Litigation as an Out-of-State Litigant](https://collensestatelaw.com/probate-litigation/probate-litigation-asan-out-of-state-litigant/): Out-of-state beneficiaries can protect their financial interests in Michigan probate court with assistance from attorneys experienced in trust litigation and contested wills. - [Digital Assets Litigation](https://collensestatelaw.com/probate-litigation/digital-assets-litigation/): Michigan's Fiduciary Access to Digital Assets Act makes digital estate planning easier. Protect your online assets with expert legal guidance. - [Fiduciary Access to Digital Assets Act](https://collensestatelaw.com/probate-law/fiduciary-access-to-digital-assets-act/): This act simplifies the process for accessing digital assets during probate, offering clarity on the management of social media, intellectual property, and more. - [The Probate Process in MI](https://collensestatelaw.com/probate-law/the-probate-process-in-mi/): Need assistance with Michigan probate? Understand the different types of probate administration and how we can help you efficiently manage estate assets. - [Michigan Trust Code](https://collensestatelaw.com/probate-law/michigan-trust-code/): Learn about the Michigan Trust Code and its impact on probate and trust matters. Collens Estate Law offers legal insights on trust administration and estate planning. - [Contested Guardianships and Conservatorships](https://collensestatelaw.com/guardianships-conservatorships/contested-guardianships-and-conservatorships/): At Collens Estate Law, we have extensive experience in all types of contested guardianship and conservatorship litigation - [Guardianships & Conservatorships](https://collensestatelaw.com/guardianships-conservatorships/): Learn more about guardianships and conservatorships in Michigan, including legal requirements, powers and responsibilities, and the court process. - [Guardianships](https://collensestatelaw.com/guardianships-conservatorships/guardianships/): Find out how to protect a loved one in Michigan with guardianship or conservatorship, and get expert legal support in managing medical, financial, and personal decisions - [Conservatorships](https://collensestatelaw.com/guardianships-conservatorships/conservatorships/): Learn about the process of establishing conservatorships in Michigan, including the legal requirements, responsibilities of a conservator, and how to manage financial affairs for an incapacitated individual. - [Elder Law](https://collensestatelaw.com/elder-law/): Ensure your loved ones' care and preserve assets with Michigan elder law services. Learn about Medicaid, home care, and legal documentation. - [Contact Us](https://collensestatelaw.com/contact/): Our law firm is ready to help. Contact the probate and estate attorneys at Collens Estate Law. Phone: (248) 545-2500 Fax: (248) 545-2525 - [Probate Law](https://collensestatelaw.com/probate-law/): Our experiences probate attorneys can help you navigate the Michigan probate process, administer estates, and litigate contested wills. - [Home](https://collensestatelaw.com/): Our experienced estate and probate lawyers in Detroit Michigan provide personalized legal solutions to secure your assets and plan for the future. - [Blog](https://collensestatelaw.com/blog/): News and Updates: Collens Estate Law attorneys focus on contested and uncontested probate and trust administration, guardianships and conservatorships, and estate planning. --- ## Posts - [Estate Planning for LGBTQ+ Individuals in Michigan](https://collensestatelaw.com/estate-planning-elements/estate-planning-for-lgbtq-individuals-in-michigan/): This webinar was recorded in April 2025 in partnership with Stand with Trans. Attorney Howard H. Collens, of Collens Estate... - [Legislative Update — 2024](https://collensestatelaw.com/legislative-updates/michigan-probate-and-estate-planning-legislative-update-2024/): Stay ahead with Michigan probate and estate planning legislative update 2024—new bills, uniform acts and remote notarization. - [Michigan Uniform Power of Attorney Act (UPOAA)](https://collensestatelaw.com/legislative-updates/michigan-uniform-power-of-attorney-act-upoaa/): Overview of key legal updates and changes in the new Michigan Uniform Power of Attorney Act (UPOAA). View summary... - [Promissory Notes and Medicaid Planning](https://collensestatelaw.com/legacy-planning/promissory-notes-and-medicaid/): A promissory note is normally given in return for a loan. Classifying transfers as loans rather than gifts can be... - [Watch Out for These Potential Problems with Life Estates](https://collensestatelaw.com/insights/watch-out-for-these-potential-problems-with-life-estates/): Life estates can be an excellent tool for Medicaid planning, probate avoidance and tax efficiency, but there are potential problems... - [When Inheriting Real Estate, Consider Your Options](https://collensestatelaw.com/insights/when-inheriting-real-estate-consider-your-options/): Inheriting real estate from your parents is either a blessing or a burden — or a little bit of both.... - [In The News](https://collensestatelaw.com/insights/in-the-news/): 9. 2021 – Selected to Super Lawyers – Top Rated Real Estate Attorney 11. 2020 – DBusiness Top Lawyers 2021... - [The Rise of the Green Burial](https://collensestatelaw.com/insights/the-rise-of-the-green-burial/): By Elizabeth D. Johnson | Imagine taking a walk through a garden or forest, admiring the wildlife, flora, and fauna.... - [You can take steps today to plan for your future medical care](https://collensestatelaw.com/insights/you-can-take-steps-today-to-plan-for-your-future-medical-care-5/): It is impossible to know the future and predict what will happen even a month from now, yet there are... - [When Can a House Be Sold in a Probate Estate?](https://collensestatelaw.com/insights/when-can-a-house-be-sold-in-a-probate-estate/): People often ask if they need to wait until after a decedent’s estate closes in order to sell the deceased... - [Do you believe an executor has breached fiduciary duty?](https://collensestatelaw.com/insights/do-you-believe-an-executor-has-breached-fiduciary-duty/): The loss of a loved one can have different effects on each person. You may feel a sense of acceptance... - [Do you have reason to contest a loved one's will?](https://collensestatelaw.com/insights/do-you-have-reason-to-contest-a-loved-ones-will/): Legal issues could arise from a variety of circumstances. Even after a person has passed away, his or her estate... - [Estate planning tips for new and expecting parents](https://collensestatelaw.com/insights/estate-planning-tips-for-new-and-expecting-parents/): Expecting parents and new parents frequently have many discussions about the futures of their children. It can be exciting to... - [Should you just leave an inheritance to your special needs child?](https://collensestatelaw.com/insights/should-you-just-leave-an-inheritance-to-your-special-needs-child/): Most Michigan parents who have special needs children work tirelessly to provide and care for their children. They often give... - [Sorry, Nobody Wants Your Parents' Stuff](https://collensestatelaw.com/insights/sorry-nobody-wants-your-parents-stuff/): Advice for boomers desperate to unload family heirlooms By Richard Eisenberg After my father died at 94 in September, leaving... - [Protecting Grandma - Institute of Gerontology tools to fight financial exploitation](https://collensestatelaw.com/insights/protecting-grandma-institute-of-gerontology-tools-to-fight-financial-exploitation/): By: Leslie Mertz Will knew something was wrong as soon as he heard his mother’s shaky message on his phone.... - [Do You Have A Social Media Will?](https://collensestatelaw.com/insights/do-you-have-a-social-media-will/): Published in the Ferndale Patch By Mera McKenna (Patch Staff) – January 24, 2017 4:00 pm ET OAKLAND COUNTY, MI... - [What if estate planning benefited you now and later?](https://collensestatelaw.com/insights/what-if-estate-planning-benefited-you-now-and-later/): Many people delay writing a will. Perhaps it’s due to fear of the unknown, or anxiety at the thought of... - [What will happen to your digital afterlife?](https://collensestatelaw.com/insights/what-will-happen-to-your-digital-afterlife/): In past generations, family members, fiduciaries and other individuals often had to scour through safe-deposit boxes, desks and boxes to... - [Should your estate make room for frozen embryos?](https://collensestatelaw.com/insights/should-your-estate-make-room-for-frozen-embryos/): When most people hear the phrase “estate plan,” they usually associate the task of allocating assets, assigning executors and beneficiaries,... - [Unmarried cohabitating couples face unique estate issues](https://collensestatelaw.com/insights/unmarried-cohabitating-couples-face-unique-estate-issues/): Unmarried couples who live together in Michigan face a unique set of legal matters related to estate and probate planning.... - [Understanding Powers of Attorney in Michigan](https://collensestatelaw.com/insights/understanding-powers-of-attorney-in-michigan/): No matter how much we try, we cannot predict the future. The best we can do is to prepare for... - [Contesting a Will in Michigan](https://collensestatelaw.com/insights/contesting-a-will-in-michigan/): Many pop culture references made it seem that will contests are aggravated in nature and have effects on the family... - [What happens if estate assets are missing?](https://collensestatelaw.com/insights/what-happens-if-estate-assets-are-missing/): During the probate process, the personal representative (which is sometimes referred to as the executor) will inventory the estate of... - [Include 'digital assets' in estate planning](https://collensestatelaw.com/insights/include-digital-assets-in-estate-planning/): In this digital age, our values have shifted to incorporate digital assets on a level similar to our personal belongings... - [Inheritances can get complicated for Michigan families](https://collensestatelaw.com/insights/inheritances-can-get-complicated-for-michigan-families/): Creating an estate plan that works for every family is impossible because families vary greatly, and the needs of one... - [Trust administration can ensure funds are handled correctly](https://collensestatelaw.com/insights/trust-administration-can-ensure-funds-are-handled-correctly/): The transfer of wealth from one person to another, or one generation to another, can be a complicated and highly... - [Michigan probate litigation can become complicated](https://collensestatelaw.com/insights/michigan-probate-litigation-can-become-complicated/): After the loss of a loved one, few surviving family members have the energy to focus on legal issues or... - [Single parents in Michigan need to take estate plan steps](https://collensestatelaw.com/insights/single-parents-in-michigan-need-to-take-estate-plan-steps/): While it is important for everyone to outline exactly what their wishes are for their assets and minor children, it is... - [Take inheritance into consideration when estate planning](https://collensestatelaw.com/insights/take-inheritance-into-consideration-when-estate-planning/): One of the biggest concerns many people have when it is time to begin the estate planning process is what to... - [An estate plan can protect Michigan businesses](https://collensestatelaw.com/insights/an-estate-plan-can-protect-michigan-businesses/): Business creators work tirelessly to ensure success, but that may all be in vain if proper provisions are not in... - [Ways to avoid conflict with kids and an estate plan](https://collensestatelaw.com/insights/ways-to-avoid-conflict-with-kids-and-an-estate-plan/): The idea of leaving children an even amount of funds or assets in the event of a parent’s passing may... - [Estate plan: a need for people of all income levels](https://collensestatelaw.com/insights/estate-plan-a-need-for-people-of-all-income-levels/): As many Michigan readers know, estate planning is often associated with people who are wealthy or possess valuable assets. In... - [When exactly is a good time to update an estate plan?](https://collensestatelaw.com/insights/when-exactly-is-a-good-time-to-update-an-estate-plan/): Estate plans are highly personal endeavors. Because each Michigan family is different, there may not be an exact day or... - [Michigan families should include digital assets in a will](https://collensestatelaw.com/insights/michigan-families-should-include-digital-assets-in-a-will/): When people consider estate planning and ensuring the proper distribution of personal property, most may only think about physical property.... - [Millennials must include end-of-life care in estate plan](https://collensestatelaw.com/insights/millennials-must-include-end-of-life-care-in-estate-plan/): There are a number of documents to consider as part of an estate plan and some of those documents relate... - [A will challenge can occur for a number of reasons](https://collensestatelaw.com/insights/a-will-challenge-can-occur-for-a-number-of-reasons/): A valid will is an essential part of any estate plan since it outlines how an individual’s assets are to... - [Circumstances that may warrant changing an estate plan](https://collensestatelaw.com/insights/circumstances-that-may-warrant-changing-an-estate-plan/): Many people believe that all they need to do is create a will and their estate planning obligations are met... - [Trust administration choices vary based on circumstances](https://collensestatelaw.com/insights/trust-administration-choices-vary-based-on-circumstances/): No two families are alike, so the ways families choose to distribute wealth and assets will vary considerably depending on... - [Tips to minimize taxes when leaving an inheritance to kids](https://collensestatelaw.com/insights/tips-to-minimize-taxes-when-leaving-an-inheritance-to-kids/): Most parents are eager to leave assets, including the family home and money, to children when they pass. However, if... - [An estate plan is comprised of various documents](https://collensestatelaw.com/insights/an-estate-plan-will-comprise-of-varied-documents/): When most people think about an estate plan, they may naturally think of a will and not much else. Depending... - [Now is the time for Michigan families to discuss an estate plan](https://collensestatelaw.com/insights/now-is-the-time-for-michigan-families-to-discuss-an-estate-plan/): The holiday season typically brings family members to the table who may be absent throughout the year. Considering that all... - [Probate litigation and other services can help families](https://collensestatelaw.com/insights/probate-litigation-and-other-services-can-help-families/): When the death of a loved one has occurred, a complex legal process may be just beginning. During this emotional... - [Couples need to share information about an estate plan](https://collensestatelaw.com/insights/couples-need-to-share-information-about-an-estate-plan/): At the beginning of marriage, most couples do not want to think about the possibilities of anything other than continued... - [Reasons a Michigan family may pose a will challenge](https://collensestatelaw.com/insights/reasons-a-michigan-family-may-pose-a-will-challenge/): Even when there is a legal will in place and a family member has taken adequate estate planning steps, the... - [An effective estate plan is necessary if you are married or not](https://collensestatelaw.com/insights/an-effective-estate-plan-is-necessary-if-you-are-married-or-not/): Creating an estate plan is not just for married couples who want to ensure their spouse and/or children are cared for... - [Lamar Odom health scare highlights estate plan mishaps](https://collensestatelaw.com/insights/lamar-odom-health-scare-highlights-estate-plan-mishaps/): Regardless of one’s age or health, unexpected circumstances can leave a young person incapacitated and unable to make important health... - [Creating a trust may be the best step for your Michigan family](https://collensestatelaw.com/insights/creating-a-trust-may-be-the-best-step-for-your-michigan-family/): There are many ways to manage and leave behind assets for loved ones. While doing so by a last will... - [When kids are grown, an estate plan may require changes](https://collensestatelaw.com/insights/when-kids-are-grown-an-estate-plan-may-require-changes/): When creating estate plans, families often make provisions for minor children, including the financial care and guardianship of those minors.... - [It takes more than a will to complete an estate plan](https://collensestatelaw.com/insights/it-takes-more-than-a-will-to-complete-an-estate-plan/): Just as everyone’s estate is unique and valuable to them and their family, the process of creating an estate plan... - [Inheritance dispute still ongoing for Robin Williams' family](https://collensestatelaw.com/insights/inheritance-dispute-still-ongoing-for-robin-williams-family/): A year after his death, the family left behind by comedian Robin Williams is still having a dispute over items... - [The creation of an estate plan is not just for the elderly](https://collensestatelaw.com/insights/the-creation-of-an-estate-plan-is-not-just-for-the-elderly/): It is estimated that a large majority of young people have not thought about estate planning. The creation of an... - [Reasons Michigan families may face a will challenge](https://collensestatelaw.com/insights/reasons-michigan-families-may-face-a-will-challenge/): Despite the best intentions of a family member, there are many circumstances that can lead to family strife or legal... - [Mistakes may be made in the details of an estate plan](https://collensestatelaw.com/insights/mistakes-may-be-made-in-the-details-of-an-estate-plan/): Having an estate plan in place long before it is needed is a responsible step most people take the time... - [Understanding trust management and trust options](https://collensestatelaw.com/insights/understanding-trust-management-and-trust-options/): Creating a trust and managing a trust can be an ideal way to handle assets and funds for loved ones.... - [Protect your family's inheritance in Michigan with a will](https://collensestatelaw.com/insights/protect-your-familys-inheritance-in-michigan-with-a-will/): Most people may know it is important to have a will to express one’s last wishes in the event of... - [Father leaves unique inheritance stipulations for kids](https://collensestatelaw.com/insights/father-leaves-unique-inheritance-stipulations-for-kids/): Someone may work tirelessly for years or decades to create a fortune or amass a certain amount of assets. Deciding... - [Single folks in Michigan should have an estate plan in place](https://collensestatelaw.com/insights/single-folks-in-michigan-should-have-an-estate-plan-in-place/): It is wrong to assume that only married couples with children and a significant amount of assets should worry about... - [Michigan families can avoid mistakes in estate plan](https://collensestatelaw.com/insights/michigan-families-can-avoid-mistakes-in-estate-plan/): All estate plans are highly personal, yet many people fall prey to the same common mistakes when drafting their plans.... - [Issues regarding an inheritance need to be customized](https://collensestatelaw.com/insights/issues-regarding-an-inheritance-need-to-be-customized/): There is no such thing as a standard estate plan or plan for dealing with an inheritance. Each family’s needs... - [Unique challenges for women and their estate plan](https://collensestatelaw.com/insights/unique-challenges-for-women-and-their-estate-plan/): Not all estate plans are alike, just as no two women are alike. The process of creating an estate plan... - [Business owners need an estate plan early in the game](https://collensestatelaw.com/insights/business-owners-need-an-estate-plan-early-in-the-game/): An individual or family may work for years or even generations to establish a successful small business. If the owner... - [Avoid probate litigation with legal assistance at time of need](https://collensestatelaw.com/insights/avoid-probate-litigation-with-legal-assistance-at-time-of-need/): Once a loved one passes, the ensuing process of probate can either be smooth or it can be contentious and... - [How to pass down a family's business legacy](https://collensestatelaw.com/insights/how-to-pass-down-a-familys-business-legacy/): For family-owned businesses, issues of succession form the center of all estate planning efforts. The manner in which a business... - [Will you leave your ex an unexpected inheritance?](https://collensestatelaw.com/insights/will-you-leave-your-ex-an-unexpected-inheritance/): For many Michigan residents, the primary purpose of estate planning is to ensure that their loved ones are looked after,... - [Michigan residents should understand benefits of a will](https://collensestatelaw.com/insights/michigan-residents-should-understand-benefits-of-a-will/): Regardless of the size of an estate or anyone’s age, having a will drafted is a smart and vital part... - [Making an estate plan in steps can simplify the process](https://collensestatelaw.com/insights/making-an-estate-plan-in-steps-can-simplify-the-process/): The task of creating a comprehensive estate plan can be overwhelming and confusing for some. Breaking up the creation of... - [Will challenge unfolds after politician's mom passes](https://collensestatelaw.com/insights/will-challenge-unfolds-after-politicians-mom-passes/): While the importance of drafting a will can’t be overstated, there are incidents where the presence of a will does... - [Single Michigan residents should consider estate plan needs](https://collensestatelaw.com/insights/single-michigan-residents-should-consider-estate-plan-needs/): Some people may wrongfully assume the estate planning process is for families with children or couples with valuable assets to... - [Trust management depends on picking right trust for your needs](https://collensestatelaw.com/insights/trust-management-depends-on-picking-right-trust-for-your-needs/): A trust can be an essential tool for the estate planning process. Once you have decided that leaving funds to... - [Baby boomer generation needs to think of estate plan needs](https://collensestatelaw.com/insights/baby-boomer-generation-needs-to-think-of-estate-plan-needs/): As the baby boomer generation enters the realm of retirement, there are other needs that may be left unchecked. An... - [Steps to take to protect an inheritance in Michigan](https://collensestatelaw.com/insights/steps-to-take-to-protect-an-inheritance-in-michigan/): For financially stable families in Michigan, a great deal of pride may be taken in the act of leaving a... - [Childless Michigan couples should consider estate plan options](https://collensestatelaw.com/insights/childless-michigan-couples-should-consider-estate-plan-options/): Couples with children may be apt to go about the estate planning process in a timely fashion as they realize... - [Time for generation X to think about legacy and estate plans](https://collensestatelaw.com/insights/time-for-generation-x-to-think-about-legacy-and-estate-plans/): Members of Generation X are in a unique period of life where it is time to think about an estate... - [After honeymoon, couples should start an estate plan](https://collensestatelaw.com/insights/after-honeymoon-couples-should-start-an-estate-plan/): Typically when people marry, they merge all they have and start a new life together. Part of that merging of... - [An estate plan may need to accommodate digital assets](https://collensestatelaw.com/insights/an-estate-plan-may-need-to-accommodate-digital-assets/): The role technology plays in daily life is ever-expanding for the average American. When a Michigan resident or family decides... - [Inheritance dispute can affect Michigan family relations](https://collensestatelaw.com/insights/inheritance-dispute-can-affect-michigan-family-relations/): When a person leaves assets to his or her family members, there is always the chance that one or more... - [Ideas for broaching the subject of an estate plan](https://collensestatelaw.com/insights/ideas-for-broaching-the-subject-of-an-estate-plan/): When a family member decides the time is right to being to the process of estate planning, including the appointing... - [Family of Ernie Banks plans to fight will](https://collensestatelaw.com/insights/family-of-ernie-banks-plans-to-fight-will/): Whenever a family passes, that family member’s last will and wishes expressed may come as a surprise to some. However,... - [Michigan families may need legal help with a will challenge](https://collensestatelaw.com/insights/michigan-families-may-need-legal-help-with-a-will-challenge/): Individuals may think they have done huge favors to their families if they have drafted legal wills. However, having a... - [Trust administration duties are important part of trust process](https://collensestatelaw.com/insights/trust-administration-duties-are-important-part-of-trust-process/): Some people may wrongfully assume trusts are only created for those who have a significant amount of wealth to hand... - [Estate administration is an important undertaking](https://collensestatelaw.com/insights/estate-administration-is-an-important-undertaking/): When an estate plan is mapped out and put into motion, the duties of those involved should be clearly outlined... - [Important to understand Michigan estate plan terms, paperwork](https://collensestatelaw.com/insights/important-to-understand-michigan-estate-plan-terms-paperwork/): While everyone may know they need an estate plan and the importance of taking care of affairs in the event... - [An effective estate plan requires certain key documents](https://collensestatelaw.com/insights/an-effective-estate-plan-requires-certain-key-documents/): The thought of sitting down to put together a will may naturally be unappealing, as people prefer to focus on... - [Michigan residents can learn from estate plan mistakes](https://collensestatelaw.com/insights/michigan-residents-can-learn-from-estate-plan-mistakes/): No plan is fool-proof, including an estate plan. While a vital process for any adult in Michigan, there are mistakes... - [An estate plan is a necessity for Michigan single parents](https://collensestatelaw.com/insights/an-estate-plan-is-a-necessity-for-michigan-single-parents/): Being a parent inherently means there are countless decisions and considerations that must be made with the best interest of... - [An estate plan may evolve and need revisiting over time](https://collensestatelaw.com/insights/an-estate-plan-may-evolve-and-need-revisiting-over-time/): For many people, simply getting around to creating an estate plan is a major life feat in itself. It is... - [A Michigan family estate plan should include online assets](https://collensestatelaw.com/insights/a-michigan-family-estate-plan-should-include-online-assets/): People tend to think about physical assets when they prepare to create an estate plan or discuss one with family... - [An estate plan for Michigan families is about more than dollars](https://collensestatelaw.com/insights/an-estate-plan-for-michigan-families-is-about-more-than-dollars/): An estate plan is more than money—learn how Michigan families can pass down faith, values, and purpose through intentional planning. - [A will challenge can happen to any Michigan family](https://collensestatelaw.com/insights/a-will-challenge-can-happen-to-any-michigan-family/): One of the most vital and popular documents drafted when an estate plan is set in motion is a will.... - [Trust management requires knowledge of various types of trusts](https://collensestatelaw.com/insights/trust-management-requires-knowledge-of-various-types-of-trusts/): A well-crafted estate plan ensures your children’s safety & financial security. Single parents, take control of their future - [Reproductive science may play role in estate plan](https://collensestatelaw.com/insights/reproductive-science-may-play-role-in-estate-plan/): Estate plans now face new questions—like how to handle frozen eggs. Explore legal and emotional insights into this emerging family dynamic. - [The type of trust can determine trust management](https://collensestatelaw.com/insights/the-type-of-trust-can-determine-trust-management/): Explore different types of trusts in Michigan—from special needs to pet trusts—and learn how smart trust management secures your family's future. - [Digital assets can be part of an estate plan for Michigan folks](https://collensestatelaw.com/insights/digital-assets-can-be-part-of-an-estate-plan-for-michigan-folks/): There are many factors and assets that need to be considered as part of any comprehensive estate plan. Today, technology... - [An estate plan is a smart New Year's resolution](https://collensestatelaw.com/insights/an-estate-plan-is-a-smart-new-years-resolution/): When people sit down at the end of the year to evaluate their lives or decide on resolutions, creating estate... - [An estate plan should reflect a family's unique situation](https://collensestatelaw.com/insights/an-estate-plan-should-reflect-a-familys-unique-situation/): The day of the traditional family being the majority may be coming to a close. Today, American families come in... - [A trust can provide asset protection for Michigan families](https://collensestatelaw.com/insights/a-trust-can-provide-asset-protection-for-michigan-families/): When it comes to time decide estate planning details and strategies, there are a wide range of options for the... - [Digital assets need to be included in an estate plan](https://collensestatelaw.com/insights/digital-assets-need-to-be-included-in-an-estate-plan/): As the world changes and technology evolves, that technology needs to be dealt with in ways that some innovators may... - [Beware of loss of control in an estate plan](https://collensestatelaw.com/insights/beware-of-loss-of-control-in-an-estate-plan/): Creating an estate plan can be an overwhelming and emotional journey. For some, outlining the division of assets or funds... - [Avoid making estate plan mistakes through proper planning](https://collensestatelaw.com/insights/avoid-making-estate-plan-mistakes-through-proper-planning/): When it comes to life lessons, there are a few lessons to be learned from the lives of certain celebrities.... - [Proactive tips for an estate plan in Michigan](https://collensestatelaw.com/insights/proactive-tips-for-an-estate-plan-in-michigan/): Creating an estate plan typically involves drafting, signing and filing a few key documents. While this is an important part... --- # # Detailed Content ## Pages --- ## Posts - Published: 2025-07-03 - Modified: 2025-07-03 - URL: https://collensestatelaw.com/estate-planning-elements/estate-planning-for-lgbtq-individuals-in-michigan/ - Categories: Estate Planning This webinar was recorded in April 2025 in partnership with Stand with Trans. Attorney Howard H. Collens, of Collens Estate Law, based in Huntington Woods, Michigan, is a strong ally of the LGBTQ+ community. His knowledge and experience of complex LGBTQ+ marriage rights is extensive. He is happy to answer any questions you may have, and certainly ready to act on your behalf to help you create a plan or defend your wishes. Estate Planning for LGBTQ+ Individuals in Michigan (2025) In today's uncertain legal landscape, it is critical for the LGBTQ+ community to consider the value and importance of estate planning. With the 2022 Dobbs decision raising questions about the future of same-sex marriage protections established in Obergefell v. Hodges (2015), proper planning has become more important than ever. The Changing Legal Landscape When the Supreme Court's Obergefell decision established nationwide recognition of same-sex marriage, it provided numerous benefits previously unavailable to LGBTQ+ couples, including inheritance rights, medical decision-making authority, and property protections. However, Justice Thomas's concurring opinion in the 2022 Dobbs decision suggested revisiting other substantive due process precedents, potentially including Obergefell. If Obergefell were overturned, decisions about marriage equality would revert to the states. In Michigan, for example, a constitutional amendment banning same-sex marriage still exists and could become operative again. Essential Planning Documents Regardless of marriage status, these six key documents provide extremely important protections: Financial Power of Attorney: Authorizes a trusted person to handle financial affairs, ideally effective immediately rather than only upon incapacity. Medical... --- > Stay ahead with Michigan probate and estate planning legislative update 2024—new bills, uniform acts and remote notarization. - Published: 2025-05-06 - Modified: 2025-06-22 - URL: https://collensestatelaw.com/legislative-updates/michigan-probate-and-estate-planning-legislative-update-2024/ - Categories: Legislative Updates By Howard H. Collens and Nathan R. Piwowarski Originally Published but the Michigan Probate and Estate Planning Journal — Summer 2024 Source: https://connect. michbar. org/probate/reports/publications A. Active Bills 1. Uniform Partition of Heirs Property Act A committee, spearheaded by Jim Spica, was developing a Michigan version of the Uniform Law Commission's Partition of Heirs Property Act only to happily discover that a version of the law was proposed in the Legislature. 2023 HB 4924¹ would create the Uniform Partition of Heirs Property Act by amending MCL 600. 3304 and adding a new chapter to the Revised Judicature Act to prevent abusive and speculative proceedings to partition of property co-owned by persons who received it by reason of a relative's death. This specialized type of partition action would apply to property when (a) there is no agreement in a record binding all the cotenants that governs the partition of the property, (b) one or more of the cotenants acquired title from a living or deceased relative, and (c) 20 percent or more of the interests are held by co-tenants who are relatives, by an individual who acquired title from a relative, whether living or deceased or are relatives of each other. The Probate and Estate Planning Section has adopted a public policy position in favor of this bill. This Bill has been passed by the House and was placed on immediate passage by the Senate. 2. Uniform Fiduciary Income and Principal Act The Section developed this bill, which adopts the income-... --- > Overview of key legal updates and changes in the new Michigan Uniform Power of Attorney Act (UPOAA). View summary... - Published: 2025-01-08 - Modified: 2025-01-08 - URL: https://collensestatelaw.com/legislative-updates/michigan-uniform-power-of-attorney-act-upoaa/ - Categories: Estate Planning, Insights, Legislative Updates The new Michigan Uniform Power of Attorney Act (UPOAA) (November 2023) took effect July 1, 2024, replacing the previous power of attorney provisions in Michigan's Estates and Protected Individuals Code (EPIC). Join Howard H. Collens of Collens Estate law for a FREE Zoom Webinar on the changes in powers and limitations that every caregiver should know. Tuesday, January 14, 2025 2:00 PM To register contact Joanna Dorfman at: jdorfman@jslmi. org or call 248. 661. 6390 ext 1 In Partnership with The Dorothy and Peter Brown Jewish Community Adult Day Program The Dorothy and Peter Brown Jewish Community Adult Day Program is hosting this free educational open house. This is the first in a series of 2025 educational events funded by the Dee dee and Michael Perlman Caregivers Fund. The program will also include information about patient advocate designations and a Q&A session. These events are open to persons of all faiths and beliefs No program participation required to attend Formatted for both family caregivers and professionals The Brown Program offers dementia care services, including engaging activities and social interaction for individuals living with dementia, and resources and support for their family and caregivers. This event series is designed to provide additional education and resources to the caregiving community. Key Highlights of the Michigan Uniform Power of Attorney Act (UPOAA) Powers of attorney are duly executed, witnessed, and notarized are durable Allows for multiple coagents who can act independently Permits "springing" powers that activate upon disability or a future date Powers... --- - Published: 2024-09-11 - Modified: 2024-09-11 - URL: https://collensestatelaw.com/legacy-planning/promissory-notes-and-medicaid/ - Categories: Legacy Planning A promissory note is normally given in return for a loan. Classifying transfers as loans rather than gifts can be useful because it sometimes allows parents to "lend" assets to their children and still maintain Medicaid eligibility. Medicaid planning is often a complex process aimed at preserving a person’s assets while qualifying for Medicaid benefits. Finding a way to pay for long-term care costs without depleting all your hard-earned assets is a key part of Medicaid planning. One strategy for protecting assets and qualifying for Medicaid that has gained attention in recent years is the use of promissory notes. This article will provide an explanation of promissory notes in the context of Medicaid planning, including their purpose, legality, implications, and considerations. Note that not all states allow promissory notes. Consult with an experienced elder law attorney before using one. What Are Promissory Notes? A promissory note is a legally binding document that outlines the terms of a loan agreement between two parties: the lender (creditor) and the borrower (debtor). It includes details such as the loan amount, interest rate, repayment schedule, and any other relevant terms and conditions. Promissory notes are commonly used in various financial transactions, including loans between individuals, businesses, and financial institutions. Promissory Notes in Medicaid Planning Medicaid is a public assistance program that assists individuals with limited income and resources in obtaining health insurance. It also serves as the primary way for millions of seniors in the United States to pay for long-term care services. To qualify for Medicaid in most states, you must have no more than $2,000 in so-called “countable” assets to your name. Typically, five years before you apply, you may “spend down” your excess assets to bring them under this... --- - Published: 2023-08-18 - Modified: 2023-08-18 - URL: https://collensestatelaw.com/insights/watch-out-for-these-potential-problems-with-life-estates/ - Categories: Insights, Legacy Planning Life estates can be an excellent tool for Medicaid planning, probate avoidance and tax efficiency, but there are potential problems to look out for. Knowing the implications and risks of a life estate is essential in determining whether it is appropriate for your situation. In a life estate, two or more people each have an ownership interest in a property, but for different periods of time. The person holding the life estate -- the life tenant -- possesses the property during his or her life. The other owner -- the remainderman -- has a current ownership interest but cannot take possession until the death of the life estate holder. The life tenant has full control of the property during his or her lifetime and has the legal responsibility to maintain the property as well as the right to use it, rent it out, and make improvements to it. Life estates are excellent planning techniques in many circumstances. They permit parents to pass ownership in their homes to their children while retaining absolute possession of the property during their lives. By executing a life estate deed, the property avoids probate at the parents' deaths, is protected from a Medicaid lien, and receives a step-up in tax basis. However, there are potential issues that may arise with life estates and it’s important to fully understand the following risks: As a life tenant, you may not easily sell or mortgage property with a life estate interest. The remaindermen must all agree if you... --- - Published: 2023-08-18 - Modified: 2023-08-18 - URL: https://collensestatelaw.com/insights/when-inheriting-real-estate-consider-your-options/ - Categories: Estate Administration, Inheritances, Insights - Tags: real estate attorney, real estate law, real estate lawyers Inheriting real estate from your parents is either a blessing or a burden -- or a little bit of both. Figuring out what to do with the property can be overwhelming, so it is good to carefully think through all of your choices. There are three main options when you inherit real estate: move in, sell, or rent. Which one you choose will depend on your current living situation, whether or not you have siblings, your finances, whether the house has a mortgage or liens, and the physical condition of the house. The following are some things to consider: Taxes. In most situations, you do not have to pay taxes on property you inherit, but if you sell the property, you will be subject to capital gains tax. The good news is that inherited property receives a step-up in basis. This means that if you inherit a house that was purchased years ago for $150,000 and it is now worth $350,000, you will receive a step up from the original cost basis from $150,000 to $350,000. You should get an appraisal done as soon as possible to find out how much the house is currently worth. If you sell the property right away, you should not owe any capital gains taxes. If you hold on to the property and sell it for $400,000 in a few years, you will owe capital gains on $50,000 (the difference between the sale value and the stepped-up basis). On the other hand, if you... --- - Published: 2022-01-19 - Modified: 2022-01-19 - URL: https://collensestatelaw.com/insights/in-the-news/ - Categories: Archives, Insights 9. 2021 - Selected to Super Lawyers - Top Rated Real Estate Attorney 11. 2020 - DBusiness Top Lawyers 2021 - Named Top Lawyer 2021 Real Estate 9. 2020 - Selected to Super Lawyers - Top Rated Real Estate Attorney 12. 2018 -named 2018 Strategic Partner of the Year by the Women's Council of REALTORS® Birmingham/Bloomfield 10. 2018 - named 2018 Affiliate of the Year by the Greater Metropolitan Association of REALTORS® 10. 2017 - DBusiness Top Lawyers 2018 - Named Top Lawyer 2018 Real Estate 10. 2016 - DBusiness Top Lawyers 2017 Named Top Lawyer 2017 Real Estate 10. 2015 - DBusiness Top Lawyers 2016 - Named Top Lawyer 2016 Real Estate 2. 5. 2015 - Greater Metropolitan Association of REALTORS - Real Estate Transactions from A to Z: Mastering the Transaction 10. 2013 - DBusiness Top Lawyers 2014 - Named Top Lawyer 2014 Real Estate 8. 4. 2013 - Galloway Not Seeking Fourth Council Term 10. 2012 - DBusiness Top Lawyers 2013 - Named Top Lawyer 2013 Real Estate 10. 2011 - DBusiness Top Lawyers 2012 -Named Top Lawyer 2012 Real Estate 7. 20. 2011 - RPLS Short Sales and Foreclosures from the Investor's Perspective 2011 RPLS Presentation 9. 2021 - Selected to Super Lawyers - Top Rated Estate Planning & Probate Attorney 11. 2020 - DBusiness Top Lawyers 2021 - Named Top Lawyer 2021 Trusts and Estates 9. 2020 - Selected to Super Lawyers - Top Rated Estate Planning & Probate Attorney 5. 2020 - Recognized through... --- - Published: 2020-09-22 - Modified: 2020-09-22 - URL: https://collensestatelaw.com/insights/the-rise-of-the-green-burial/ - Categories: Archives, Insights By Elizabeth D. Johnson | Imagine taking a walk through a garden or forest, admiring the wildlife, flora, and fauna. Maybe there is a lake or stream that you can sit by and collect your thoughts while absorbing the natural beauty around you. Now imagine that this place you’re in is a cemetery. Hybrid, natural, and conservation burial grounds are popping up all over the country, focusing on green alternatives to the burial and funeral process. The Green Burial Council describes green or natural burial as a way of caring for the dead with minimal environmental impact that aids in the conservation of natural resources, reduction of carbon emissions, and the restoration or preservation of habitat. It is also a way of reconnecting with and having our final purpose be giving life back to the earth. Funerals in the United States are the most resource intensive in the world, with 53 million gallons of toxic embalming fluid being buried every year. Most people believe the way to combat this is to be cremated, however, the cremation process consumes fossil fuels and releases more than 23 million pounds of CO2 into the atmosphere annually. While just having yourself or a loved one cremated seems small in the grand scheme of things, about 40% of Americans receive cremation. Among the most significant noxious emissions produced by cremation are carbon dioxide, hydrogen chloride, carbon monoxide, mercury, and of course, formaldehyde. For those who would still rather have a more common funeral service including... --- - Published: 2018-07-31 - Modified: 2018-07-31 - URL: https://collensestatelaw.com/insights/you-can-take-steps-today-to-plan-for-your-future-medical-care-5/ - Categories: Archives, Insights It is impossible to know the future and predict what will happen even a month from now, yet there are steps you can take to have more control over your long-term interests. Michigan readers understand that one way to do this is by having a strong and thoughtful estate plan in place. As part of your estate plan, you may consider planning for your future medical care as well. You may not know what type of medical care you will need in the future, but there are certain estate planning tools that will allow you to outline your wishes in case of incapacitation. This is possible through a health care power of attorney and other documents. Taking these steps can give you great confidence for the future. What is a health care power of attorney? It is your body, and you have the right to have a say over what will happen to it, even if you cannot express your wishes and desires at the time. A power of attorney for health care can allow you to do the following: You can name a specific person to act on your behalf and make decisions on issues not included in your living will. This will provide you with a person to supplement your living will, but he or she cannot override the terms of that document. It allows you to have extra security in case of extreme medical emergencies or health situations. Most people draft a health care power of attorney... --- - Published: 2018-03-30 - Modified: 2018-03-30 - URL: https://collensestatelaw.com/insights/when-can-a-house-be-sold-in-a-probate-estate/ - Categories: Estate Administration, Insights People often ask if they need to wait until after a decedent's estate closes in order to sell the deceased loved one's house. This is a common misconception and nothing could be further from the truth. The sale process may be completed while the estate is open. When a loved one dies owning a house solely in his or her name without a joint owner, the house will need to be probated to manage it, list it for sale and ultimately sell it. Someone will need to be appointed through the probate court as the Personal Representative (this position used to be called Executor) in order to have authority to transact the sale. In an uncontested estate, opening the probate estate can generally be accomplished without the need for a formal court hearing. Throughout the process, the correct papers must be filed with the court at the proper time. As the estate opens, the probate court will issue Letters of Authority giving the Personal Representative the ability to manage the estate. After the Personal Representative is appointed, he or she will have the ability to sign a listing agreement with the Realtor for the estate. Care must be taken to include certain provisions in the listing agreement and the purchase agreement to protect the estate and the Personal Representative. A skilled attorney and Realtor can help make sure that the documents are properly drafted. Once the house is marketed, a buyer is identified, and a purchase agreement is negotiated, it... --- - Published: 2018-01-18 - Modified: 2018-01-18 - URL: https://collensestatelaw.com/insights/do-you-believe-an-executor-has-breached-fiduciary-duty/ - Categories: Archives, Insights The loss of a loved one can have different effects on each person. You may feel a sense of acceptance and closure, or you could feel that you have unfinished business with the deceased that you may need to address somehow. In the latter case, some people may feel a continued sense of loyalty to their deceased loved ones, and as a result, they may feel particularly interested in ensuring that the final wishes of those individuals are honored. In order to carry out the instructions of a will, a named executor or appointed personal representative must follow the proper legal steps to validate the will and begin the probate process. If your loved one named someone else as executor, you may want to trust that person to act in a trustworthy manner. However, you may have some concerns about his or her actions. How are estate funds spent? The executor of the estate should gain access to the remaining funds. This access may be necessary for a variety of reasons. Some of those reasons include: Handling debts -- The executor must pay any creditor claims against the estate and any outstanding balances for open accounts that the decedent had at the time of death. Making payments -- Certain payments may also fall to the executor to address, such as funeral and burial expenses. Filing taxes -- Even after a person's death, the IRS requires a final tax return, and the executor must pay any final taxes. Asset distribution --... --- - Published: 2017-08-14 - Modified: 2017-08-14 - URL: https://collensestatelaw.com/insights/do-you-have-reason-to-contest-a-loved-ones-will/ - Categories: Archives, Insights Legal issues could arise from a variety of circumstances. Even after a person has passed away, his or her estate could still face litigation if an issue with a will or other aspects comes about. As a surviving family member, you certainly want to ensure that everyone honors your loved one's final wishes in the manner he or she intended. If you have concerns about whether the information in the decedent's will reflects those intentions, you may wish to consider contesting the document. In order to move forward with contesting a will, you must have the legal standing to do so. If you prove that you have standing, you must then have a legitimate reason for wanting to review the validity of the document. Undue influence Believing that another person exercised undue influence over a loved one commonly results in will disputes. This type of situation may arise if a caregiver, neighbor, family member or other individual with access to your vulnerable loved one coerced him or her into changing details of the will. In most cases, a person who takes such action does so in order to gain a more favorable outcome for him or herself. Testamentary capacity You may also have concerns about the validity of your loved one's will if you suspect that he or she did not have the testamentary capacity to create the document. Testamentary capacity refers to a person's mental ability to knowingly create and understand the terms of a will. In many cases,... --- - Published: 2017-05-19 - Modified: 2017-05-19 - URL: https://collensestatelaw.com/insights/estate-planning-tips-for-new-and-expecting-parents/ - Categories: Insights, Legacy Planning Expecting parents and new parents frequently have many discussions about the futures of their children. It can be exciting to choose the name of a baby. Dreaming about high school graduation, college and the opportunities for the future are exciting times. There are other topics expecting parents and new parents struggle with. Potential changes to work schedules, managing and financing day care and adjusting the household budget to provide for a new child are common concerns. Parents-to-be and parents of newborn children may understand the need to plan for the care of a child if both parents are involved in an accident or other tragedies arise that make it impossible for mom and dad to continue to raise the child. Unfortunately, estate planning is often an uncomfortable topic for people to address. Only 36 percent of parents of children younger than 18 have any estate planning documents in place, according to Wealth Management and Caring. com. Estate planning is important for parents who want a say in who will raise their children should they suffer an incapacitating accident, or should they pass away unexpectedly. While most people understand that a will or trust may be used to address how assets should be handled and transferred after their death, estate planning serves many other functions that new parent should fully consider. You can let your wishes be known and decide for yourself who should raise your children. Without a will to name a guardian for your children, the courts will make... --- - Published: 2017-04-13 - Modified: 2017-04-13 - URL: https://collensestatelaw.com/insights/should-you-just-leave-an-inheritance-to-your-special-needs-child/ - Categories: Archives, Insights Most Michigan parents who have special needs children work tirelessly to provide and care for their children. They often give up much of their lives and resources for their children without question or hesitation. If you are one of those parents, you may also want to ensure your child's continued support after your death. However, you should think twice before leaving an inheritance directly to your child. Most special needs children receive, or could receive, much needed assistance through government agencies. Whether that support comes in the form of money or programs, he or she must meet certain qualifications in order to receive benefits. The value of your child's assets often comes into play, and exceeding a certain threshold could jeopardize your child's receipt of benefits. So, how do you provide for your child without impeding access to government benefits? A special needs trust could provide the answers you seek. Correctly drafting this type of trust could help ensure that your child remains eligible for government assistant after you are gone. Any inheritance you intend for your child goes into the trust. This means that you child does not actually own the assets, which could keep him or her from exceeding the monetary requirements for benefits. Two types of special needs trusts Creation of a special needs trust occurs under the following conditions: First-party: Those who create this type of trust often became disabled after becoming an adult. The assets in the trust come from a personal injury claim or... --- - Published: 2017-03-09 - Modified: 2017-03-09 - URL: https://collensestatelaw.com/insights/sorry-nobody-wants-your-parents-stuff/ - Categories: Inheritances, Insights Advice for boomers desperate to unload family heirlooms By Richard Eisenberg After my father died at 94 in September, leaving my sister and me to empty his one-bedroom, independent living New Jersey apartment, we learned the hard truth that others in their 50s and 60s need to know: Nobody wants the prized possessions of your parents - not even you or your kids. Admittedly, that's an exaggeration. But it's not far off, due to changing tastes and homes. I'll explain why, and what you can do as a result, shortly. The Stuff of Nightmares So please forgive the morbidity, but if you're lucky enough to still have one or more parents or stepparents alive, it would be wise to start figuring out what you'll do with their furniture, china, crystal, flatware, jewelry, artwork and tchotchkes when the mournful time comes. (I wish I had. My sister and I, forced to act quickly to avoid owing an extra months' rent on dad's apartment, hired a hauler to cart away nearly everything we didn't want or wouldn't be donating, some of which he said he'd give to charity. ) Many boomers and Gen X'ers charged with disposing the family heirlooms, it seems, are unprepared for the reality and unwilling to face it. They're not picking out formal china patterns anymore. I have three sons. They don't want anything of mine. I totally get it. - Susan Devaney, The Mavins Group "It's the biggest challenge our members have and it's getting worse," says... --- - Published: 2017-03-01 - Modified: 2017-03-01 - URL: https://collensestatelaw.com/insights/protecting-grandma-institute-of-gerontology-tools-to-fight-financial-exploitation/ - Categories: Insights By: Leslie MertzWill knew something was wrong as soon as he heard his mother's shaky message on his phone. When he got to her apartment, he found her sitting in a chair -- a lost look on her face and a bank statement in her lap. She blinked up at him and in a tiny voice said, "I'm sorry. Your father and I saved and saved, so we could leave something for you and your babies, and now it's all gone. I'm so ashamed. "Will started to go through her records, and saw that someone had repeatedly taken advantage of his mother's trusting nature and slightly slipping mental sharpness, and drained her bank account dry in just three short months. His mind started to spin: How far behind is she in her bills? How will she pay for her living expenses, let alone her medications? Will she have to move out of her house and into his? Can he afford that? Unfortunately, financial exploitation of the elderly is an all too common occurrence, says Peter Lichtenberg, Ph. D. , director of the Wayne State University Institute of Gerontology (10G). National assessments suggest that one in 20 older adults fall prey to financial exploitation each year, but he believes the incidence is at least twice that because so many cases go unreported. The lost money is a major issue, but it is not the only one that results from this crime, Lichtenberg says. "It's a snowball effect. There's a sense of... --- - Published: 2017-02-17 - Modified: 2017-02-17 - URL: https://collensestatelaw.com/insights/do-you-have-a-social-media-will/ - Categories: Insights, Legacy Planning Published in the Ferndale Patch By Mera McKenna (Patch Staff) - January 24, 2017 4:00 pm ETOAKLAND COUNTY, MI -- What would happen to your Facebook page if you were to pass away tomorrow? It's a grim question - yet one we should all be asking ourselves according to legal experts. Attorney Howard Collens of was instrumental in helping pass a law in Michigan last year called the Fiduciary Access to Digital Assets Act (FADA), which lays out what exactly happens to digital assets when people become incapacitated or pass away. Collens was inspired to get behind the law for a couple reasons. He told Patch, "One, I've been active on social media for a while and as a probate estate lawyer saw there was a gap in the law that didn't address this and I have had clients that asked for it. I've been including language like this for years on this topic but because there was no law there was no way to see if the language would hold up. Now that we have a law I'm encouraging clients to come in an update their language and for people that don't have an estate plan and they really need to make an appointment. "So, what is FADA? Collens shares "The FADA was a multi-year effort to address something that hadn't been addressed in the law so far. The FADA describes when and how a fiduciary can gain access to someone else's digital assets . It provides clarity where... --- - Published: 2017-01-26 - Modified: 2017-01-26 - URL: https://collensestatelaw.com/insights/what-if-estate-planning-benefited-you-now-and-later/ - Categories: Insights, Legacy Planning Many people delay writing a will. Perhaps it's due to fear of the unknown, or anxiety at the thought of the end of life. It's understandable. You may have thought about what you'd like to happen when you die, but you're afraid to put it in writing because it feels too serious or final. Even if you're middle-aged, you might still be putting it off. Isn't estate planning for "old people"? Yet for those who haven't yet created a will or living trust, there are a dozen reasons to do so. One way to look at it is that once you take the step, you'll be able to put a lot of worries about the future to rest. Who would say no to increased peace of mind? Some reasons to do estate planning may occur to you right away: providing for your children or surviving spouse or partner, naming a guardian for your children or deciding who inherits the house, car or valuable collection of sports memorabilia (or whatever you have stashed away). Successful estate planning can also do the following: Make a plan for future medical emergencies--you can name a health care power of attorney now, for who will handle decisions if you're mentally or physically unable to do so yourself Take the burden off your family--if your funeral arrangements are made ahead of time, that's one thing your loved ones won't have to decide during a time of grief Save money by simplifying the process of transferring property,... --- - Published: 2017-01-05 - Modified: 2017-01-05 - URL: https://collensestatelaw.com/insights/what-will-happen-to-your-digital-afterlife/ - Categories: Insights, Legacy Planning In past generations, family members, fiduciaries and other individuals often had to scour through safe-deposit boxes, desks and boxes to gather documents and photos left behind by a loved one. As our culture continues to move further away from paper toward a paperless society, more and more assets and memories are stored in the cloud. Our digital lifestyle has made it vital for individuals to address digital assets in estate planning documents, such as a will and powers of attorney. Michigan Law Allows You To Define Access To Your Digital AfterlifeMany digital accounts hold assets that may be sentimental in nature, or financially important. In this digital age, Michigan law provides authority under the Fiduciary Access to Digital Assets Act (FADAA). Estate planning attorney recently appeared on WXYZ-TV in Detroit to discuss how individuals can address their digital legacies should they become incapacitated or pass away. Online tools and digital custodians often have a great amount of power to deny requests for access to email accounts, social media resources - such as Facebook and LinkedIn - and even financial accounts that may hold significant assets. Some people may ask why it would matter what happens to many digital assets. An email account may not seem like it would have significant value. However, as the WXYZ report highlights, for many, email communications may include a string of sentimental thoughts and the last words of a person before he or she dies. You Can Control The Scope Of Access To Digital AssetsOn... --- - Published: 2016-12-28 - Modified: 2016-12-28 - URL: https://collensestatelaw.com/insights/should-your-estate-make-room-for-frozen-embryos/ - Categories: Insights, Legacy Planning When most people hear the phrase "estate plan," they usually associate the task of allocating assets, assigning executors and beneficiaries, and establishing trusts to elderly folks with money. What is actually the case is that most individuals who have assets benefit from developing an estate plan. In the past, drawing up a list of assets and property could involve cars, sentimental items, a house or money saved in a banking account. If you have been following our blog, you know that the items that can be included in an estate plan today vary from tangible to the conceptual, located in a deposit box or an online account. Due to the law's ever-evolving recognition of what constitutes an asset, estate plans may need to be updated to reflect the variety of assets an individual possesses. The same can be said for the diverse set of beneficiaries that can be referenced in the documents that constitute an estate plan. Such is the case for relatives of individuals who have undergone Assisted Reproductive Technology (ART). ART is an umbrella term for various fertility treatments adults seek out to have children. In many cases, prospective parents freeze embryos for future implantation. As more women are choosing to delay childbirth, their eggs or embryos put in storage are increasing at a rapid pace. According to a New York Times report, approximately one million embryos were recorded as being stored in 2015. This number is not predicted to decrease in the near future, as a few... --- - Published: 2016-11-29 - Modified: 2016-11-29 - URL: https://collensestatelaw.com/insights/unmarried-cohabitating-couples-face-unique-estate-issues/ - Categories: Insights, Legacy Planning Unmarried couples who live together in Michigan face a unique set of legal matters related to estate and probate planning. Couples who live together but aren't married may be doing so for a variety of reasons. Usually, these types of couples are younger and do not believe in the institution of marriage, or they are elderly and have a more platonic, financially-centered relationship. Whatever the reason, unmarried couples are not afforded the same set of estate and probate planning securities as married couples. Although it is rarely cited or enforced, Michigan is one of just a few states where it is technically illegal to cohabitate as an unmarried couple. However, a bill issued in the 2016 legislative session, Senate Bill 896, reached the Senate floor with a recommendation to pass. Here are a few things for non-married partners who live together to consider: Write a cohabitation agreementA cohabitation agreement can be thought of as similar to a prenuptial agreement that a soon-to-be-married couple would sign. Items to outline in this agreement can include who will pay for what bills, what happens to mutually acquired property if you split up and your estate plan if one of you were to become incapacitated. Special consideration for wills and powers of attorneyYou and your unmarried partner may still include each other in a will and power of attorney. Without a will, your next of kin would be left as the next legal beneficiaries of your property. Without a power of attorney, your partner... --- - Published: 2016-11-14 - Modified: 2016-11-14 - URL: https://collensestatelaw.com/insights/understanding-powers-of-attorney-in-michigan/ - Categories: Insights, Legacy Planning No matter how much we try, we cannot predict the future. The best we can do is to prepare for it. If you are at any point unable to manage your assets and affairs, you will want someone in charge of all of these things whom you have chosen and that you know has your best interests in mind. When someone is in the position of legally making decisions on behalf of another, they are known as having power of attorney. A power of attorney is just a legal document. It provides a person of your choosing with the ability to act in your place should you ever be unable to do so yourself. There are a few forms of a power of attorney and they all have specific roles to perform. Financial Power of AttorneyBy giving someone financial power of attorney, you have given them the ability to make legal decisions regarding your finances on your behalf. One of the convenient aspects of this is that you can give them as much or as little power as you want. In some situations, people will give another person power of attorney to make a single transaction. After that transaction has been made, that individual no longer has power of attorney. Many people will give a trusted individual power of attorney over the whole of their finances. This allows the chosen person to make any financial decisions on the behalf of the person who gave them the power of attorney. Couples... --- - Published: 2016-11-10 - Modified: 2016-11-10 - URL: https://collensestatelaw.com/insights/contesting-a-will-in-michigan/ - Categories: Insights, Litigation Many pop culture references made it seem that will contests are aggravated in nature and have effects on the family of those involved. In reality, it's a legal interest, not personal. If you suspect the will your loved one left is not what they intended it to be, you may have grounds to contest their will. Though your loved one has a document that says how to disperse their property after death, contesting a will simply means that you are concerned about the validity of the document. If this happens and is left unchanged, you believe their wishes are not being carried out. Although this is somewhat rare, it is certainly possible, but before you can contest the will, you must meet certain qualifications. In the state of Michigan, you must be a beneficiary of the will, if there is a will, or an individual who would have inherited if the deceased did not have a will when they died. These titles usually apply to family members such as spouses, children, parents, etc. It should be noted that even though most wills have a clause in them that specifically states that anyone who contests the will is immediately unable to inherit, Michigan law states that a no-contest clause is not enacted if there are legitimate grounds for contesting the will. Reasons To Contest a Will in Michigan Once you verify that you have the legal standing necessary to contest a will, you need to provide evidence to substantiate your claim.... --- - Published: 2016-10-19 - Modified: 2025-02-03 - URL: https://collensestatelaw.com/insights/what-happens-if-estate-assets-are-missing/ - Categories: Insights, Litigation During the probate process, the personal representative (which is sometimes referred to as the executor) will inventory the estate of the deceased. Occasionally, documents or assets that the personal representative knows about may be difficult to find. A missing asset may have been misplaced over time, but problems can arise if suspicions arise between family members concerning the whereabouts of large assets. Did a family member take assets surreptitiously? Did the personal representative mishandle estate assets? Did a trust administrator misuse his or her power and breach a fiduciary duty? Missing assets can easily lead to litigation. Inheritance disputes can involve complex legal analysis concerning the estate or trust administration process itself. However, it may be during the process that uncovers a prior act (or set of acts) that resulted in a drastic decrease in the value of an estate. Prompt Action Is Vital If You Suspect Assets Are Missing Or Mishandled Family members often obtain valid powers of attorney while an aging loved one deteriorates in health. Powers of attorney may be misused, whether through a brazen act of fraud, or due to a misunderstanding. Sibling rivalries may be involved when assets suddenly go missing. A person may have a misguided belief that mom or dad "always wanted me to have that item anyway. " More direct access may occur without legal documentation, such as obtaining access to a safe. Similarly, people may seek the transfer of title through undue influence, obtaining ownership of valuable vehicles or real estate.... --- - Published: 2016-05-26 - Modified: 2016-05-26 - URL: https://collensestatelaw.com/insights/include-digital-assets-in-estate-planning/ - Categories: Insights, Legacy Planning In this digital age, our values have shifted to incorporate digital assets on a level similar to our personal belongings and assets. Accordingly, estate planning and its practices have changed to include these assets. Your digital footprint and memories are not only valuable to you but also your loved ones. We make great efforts to use, share and protect our online photos, files and data while we are alive, but what happens to them after we become incapacitated or die? Howard Collens helped to pass legislation in Michigan that provides guidance and allows you to address the handling of your digital assets within your estate plan. The Michigan Fiduciary Access to Digital Assets Act provides a method for you to grant authority to an agent under a power of attorney, a personal representative under a last will and testament, a trustee under a trust or a guardian or conservator through the probate court for access to social media, online accounts and email. You may also restrict access to digital assets through your estate plan. is proud to have Howard Collens featured in a recent Lawyers Weekly article, "Include 'digital assets' in estate planning," addressing these concerns. If you would like to learn more on how to grant or restrict access to your digital assets, please follow the link below to read the Lawyers Weekly article. Michigan Lawyers Weekly Article. More information on Digital Assets --- - Published: 2016-05-18 - Modified: 2016-05-18 - URL: https://collensestatelaw.com/insights/inheritances-can-get-complicated-for-michigan-families/ - Categories: Inheritances, Insights Creating an estate plan that works for every family is impossible because families vary greatly, and the needs of one will not fit the needs of all others. Because of family differences and varying dynamics, plans for inheritances can get infinitely complicated. Michigan families can explore their options for creating plans that take their unique circumstances into account to ensure members' specific inheritances are outlined and drafted as part of comprehensive estate plans. One complication that is becoming more common is blended families. A parent may have separate property and assets that he or she wants left to his or her biological children, along with assets for a surviving spouse. In situations such as this, leaving an equal share to all children may not be feasible or be the desired outcome. This can be even more complex of a situation if parents have a child together and each has separate children. Tensions can easily arise between biological and step-children if specifics are not handled properly. There are other scenarios that may impact parents' abilities to leave equal inheritances. If there is a child, minor or adult, who has special needs, there may be the need for specific resources to be allocated to ensure the future care of that individual. Estranged children can be another reason an equal splitting of assets simply will not work for some families. There are a wide variety of ways to divide assets amongst children and ensure inheritances are handled as a parent wishes. An estate... --- - Published: 2016-05-12 - Modified: 2016-05-12 - URL: https://collensestatelaw.com/insights/trust-administration-can-ensure-funds-are-handled-correctly/ - Categories: Insights, Trust Administration The transfer of wealth from one person to another, or one generation to another, can be a complicated and highly personal venture. If someone chooses to pass wealth through the use of a trust, the responsibility of trust administration is a challenging responsibility. Michigan beneficiaries and residents embarking on the process of trust creation can ensure proper trust administration by first realizing which kinds of trusts are available and may work best for their given situation. When minor children are involved, a trust can be specifically created to care for their needs. If a child has special needs, medical or otherwise, a special needs trust can be created to take care of those concerns for years to come. This allows a parent to protect and provide for the children long after that parent is gone. Trusts and trust administration responsibilities do not just involve children, either. Some people prefer to give assets or funds to charities they support. A charitable lead annuity trust (CLAT) can be an ideal solution. For others, pets may be just as valued as any family member. A trust for pets can be a means of providing care and support for that pet for the entirety of its lifetime. Anyone in Michigan looking to create a trust and ensure proper trust administration can find one that is right for them and their specific wishes. Having these details worked out long before a family needs to use a trust can help ensure an estate plan is comprehensive... --- - Published: 2016-05-04 - Modified: 2016-05-04 - URL: https://collensestatelaw.com/insights/michigan-probate-litigation-can-become-complicated/ - Categories: Insights, Litigation After the loss of a loved one, few surviving family members have the energy to focus on legal issues or potential estate complications. However, lack of action or a misunderstanding of the probate process can result in probate litigation and other legal complications for grieving families. Michigan families can minimize conflict and head off any potential problems with professional assistance, a clear understanding of the types of probate and they may mean as far as the distribution of the decedent's assets is concerned. In some cases in Michigan, a supervised probate will be appropriate. This will lead to a hearing before a judge. The hearing will address the assets of the estate and result in a determination regarding how assets will be distributed. Other types of probate include unsupervised and informal unsupervised probate. An unsupervised probate involves less court involvement than a supervised probate; a formal hearing may be the main portion that is required, and that hearing can lead to finalizing any matters. An informal unsupervised probate is all done through legal paperwork, and there is no need for a formal hearing. The type of probate needed to settle a particular estate will depend largely on the amount of assets, the estate plan in place and the unique circumstances present. In Michigan, families can turn to a probate lawyer to discuss ways to avoid probate litigation and other means of minimizing conflict after a loved one has passed away. Our website has more information about probate in Michigan and how the... --- - Published: 2016-04-27 - Modified: 2025-02-03 - URL: https://collensestatelaw.com/insights/single-parents-in-michigan-need-to-take-estate-plan-steps/ - Categories: Insights, Legacy Planning While it is important for everyone to outline exactly what their wishes are for their assets and minor children, it is particularly important for single parents to ensure no stone goes unturned when legally outlining what their wishes are in the event of their passing. Michigan parents who are raising children on their own must take steps to create a comprehensive estate plan. The fate of assets is on the line, and, more importantly, the fates of any minor children are on the line also. If there is another parent who can step in as guardian, that person may raise the children and be responsible for any assets the children inherit from the other parent. While ensuring the children are raised by the surviving parent may be the right decision, the ownership of assets belonging to the other parent might not be. These assets can be controlled by another party, such as another family member, or put into a trust controlled by another party. Any assets left to children should be considered carefully, as should the timeline for the distribution of those assets once those children are of age. Proper precautions can ensure children are not given more than they can handle or more than a parent would want in their hands before they are ready to deal with the responsibility. There are a number of options with trusts, and a parent can determine the specifics based what is best for the children. The creation of an estate plan can be a complicated... --- - Published: 2016-04-20 - Modified: 2016-04-20 - URL: https://collensestatelaw.com/insights/take-inheritance-into-consideration-when-estate-planning/ - Categories: Inheritances, Insights One of the biggest concerns many people have when it is time to begin the estate planning process is what to leave their children, namely adult children. When deciding on what to do as far as an inheritance is concerned, there are numerous options. Michigan families have several approaches they may wish to consider to construct a fair and effective estate plan. It has been estimated that over half the retirees in the United States plan to leave an inheritance averaging more than $176,000. This kind of inheritance plan necessitates forethought and careful consideration. While leaving adult children an equal amount is typically the norm, splitting an inheritance equally may not work for some families because of specific issues with one or more adult child. One option to avoid chaos or mismanagement of an inheritance is have an executor and a last will and testament in place. Inheritance issues often require ongoing thought, particularly as life events impact family life. Even if a family has already laid the groundwork for a comprehensive estate plan and inheritance distribution, that plan will certainly require revisions. It is recommended that families revisit the plan every five to 10 years (or sooner, as needed) and definitely when significant life changes have occurred. When an inheritance is left to family members, good intentions are usually behind the plan. However, poor planning, lack of communication and/or lack of refinements to a plan after life changes can create family strife. Michigan families can ensure an inheritance is handled... --- - Published: 2016-04-07 - Modified: 2025-01-22 - URL: https://collensestatelaw.com/insights/an-estate-plan-can-protect-michigan-businesses/ - Categories: Insights, Legacy Planning Business creators work tirelessly to ensure success, but that may all be in vain if proper provisions are not in place to protect the business later on. An appropriate estate plan covers both personal and business interests. Michigan business owners can benefit from creating an estate plan specifically for the business they have worked to see successful. A buy-sell agreement is one tool that is commonly used in these situations. It gives one owner the right to purchase the other owner's interest automatically in the event the other owner dies. This can prevent children or other family members from being forced upon business partners, which may be particularly important in situations where the deceased partner's surviving family member/s do not want to or know how to run the business. Consideration should also be given to protecting the brand identity of the business and ensuring that the enterprise can continue to grow. It's possible to arrange for the business to continue to provide for the owner during his or her lifetime and for the owner's beneficiaries. One way to do that is to create a grantor retained annuity trust. This lets an owner transfer assets to beneficiaries and still reserves a source of income for the owner. The options for creating an estate plan for a Michigan business and protecting that business are varied and depend on the exact needs and desires of the business owner. What works for one may not work for another. When a business owner is ready... --- - Published: 2016-03-22 - Modified: 2016-03-22 - URL: https://collensestatelaw.com/insights/ways-to-avoid-conflict-with-kids-and-an-estate-plan/ - Categories: Insights, Legacy Planning The idea of leaving children an even amount of funds or assets in the event of a parent's passing may seem natural and an easy decision for parents to make. However, real life issues and varying family situations can make it a challenge to avoid conflict between adult children and parents as those parents embark on the process of creating an estate plan. There are tips to help Michigan families navigate this sensitive subject and minimize the potential for conflict. It is important for parents creating an estate plan, or who have already created one, to know exactly what there is to split. All financial matters should be known, and significant changes to those finances should warrant updating an existing plan. Any plan should represent the current situation. Also, any varying situation between adult children may make an even split unmanageable or unfair in some way. Once the finances are assessed and a plan is devised, there are necessary legal steps that may be taken to reinforce those plans or account for the unexpected. For example, powers of attorney may be applicable. Creating a trust may also be applicable. Adult children should be aware of these appointees and the existence of documents or plans beyond a will so there are no unsettling surprises. Despite the best-laid plans, some Michigan families may find it impossible to prevent conflict or dissatisfaction amongst adult children. But the more prepared a family is and the more adult children know of the wishes of their... --- - Published: 2016-03-11 - Modified: 2016-03-11 - URL: https://collensestatelaw.com/insights/estate-plan-a-need-for-people-of-all-income-levels/ - Categories: Estate Administration, Insights As many Michigan readers know, estate planning is often associated with people who are wealthy or possess valuable assets. In reality, an estate plan is a practical and beneficial step for people of all income levels. Anything that a person owns, including vehicles, homes or a retirement portfolio is considered to be part of a person's estate and may be passed to loved ones after the owner passes away. Estate planning is the process of determining where and how property and assets are distributed after death. When a person fails to have a carefully, correctly drafted estate plan, all property and assets will be divided according to Michigan's intestacy laws. One of the initial steps of putting an estate plan in place is to draft a last will and testament.   It is also important to have a living will. This outlines which medical treatments you want in case you are ever incapacitated from a serious illness or accident. Depending on a person's individual financial circumstances, a living trust may be a beneficial way to protect assets from probate and ensure that the details of an estate remain private. It is possible to prevent a court from controlling property and ensure that loved ones receive their rightful shares of an estate, but it is important to have qualified legal help. An experienced and knowledgeable estate planning attorney can ensure that a person's interests are protected and wishes are respected by drafting the necessary legal documents. If a reader is unsure of... --- - Published: 2016-02-24 - Modified: 2016-02-24 - URL: https://collensestatelaw.com/insights/when-exactly-is-a-good-time-to-update-an-estate-plan/ - Categories: Insights, Legacy Planning Estate plans are highly personal endeavors. Because each Michigan family is different, there may not be an exact day or month that is appropriate for the updating of an estate plan. However, many leading experts agree there are specific life or family events that require updates be made to estate plans. They also suggest a certain time of year that may be appropriate for many people. December and the other winter months may be a good time. One reason is that winter is the time of year when a lot of people get engaged, ready to take the next steps toward becoming couples by joining assets and future plans. There is also a rise in divorces after the December holidays, and divorce is always a definite reason to update any kind of established estate plan. Certain milestones, regardless of when they occur, warrant revisiting an existing estate plan. For example, the birth or adoption of a child or grandchild necessitates changes to a plan. If one person has become disabled or has had a real change in health, an estate plan may need to be updated to reflect those changes or to outline care for that individual. One suggestion relevant to everyone is to review a plan if it has been two-to-five years since there was any kind of review or change. The exact details of an estate plan are personal and created to meet the specific needs of the plan's creator. While a plan may work well for a... --- - Published: 2016-02-18 - Modified: 2016-02-18 - URL: https://collensestatelaw.com/insights/michigan-families-should-include-digital-assets-in-a-will/ - Categories: Inheritances, Insights When people consider estate planning and ensuring the proper distribution of personal property, most may only think about physical property. However, digital assets are also part of many Michigan estates in current times. These issues can typically be addressed by specific provisions within a last will and testament. Digital assets can be highly personal, just as many physical items may be. For example, files on devices may contain photographs and videos considered irreplaceable. Personal documents may also be found online, and the fate of those documents can be just as important as vital physical documents. Social media accounts also hold a great deal of personal information and value for individuals. A plan for these accounts can be outlined in a will. There may be monetary value in some digital property, which makes a solid plan for these assets an absolute must. E-commerce sites that are used frequently can have valuable bank account information or be the source of automatic withdrawals from a bank account. Reward programs or intellectual property may all exist in cyberspace and have a great of monetary value. The decision as to what to do with digital assets and the location of passwords can quickly become complicated. While simply relaying wishes may be tempting for some in Michigan, outlining specific instructions for these accounts and property in a will can ensure a clear and proper management of digital assets. Our website has more information about digital assets in general and how a will can be a useful tool... --- - Published: 2016-02-10 - Modified: 2016-02-10 - URL: https://collensestatelaw.com/insights/millennials-must-include-end-of-life-care-in-estate-plan/ - Categories: Insights, Legacy Planning There are a number of documents to consider as part of an estate plan and some of those documents relate to end-of-life care and health care decisions. While millennials may be just starting their own families or venturing out into the world, an estate plan is something all need to discuss with family members. Despite the benefit of youth, anyone any age in Michigan can find themselves in a situation where incredibly important and life-altering decisions need to be made and preparation can make those situations better for all involved. One vital document to have, regardless of age, is a power of attorney, or a health care proxy. A power of attorney will give someone the power to make legal and financial decisions if incapacitation occurs. The health care proxy is similar but gives a person power to make specific medical decisions if one is incapacitated or unable to voice what he or she wants. Aside from outlining who can make decisions, there are other documents and responsibilities a millennial may want to consider as part of an estate plan. A health care directive is a valuable form. It outlines specific wishes to be followed. A HIPPA release form is also needed and gives access to medical information to designated persons who may need that information in order to make informed decisions. Not preparing an estate plan and contingencies for the unknown can lead to chaos for family members and cause strife amongst those who must make decisions that can impact... --- - Published: 2016-02-05 - Modified: 2016-02-05 - URL: https://collensestatelaw.com/insights/a-will-challenge-can-occur-for-a-number-of-reasons/ - Categories: Insights, Litigation A valid will is an essential part of any estate plan since it outlines how an individual's assets are to be distributed upon death. Even if it is executed in accordance with all applicable Michigan laws, that does not mean that it will not be challenged when the time comes. The dynamics of every family are unique, but there are still common threads behind every will challenge. Relationships within a family are often complicated and in a constant state of flux. Family members get married, divorced and have children. Some family members could even predecease the maker of the will. If these changes are not accounted for in the will, disputes can arise. Furthermore, some family members could end up arguing over a specific piece of property regardless of what the will says. There may be circumstances under which the actual wording of a will makes wishes unclear to those left behind. Changes in a will made later on may also lead to a challenge. Family members might believe that one or more people unduly influenced their loved one into making changes to the will that he or she would not have made otherwise. There could also be a question as to whether the decedent had the mental capacity to execute the will. Regardless of why a will challenge arises, it would be beneficial to seek the advice and assistance of a Michigan attorney. Depending on whether you are the executor of the estate or an heir, your interests will... --- - Published: 2016-01-19 - Modified: 2016-01-19 - URL: https://collensestatelaw.com/insights/circumstances-that-may-warrant-changing-an-estate-plan/ - Categories: Insights, Legacy Planning Many people believe that all they need to do is create a will and their estate planning obligations are met until that estate plan is needed. The truth of the matter is that an estate plan should be crafted by any adult with children or any assets, but also that the estate plan is a baseline that may need to be adjusted over time. While most people in Michigan know the importance of having an estate plan to begin with, those same people may be unaware of when or why to alter that plan years down the road. Relationship changes are a primary reason to change an estate plan. When a person marries, the spouse may need to be added as the prime beneficiary of assets. On the flip side, a divorce is certainly a reason to revisit and alter an estate plan. If a person is still listed as beneficiary of assets, funds and life insurance policies, it will not matter that the couple divorced if that person is still included in a will. There are other family changes that can impact an estate plan. One is the birth of a child. If that child is not added to a will or a trust, that child will essentially get nothing despite being in the family. Just as a birth changes a family, so does a death. If a family member dies and that family member is listed as a beneficiary or a guardian of children, this issue needs to... --- - Published: 2016-01-14 - Modified: 2016-01-14 - URL: https://collensestatelaw.com/insights/trust-administration-choices-vary-based-on-circumstances/ - Categories: Insights, Trust Administration No two families are alike, so the ways families choose to distribute wealth and assets will vary considerably depending on the unique circumstances of each family. Before Michigan families begin making decisions about estate planning and trust administration, it is important for them to understand their options. Understanding the different types of trusts and their purposes can help a family to ensure funds and assets are handled according to its specific needs. The specific objectives of a trust matter immensely. One area of great concern may be care for minor children. A trust established for the care of minor children is a must for many parents, as those children will be unable to make vital financial decisions on their own. Another similar type of trust is one intended to provide care for a loved one with special needs. This type of trust often requires an attorney's assistance to ensure it does not eliminate the loved one's opportunity to have government assistance. Children and loved ones with special needs are not the only beneficiaries chosen by families. Some may want to leave a great of funds to charities. A charitable trust can help ensure funds are given to that charity, help avoid probate and also attach some stipulations or a time frame for distribution of the trust's funds. A trust may also be established for the care of a beloved pet. The money can utilized for vet visits, food, kenneling and other needs as specified. As you can see, the creation of... --- - Published: 2016-01-06 - Modified: 2016-01-06 - URL: https://collensestatelaw.com/insights/tips-to-minimize-taxes-when-leaving-an-inheritance-to-kids/ - Categories: Inheritances, Insights Most parents are eager to leave assets, including the family home and money, to children when they pass. However, if any form of an inheritance is given without forethought and proper planning, those well-meaning Michigan parents may also be leaving their children with a substantial and unwanted tax bill. It is important to consider the tax implications of an inheritance and any assets given to children before simply signing over property or leaving sums of money in a will. One area of concern that must be handled correctly is the family home. Parents may want to give their children the deed when they are alive in order to keep the home from being tied up in probate. However, this can create a gift tax obligation. One solution that may work best for some families is to have a revocable trust for the home as this can eliminate the tax burden if the home is sold. Eliminating a tax burden goes beyond the gifting, willing or selling of the home. Gifts of up to $14,000 can be given without having to deal with a gift tax return. Charitable gifts can also be given without worry of taxation. Parents can also pay tuition and medical expenses of an adult child without tax burdens that would be applicable if the parent simply gave or left the funds to the beneficiary. The process of creating and dispensing an inheritance in Michigan can be complex depending on the size and wishes for the estate in... --- - Published: 2015-12-23 - Modified: 2015-12-23 - URL: https://collensestatelaw.com/insights/an-estate-plan-will-comprise-of-varied-documents/ - Categories: Insights, Legacy Planning When most people think about an estate plan, they may naturally think of a will and not much else. Depending on the size of the Michigan estate and the number of beneficiaries, an estate plan can be comprised of a multitude of documents. It is important to understand which documents may pertain to your situation and to ensure you have all of your estate plan issues covered. There are certain documents and decisions that may only apply to those with children, particularly minor children. Trusts may be best for minor children. There are special needs trusts to ensure children with special needs are cared for in the unique and individual way needed for their particular situation. Guardianship decisions and stipulations also need to be clearly outlined for anyone who has minor children. Without the right documents, the state could decide who gets the kids. Other unique situations warrant a unique and individualized approach. For example, if there is a family business, business succession planning is a must. Charitable responsibilities and commitments may be extremely important to some. There are special trusts and documents that can ensure charitable giving continues. It is important to sit down with trusted legal representatives and explore what unique aspects of your estate plan need to be addressed and also what aspects of an existing plan may need to be updated. There simply is no 'one size fits all' approach to the estate planning process for any Michigan family. Our website has valuable information that may... --- - Published: 2015-12-16 - Modified: 2015-12-16 - URL: https://collensestatelaw.com/insights/now-is-the-time-for-michigan-families-to-discuss-an-estate-plan/ - Categories: Insights, Legacy Planning The holiday season typically brings family members to the table who may be absent throughout the year. Considering that all family members may be in the same place at the same time, many experts believe the holiday season is the perfect time of year to disclose or make an estate plan. Michigan families may be hesitant to broach the subject, yet it may be necessary to do so sooner rather than later. There are helpful ways to begin the conversation and to ensure an estate plan for elderly parents is handled correctly. When it comes to handling decisions involving elderly parents, one tip is for adult siblings to discuss the status of parental care or the status of an estate before having a family discussion with the parents. This can ensure all siblings are aware of the situation and no one feels out of the loop. If the idea is overwhelming or difficult to express, simply expressing concerns about medical and financial matters can get the conversation going. It is important for all family members involved to be aware of any existing plan. If elderly parents have already made a plan, it may need to be updated, and the elderly parents may be unaware of that fact. Those affected should review those documents and discuss any need to update or add to an existing estate plan. Each Michigan family will inevitably have varying needs when it comes to an estate plan. However, there are essential documents everyone should have. If... --- - Published: 2015-12-01 - Modified: 2015-12-01 - URL: https://collensestatelaw.com/insights/probate-litigation-and-other-services-can-help-families/ - Categories: Insights, Litigation When the death of a loved one has occurred, a complex legal process may be just beginning. During this emotional transition, families should know the benefits of legal support so as to be prepared for any probate litigation situation or any other legal services that may be needed. Michigan families can ensure timely and fair handling of an estate and also support when individual issues necessitate specific services. While some may think probate concerns or needs arise only when there is a dispute, the essence of beginning the probate process occurs regardless of any contention or lack thereof. First and foremost, probate services involve identifying the heirs involved and inventorying the assets involved. This can mean many records and documents need to be gathered. Once everything and everyone is accounted for, the probate process handles the individual aspects of the estate, and this may lead to litigation in some cases. This part of the process can include finalizing taxes owed and paying creditors. The fate of life insurance policies and trusts can also be included. Any dispute involving polices or trusts in general can ultimately lead to probate litigation that requires specialized legal support. The time and effort that it may take to settle an estate can be greatly affected by the expectations and behaviors of beneficiaries. If the probate process leads to a probate litigation situation, legal support can ensure everyone's rights are protected throughout the process and assets and funds are handled according to the law. Our firm... --- - Published: 2015-11-18 - Modified: 2015-11-18 - URL: https://collensestatelaw.com/insights/couples-need-to-share-information-about-an-estate-plan/ - Categories: Insights, Legacy Planning At the beginning of marriage, most couples do not want to think about the possibilities of anything other than continued wedded bliss. However, all couples must face the reality that the unexpected is possible. Part of this reality is to discuss and share feelings and facts about creating an estate plan. When it comes to estate planning, Michigan couples need to not only understand each other's wishes but also which steps to take together to ensure those wishes are fulfilled. First and foremost, having the right documents and plans in place is important. This includes disclosing life insurance information and deciding how much is enough. Even if one spouse is a stay-at-home parent, life insurance is needed. A will must then be drafted, and sadly, many adults, even those with minor children, have not taken this step. This could leave others, including a spouse, to guess what should be done with assets or even which funeral arrangements may be wanted. After documents are signed, wills are drafted and other necessary documents are created, each person must know where these important documents are located. One spouse may be the organizer and know this information, while the other does not realize where account numbers, wills or policies are even stored. Both parties should be aware of the secure location of these documents and polices, and creating a one-page guide may be the key to keep necessary parties informed. While every estate plan is different, couples in Michigan have shared interests and will... --- - Published: 2015-11-11 - Modified: 2015-11-11 - URL: https://collensestatelaw.com/insights/reasons-a-michigan-family-may-pose-a-will-challenge/ - Categories: Insights, Litigation Even when there is a legal will in place and a family member has taken adequate estate planning steps, the family left behind may not fully agree with that will or have specific reasons to dispute the estate plan. When a Michigan family believes there is reason to dispute the distribution of assets, that family may pursue a will challenge. While each family is unique, there are a few common reasons families may choose to contest a will, and a few specific areas of a will may be subject to a will challenge. The exact wording of a will may be the source of a will challenge and lead to family disputes. If a will was drafted and not amended or revisited after major life changes, such as the birth or adoption of more children, those who were excluded may challenge the will. If family members who disagree with the will believe someone had undue influence over the person leaving behind assets, those family members may also have cause to pursue a will challenge. The assets up for dispute can be complex, and someone may have a very specific reason to pursue a dispute of certain portions of a will. This may include having a dispute over what will become of someone's house and personal property. Financial assets or investments may also be up for dispute. A will challenge can be stressful and overwhelming considering the grieving process most families go through after a loss. Having experienced and sound legal... --- - Published: 2015-11-05 - Modified: 2015-11-05 - URL: https://collensestatelaw.com/insights/an-effective-estate-plan-is-necessary-if-you-are-married-or-not/ - Categories: Insights, Legacy Planning Creating an estate plan is not just for married couples who want to ensure their spouse and/or children are cared for after their passing. Single people of all ages also need to consider having a comprehensive estate plan in place and periodically updated. Michigan singles are as concerned with their assets as anyone else. They will also benefit by considering who may have decision making rights regarding health and finances in the event of incapacitation. A number of things may happen if an unmarried person passes away without provisions for his or her estate, all of which may not be what the person wanted. Without a will, the state will have the authority to distribute assets according to a statutory scheme, without direct input from family or those who were closest to the deceased. This could very well be in direct conflict to what the wishes of the deceased person may have been had he or she addressed these issues while alive. The process of dividing assets when there is no will can get complicated and costly. Heirs may need to be tracked down, and that alone could take a great deal of time and effort. As important as a will is for the single Michigan resident, powers of attorney are vital too. Single people will want to designate a person who can be trusted to make health care decisions and manage finances should the need arise. Without a power of attorney and no clear direction, the courts may have to appoint... --- - Published: 2015-10-21 - Modified: 2015-10-21 - URL: https://collensestatelaw.com/insights/lamar-odom-health-scare-highlights-estate-plan-mishaps/ - Categories: Insights, Legacy Planning Regardless of one's age or health, unexpected circumstances can leave a young person incapacitated and unable to make important health or financial decisions for him or herself. This is why it is essential that people of all ages have estate plans in place, and that they update those plans as life circumstances warrant. One lesson about the importance of keeping an estate plan current has been brought to light for Michigan residents due to the news-making health crisis of former NBA and reality TV star Lamar Odom. The basketball player and estranged husband of Khloe Kardashian was found unconscious and rushed to a hospital where he spent days in a coma. It was then revealed that his soon-to-be ex-wife was still the person with legal authority to make important and possibly life-altering medical decisions for him, even though the couple signed divorce papers months ago. A backlog in the family court system that has jurisdiction over their divorce is said to be to blame for the delay. If their divorce had been finalized, chances are good that the decision-making responsibilities would have fallen into the hands of another relative or friend. A power of attorney held by a spouse, even a soon-to-be ex-spouse, can also impact the finances of an incapacitated person, depending on type of power of attorney in place. Health care powers of attorney allow the designated individuals to make medical decisions. However, more general powers of attorney allow the individuals to make a variety of decisions, including financial decisions. Divorce... --- - Published: 2015-10-13 - Modified: 2015-10-13 - URL: https://collensestatelaw.com/insights/creating-a-trust-may-be-the-best-step-for-your-michigan-family/ - Categories: Insights, Legacy Planning There are many ways to manage and leave behind assets for loved ones. While doing so by a last will and testament is an option for many, it may not necessarily be the best option for the unique circumstances of your family. The creation of a trust can be a useful tool for Michigan families wishing to maximize assets, avoid probate, minimize tax liabilities and ensure family members are cared for according to your wishes. The exact type of trust will depend heavily on the goals to be achieved. There are benefits to both a revocable trust and an irrevocable trust. Outlining clear goals and communicating those goals with estate planning professionals and family members is the best way to ensure a beneficial path is chosen before a trust is even needed. There are several type of trusts that can serve the needs of individual families. A minor children's trust may be the best way to ensure that child is cared for and funds are available as you see best. Life insurance trusts, charitable trusts, credit-shelter trusts and other types of trusts can help the recipients minimize taxes and maximize protection of hard-earned assets and funds. The goals of a family and ways to maximize each dollar of a trust can be complicated and having so many options can feel overwhelming for some. When Michigan families are educated about the options, they may feel more secure in the choices made and the future stability of family assets. Our website has more information regarding... --- - Published: 2015-09-30 - Modified: 2015-09-30 - URL: https://collensestatelaw.com/insights/when-kids-are-grown-an-estate-plan-may-require-changes/ - Categories: Insights, Legacy Planning When creating estate plans, families often make provisions for minor children, including the financial care and guardianship of those minors. However, minors grow up and often head to college. When a Michigan family sends a now-grown child to college, it may be the perfect time to sit down and rethink an existing estate plan. An existing plan may give a child a specific amount of money and number of assets. If that child is now 18 and in college, handing him or her a substantial amount of money in the event of parental death may not be what is best for that adult child. One way to ensure funds are distributed and used in a manner of which the parent approves is to create a trust. This can give the parent the freedom to distribute a percentage of the funds at specific intervals rather than in one lump sum, which could open the door to misuse or manipulation by others. Another aspect of estate planning many families may not consider is that once college age children are 18, they may need specific estate plan documents for their own protection. As a young adult, if a child is in an accident or becomes incapacitated, a power of attorney may be needed to ensure decisions are made by trusted adults. Financial decisions may need to be made also, necessitating a power of attorney so financial matters are handled without interruption. During milestones and when family circumstances change, adjustments may need to be made on... --- - Published: 2015-09-15 - Modified: 2015-09-15 - URL: https://collensestatelaw.com/insights/it-takes-more-than-a-will-to-complete-an-estate-plan/ - Categories: Insights, Legacy Planning Just as everyone's estate is unique and valuable to them and their family, the process of creating an estate plan also needs to be unique and address the individual needs of those who are affected by that estate. However, many people think the process simply entails creating a will to explicitly say who gets what. Michigan residents should understand there can be much more needed aside from a complete and legal will. First of all, a will only plays a role upon death. If someone is incapacitated, issues still need to be addressed and decisions need to be made. This can entail keeping up with bills or other financial obligations. A power of attorney can outline who will make those vital decisions, especially if the person affected is single and does not want the courts to decide who gets to make these extremely important decisions. Another part of the process that may need addressing is who will be listed as the beneficiary on retirement accounts and life insurance policies. Despite what a will may say, a beneficiary will get those accounts and benefits if that person is listed. It is recommended that a person review who is listed as beneficiary on accounts and policies to ensure that person is still relevant and a wanted beneficiary. The entire process can become complex after an initial will is created. Even after the process seems complete, Michigan families may need to revisit a plan and make adjustments to a will, beneficiary designations or... --- - Published: 2015-09-08 - Modified: 2015-09-08 - URL: https://collensestatelaw.com/insights/inheritance-dispute-still-ongoing-for-robin-williams-family/ - Categories: Inheritances, Insights A year after his death, the family left behind by comedian Robin Williams is still having a dispute over items and funds the comic left behind. The inheritance dispute has been ongoing, and both sides will be meeting soon in order to come to some kind of resolution. The dispute currently making news in Michigan and elsewhere is between Robin Williams' wife and his children. The fate of the actor's personal property has caused the strife in need of legal intervention. Reportedly, the children involved have been trying to avoid court invention in the case. According to the reports, Williams wanted trustees he appointed to make the decisions that are now being disputed. Some of the personal property that the children and wife are at odds over include his expansive bicycle collection. Also, the actor had art and books said to be worth a great deal. There is a fund in place to be used by the wife to maintain the home she shared with him, and both sides are disputing the details of that fund. When an estate plan is put in place, the intention is to minimize the chance of any beneficiaries disputing the plan or creating any family strife. Despite having a plan in place in regards to personal items and an inheritance, the family members left behind are still at odds over Williams' estate. With proper handling, communication and guidance, the wishes for an inheritance and personal property in Michigan may be upheld with minimal or... --- - Published: 2015-09-01 - Modified: 2015-09-01 - URL: https://collensestatelaw.com/insights/the-creation-of-an-estate-plan-is-not-just-for-the-elderly/ - Categories: Insights, Legacy Planning It is estimated that a large majority of young people have not thought about estate planning. The creation of an estate plan is often thought of as an elderly issue or an undertaking to be tackled once a certain level of wealth or assets has been accrued. However, young adults in Michigan may need an estate plan in place many years before they may traditionally think about such ventures. Sadly, tragedy has no age requirement. Anyone, regardless of youth and vitality, can find him or herself incapacitated and unable to make important health and financial decisions. By having a clear healthcare directive in place as a young adult, family fights or disagreements about medical treatment can be avoided. Social media is a part of daily life for young adults. While not a monetarily valuable asset, having a clear plan or designated handler of social media accounts is necessary in this day and age. This can entail leaving behind passwords and user IDs. How these accounts are handled after death can be a highly personal decision as well as a technical one. Therefore, it may be best to choose a tech-savvy friend who will follow through with one's wishes for these accounts. The issues that may encompass and be included in an estate plan are not unique to age. Those issues may be uncomfortable to address for the young, but this makes addressing them no less important. Young adults in Michigan can benefit from inquiring about traditional estate plan documents, such as... --- - Published: 2015-08-26 - Modified: 2015-08-26 - URL: https://collensestatelaw.com/insights/reasons-michigan-families-may-face-a-will-challenge/ - Categories: Insights, Litigation Despite the best intentions of a family member, there are many circumstances that can lead to family strife or legal disputes after a loved one has died. While every Michigan family may be vastly different, there are common reasons or mistakes that may lead a family to deal with a will challenge after a loved one has passed away. The loss of a loved one may create an emotionally charged situation, and adding legal complications to the mix may be a situation most families may want to avoid altogether by working ahead of time to avoid a will challenge. One reason a will challenge may occur is that the expressed wishes of the loved one may not be entirely clear. This can occur even if a will is otherwise legal and documented. Specific assets may have been overlooked, or some family members may not be happy with the distribution of those assets. Other reasons a will challenge may be possible can relate to changes in a family, changes that were never considered after a will was drafted. There are circumstances under which new children come into the family or step-children come into the picture, yet a will is not updated accordingly and those children are left out completely. Another common reason may be the belief that the person drafting the will was not legally capable of making those important decisions at the time, or perhaps that person was subjected to undue influence in executing the will. A will challenge can... --- - Published: 2015-08-18 - Modified: 2015-08-18 - URL: https://collensestatelaw.com/insights/mistakes-may-be-made-in-the-details-of-an-estate-plan/ - Categories: Estate Administration, Insights Having an estate plan in place long before it is needed is a responsible step most people take the time to make. However, there may still be room for mistakes or mishaps even after a person has had an estate plan drafted and put into effect. By drafting a comprehensive estate plan and then ensuring the details are managed correctly, Michigan family members can ensure wishes are upheld and an estate is handled as envisioned. One mistake that some make is simple oversight -- not signing the will. Legal documents are worth the time and energy put into drafting them, but only if those documents are finalized. Regardless of the specifics or how well-known intentions and wishes may be, the will is useless without a valid signature. Some may have specific reasons for not signing a will right away, though they should realize that is a risky move. Another mistake some make is to be avoid the potential tax implications. State and federal taxes are complex. Knowing what part of an estate may be taxable and how much may be lost in the shuffle of settling tax debt can help a person decide an exact amount to leave behind and the best manner in which to leave that to beneficiaries. For most Michigan families, the difficult part of creating an estate plan may be deciding just what should be done with assets and funds. Once a family makes those difficult decisions, it is vital that the estate plan be to the benefit... --- - Published: 2015-08-15 - Modified: 2015-08-15 - URL: https://collensestatelaw.com/insights/understanding-trust-management-and-trust-options/ - Categories: Insights, Trust Administration Creating a trust and managing a trust can be an ideal way to handle assets and funds for loved ones. However, trust management responsibilities should be taken very seriously and require an understanding of the different types of trusts that may suit different needs. Michigan families may want to explore which kind of trust is best and how management of that trust should be handled. Most people think a trust is created to leave children, minor or adult, a certain amount of money with certain stipulations. For those who want to leave funds to the next generation and deal with children differently, a generation skipping trust is an option. Some people may want to cut out family altogether and leave funds to charity. A charitable trust can be an option for supporting a much-loved cause on your own terms. If minor children are in the picture, leaving them a certain amount of money outright can be impractical or not in the best interests of that child. Setting a trust with a trust manager to ensure needs are met or funds are distributed in a way which is appropriate for a minor can be the answer. Children may not be the only concern as some have pets who are loved and cared for just as much, necessitating a pet trust to ensure vet bills, food and basic care is met. The creation of a trust and how trust management is outlined can be highly personalized and individualized for Michigan families. Our firm... --- - Published: 2015-08-13 - Modified: 2015-08-13 - URL: https://collensestatelaw.com/insights/protect-your-familys-inheritance-in-michigan-with-a-will/ - Categories: Inheritances, Insights Most people may know it is important to have a will to express one's last wishes in the event of a passing. But, knowing you need a will and knowing just how important a will is to the protection of a family inheritance can be two different things. Anyone in Michigan who has assets, regardless of how meager, or those who have minor children, should be clear about how an inheritance can be protected with a comprehensive and updated last will and testament in place. If there is no will whatsoever, the state will take over assets, and someone who does not even know you or your family will make most of the decisions that affect your family, including who gets guardianship of minor children. Dying without a legal will in place also means your surviving relatives will have to go through the probate process. The longer the probate process takes, the more likely it will be that a family dispute about assets erupts and further complicates how an inheritance is handled. Once a will is understood as a necessity and steps are taken to create one, the document must be handled correctly and updated regularly. This means the will should be reviewed periodically. It is not a once-and-done kind of legal document. Family situations change though divorce, deaths, births, adoptions, etc. , and what may seem like a sound decision about an inheritance early on may no longer be appropriate or fair after these family changes or evolutions. Wills should... --- - Published: 2015-07-30 - Modified: 2015-07-30 - URL: https://collensestatelaw.com/insights/father-leaves-unique-inheritance-stipulations-for-kids/ - Categories: Inheritances, Insights Someone may work tirelessly for years or decades to create a fortune or amass a certain amount of assets. Deciding how distribute those assets or fortune to loved ones as an inheritance can be a highly personal and creative endeavor. One father recently made news in Michigan because of the unique and detailed stipulations he placed on his daughters if they want to receive their inheritance early. The man was a millionaire worth about $37 million. He left behind two daughters and left them each an inheritance of $10 million. The girls can receive the funds at the age of 35 or follow a few guidelines and receive portions of the money earlier. One stipulation for the girls to get the money early is through marriage. One daughter will get $500,000 for getting married, and her husband has to agree to not seek any of the inheritance. Graduation from college will result in a payout of $750,000 of the inheritance. Also, an essay of how the funds will be used must be approved by trustees. The children can also earn more of the inheritance if they act as caregivers to their mother, and they can also earn some of it based on their income. It is not uncommon for a parent to create a trust with specific stipulations or terms for getting an inheritance. How specific or unique the terms of an inheritance may be can depend on the Michigan family and the wishes of a parent. If stipulations seem... --- - Published: 2015-07-28 - Modified: 2015-07-28 - URL: https://collensestatelaw.com/insights/single-folks-in-michigan-should-have-an-estate-plan-in-place/ - Categories: Estate Administration, Insights It is wrong to assume that only married couples with children and a significant amount of assets should worry about creating an estate plan. Any single adult who has assets in his or her name needs to ensure an estate plan is in place, and the plan needs to reflect the individual needs and wishes of that single person. While the basics may mirror the needs of any married couple in Michigan, there are unique needs a single person needs to reflect upon when creating that estate plan. For a married couple, one party may select his or her spouse as a durable power of attorney. This kind of power of attorney is essential so day to day affairs, such as finances and bills, can be handled without fail while someone is incapacitated or unable handle such matters. For the single person, this responsibility may need to be designated to a trusted friend who can, and is, willing to make those difficult decisions, possibly under duress. Decisions about a person's medical care are extremely important and personal. If unable to communicate his or her wishes, a person needs to rely on the health care directive to ensure proper and wanted care is given. The person appointed to make these decisions should be a trusted individual also who understands the wishes pertaining to health care and can make decisions about end-of-life care or when life-support is needed. For the single person in Michigan, the process of finding and designating individuals to... --- - Published: 2015-07-21 - Modified: 2015-07-21 - URL: https://collensestatelaw.com/insights/michigan-families-can-avoid-mistakes-in-estate-plan/ - Categories: Estate Administration, Insights All estate plans are highly personal, yet many people fall prey to the same common mistakes when drafting their plans. By being aware of the most common mistakes found in estate plans, Michigan families can prevent those mistakes from causing problems after loved ones have passed. These common estate plan mistakes can cause a great deal of family strife and become financially painful. One common mistake is forgetting or ignoring existing sibling rivalry. One way to counter existing rivalry or rivalry that crops up as a result of a passing is for parents to talk about the future and ensure the estate plan is known and respected before it is ever put into motion. Another mistake to avoid is forgetting to account for life changes that should be reflected in the plan. These changes can be the result of divorce, the disinheritance of a child or accommodations that may need to be made for blended families. The appointing of a trustee is vital. Some may believe appointing co-trustees is a great idea; however, co-trustees may be fine in theory but not work smoothly in reality. If there is a slight chance of disagreement or strife, a co-trustee situation can be more of a headache than expected. The process of creating an estate plan can be complicated and require revisiting over the years. When family members in Michigan discuss a plan and work together to ensure an estate plan is workable, the entire process can be less stressful and smoother for... --- - Published: 2015-07-14 - Modified: 2015-07-14 - URL: https://collensestatelaw.com/insights/issues-regarding-an-inheritance-need-to-be-customized/ - Categories: Inheritances, Insights There is no such thing as a standard estate plan or plan for dealing with an inheritance. Each family's needs are unique, and anything pertaining to an inheritance should reflect that individuality. Just as an inheritance in Michigan may need to be customized, it's also important to periodically review an existing estate plan as life changes warrant. There are certain life circumstances that may impact an established plan for an inheritance. One may be the birth of a child or grandchild. This additional family member can mean an old plan simply out of date. A divorce in the family can also signal that it is a good time to re-evaluate an estate plan. Customization can entail a number of documents or plans of action. For some families, a trust may offer tax advantages and the opportunity to avoid probate. Other families may need to seek a specific kind of trust, such as a special needs trust. Still other families may need to delve into and carefully consider options when it comes to guardianship, while others may be mainly concerned with a business succession plan. It is important to know customization options and which options will fit your needs and the needs of those who may be beneficiaries of an inheritance. For those in Michigan who have worked tirelessly to amass assets, taking a "draft it and forget about it" approach is clearly at odds with the effort made to achieve the assets in the first place. Our firm understands the various issues... --- - Published: 2015-07-09 - Modified: 2015-07-09 - URL: https://collensestatelaw.com/insights/unique-challenges-for-women-and-their-estate-plan/ - Categories: Insights, Legacy Planning Not all estate plans are alike, just as no two women are alike. The process of creating an estate plan is highly personal for anyone, and women may have unique challenges as they move forward with that process. Michigan women who have not created an estate plan or who have not recently updated that plan may want to explore their options, as the process of estate planning can be different for women than it is for men. One noted statistic can play a significant role in any plan that is created: Women typically live longer. This means they may be left to distribute shared assets among children as opposed to the male partner who may have already passed. When it comes to personal items such as jewellery, leaving jewellery to beneficiaries may get complicated unless each piece is inventoried and specifically left to a certain beneficiary in order to have what is considered a fair distribution. Women may also want to carefully consider whom they choose as a power of attorney. If one beneficiary has access to bank accounts to help out if incapacitation occurs, that particular beneficiary may have access to more assets in the event of death. This can lead to infighting among children, and that may be the last thing a woman wants for those she leaves behind. Any estate plan can be extremely complex for both men and women as both may have struggled to amass wealth and assets. A well-thought-out plan can help minimize conflict... --- - Published: 2015-07-08 - Modified: 2015-07-08 - URL: https://collensestatelaw.com/insights/business-owners-need-an-estate-plan-early-in-the-game/ - Categories: Estate Administration, Insights An individual or family may work for years or even generations to establish a successful small business. If the owner or owners fail to have a comprehensive and smart estate plan in place early on, that small business can be at risk for failure in the event that an owner or invested partner passes away. Statistically, only a small percentage of family businesses are passed down to the next generation successfully. With the right estate plan in place before it is needed, a Michigan family can beat those odds. The first instinct of a business owner who wants to keep that business in the family may be to split it evenly among children. But, if one or more of the adult children have never worked or contributed to the business, this arrangement can do more harm than good. This can easily lead to family strife and legal disputes among family members. One option in a case where not all children have a role in the business may be to structure the transfer of that business in a way that allows the active participants to have operational control. The other family members can still receive a percentage of profits, but without any control of operations. One other option in this situation is to leave other assets that are of equal value to children who will not receive a controlling stake in a family business. A family business, like any other enterprise, can be complicated and difficult to handle as part of... --- - Published: 2015-07-01 - Modified: 2015-07-01 - URL: https://collensestatelaw.com/insights/avoid-probate-litigation-with-legal-assistance-at-time-of-need/ - Categories: Insights, Litigation Once a loved one passes, the ensuing process of probate can either be smooth or it can be contentious and lead to family strife. With the proper guidance and legal assistance, the probate process does not have to become a probate litigation situation for grieving Michigan families. Legal assistance can help with all areas of probate and can ensure that minor details are taken care of so families can move forward. These details involve much more than just overseeing who gets what as far as assets and beneficiaries are concerned. Any tax issues plaguing the estate or the deceased need to be handled legally and quickly. Also, a complete inventory of assets needs to be done regardless of whether or not there may be a family dispute over those assets. Another way to avoid a probate litigation scenario is to have legal support identifying and dealing with any creditors. Life insurance issues need to be handled quickly, also. Issues related to guardianship need to be navigated legally and according to the wishes of loved ones. This can often be a source of litigation, but with proper guidance and if legal documents are in place before needed, it does not necessarily have to morph into a litigation scenario. Avoiding probate litigation can help save time and ensure family members' wishes are respected. However, there may be times when despite the best intentions and preparation, family strife can still lead to probate litigation. Michigan families who are concerned about possible probate litigation... --- - Published: 2015-06-20 - Modified: 2015-06-20 - URL: https://collensestatelaw.com/insights/how-to-pass-down-a-familys-business-legacy/ - Categories: Inheritances, Insights 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 sit down with their loved ones and discuss the matter at length. The first thing to consider is whether any of the children are willing and able to take on ownership of the business once the parent or parents are deceased. In cases in which one or more children do not have an interest in being involved in the business, the estate plan becomes far more complicated. Because parents usually want to leave their children equal inheritances, a degree of number-crunching is in order. The child or children who do not want to inherit the business are usually compensated with a higher share of other assets. This division of assets is different for every family, but in order to ensure parity, a value must be placed on the business itself. There are professionals who specialize in assessing the value of a business, and this approach will result in a written estimation of value. From that point forward, the family can consider what other assets can be left to equal the value of the business interest that is being forfeited. Another approach is to give all children an equal share of the business, with the option that those who wish to... --- - Published: 2015-06-18 - Modified: 2015-06-18 - URL: https://collensestatelaw.com/insights/will-you-leave-your-ex-an-unexpected-inheritance/ - Categories: Inheritances, Insights 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 ex husbands or wives an inheritance. At the same time, those loved ones who were intended to receive that wealth might be shocked to find that they have very little chance of reversing that outcome. This scenario occurs when there is a difference between what is laid out within an individual's will and what is stated within certain account documents. When an investment, savings or life insurance account contains a designated beneficiary, that person will receive the assets held within the account or policy at the time of death. This is true regardless of what is stated within one's estate planning documents. This outcome is more common than many people believe. Often, individuals complete the beneficiary designation paperwork when an account is opened, then never revisit the subject. This can mean that one's first spouse may still be listed as the beneficiary on a pension plan, life insurance policy or savings account. In the event of death, the former spouse might be gracious enough to hand those assets over to one's current spouse or children. That outcome, however, is far from certain. The best way to protect one's loved ones from a negative outcome is to create a thorough estate... --- - Published: 2015-06-04 - Modified: 2015-06-04 - URL: https://collensestatelaw.com/insights/michigan-residents-should-understand-benefits-of-a-will/ - Categories: Inheritances, Insights 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 understand the benefits of having a will in place long before that will is ever needed. Most people know a will states who will receive certain assets from your estate, but a will also designates guardians for minor children. This is not a decision most people want left up to anyone else. Without a will in place, the probate stage of processing an estate can impact where minor children end up and how they will be cared for. Not having a will in place to explicitly decide these matters also increases the likelihood of family disputes, even further lengthening the probate stage. It should also be understood that drafting a will is not a once-then-done type of legal matter. You may feel certain about who you want to receive what assets and even who will get guardianship of children, but that can change over time. Major life events, such as divorce or the birth of additional children, necessitates the review of a will on a regular basis. Having a comprehensive will in place is essential for anyone and can decrease the chance of family strife. A skilled legal representative can take a look at your individual situation and ensure each... --- - Published: 2015-05-27 - Modified: 2015-05-27 - URL: https://collensestatelaw.com/insights/making-an-estate-plan-in-steps-can-simplify-the-process/ - Categories: Insights, Legacy Planning 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 that may not apply to them and focus on those steps that do. A will is perhaps the most basic and essential document that should be a part of an estate plan. However, another document that all individuals should consider is a living trust. A living trust can be a way to distribute assets to heirs directly without the heirs having to face the public probate process. It is important to remember that assets include more than physical property and bank accounts. Each person should check beneficiary designations. It is vital to know which family members are listed as beneficiaries on retirement accounts and insurance policies. The people one needs to list as beneficiaries may change over time, such as in the case of a divorce, so beneficiaries should be reviewed and updated regularly. An estate plan can be complicated; however, the failure to have an updated and accurate plan in place can be devastating for families in Michigan. One bit of advice, regardless of the needs of the family involved, is to share the plan with relevant parties so as to minimize confusion or disputes and to ensure that everyone is fully aware of the wishes of a... --- - Published: 2015-05-20 - Modified: 2015-05-20 - URL: https://collensestatelaw.com/insights/will-challenge-unfolds-after-politicians-mom-passes/ - Categories: Insights, Litigation 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 making news as the former mayor of the nation's capital is caught up in a family dispute after the death of his mother. The mother died at the age of 87. She had a will drafted 10 years before her passing. She had eight children who are now fighting in court over details of the will. One area of strife comes from the fact that the mother stated she had seven children in one aspect of the will and included the eighth child in another part of the will, creating a discrepancy that has caused legal problems. Two of the daughters have filed petitions stating belongings of their mother were taken or given to people not named in the will, including jewelry and handbags. It was also stated that the mayor's family took items from the home before the mayor's siblings had a chance to claim items they may have wanted. The mayor believes mediation may put an end to the fight over the estate. When families are involved in a will challenge, the probate process and distribution of assets can take a great deal of time. Having a comprehensive, clear and accurate will in place can help minimize the... --- - Published: 2015-05-12 - Modified: 2015-05-12 - URL: https://collensestatelaw.com/insights/single-michigan-residents-should-consider-estate-plan-needs/ - Categories: Insights, Legacy Planning 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 possible. Single people may be at a greater risk of seeing assets distributed in a manner in which they would not approve. According to law, when one spouse dies, most property and assets typically get passed on to the other spouse. This occurs even when there is no will or formal estate plan. When a single person without children dies without any plan in place, assets may be given to the next closest relative. This may be parents or siblings. Without a will, the single person simply has no say in how this process unfolds. A single person without children may want to ensure that assets go to a specific charity or as a gift to individual beneficiaries. The overall value of the estate can be reduced in this process due to tax obligations. There are specific gift taxes and liabilities that can come into play. Utilizing a trust as a means of distributing assets may be the best way to alleviate or prevent tax liabilities from cutting into the overall value of an estate. Protection of funds and assets through a comprehensive and up-to-date estate plan is something everyone should think about. Singles in particular need to understand their... --- - Published: 2015-05-06 - Modified: 2015-05-06 - URL: https://collensestatelaw.com/insights/trust-management-depends-on-picking-right-trust-for-your-needs/ - Categories: Insights, Trust Administration 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 different types available imperative for Michigan families. This requires being fully aware of your objectives and what exactly you want for those left behind. For families with special needs family members, a trust specifically designed to meet those ongoing needs is a wise choice. There may also be situations that make leaving assets to one generation an unwise choice for all. For this particular scenario, a generation skipping trust can be useful. There are other forms of trust funds that can provide for the unique needs of a family. For many, pets are much beloved members whose care is just as important as any human beneficiary. A pet trust can be designed to give family members piece of mind as far as the fate and care of a pet is concerned. Minor children also need ongoing care. A minor children's trust can be one way to ensure that the child's needs are met and that his or her future is protected. A trust and the trust management process can ensure needs are met and wishes are upheld. A trust can also mean a smoother transition of assets and funds compared to other options available to Michigan families. With freedom to... --- - Published: 2015-04-21 - Modified: 2015-04-21 - URL: https://collensestatelaw.com/insights/baby-boomer-generation-needs-to-think-of-estate-plan-needs/ - Categories: Estate Administration, Insights 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 put in place as of yet, anyone of this particular generation may want to get started with the basics. Retirement cash flow is a must, but not the only must. The retirement plan and estate plan should go hand in hand so as to provide a retirement income and funds for any unexpected long-term care needs. Health care needs should be considered in the short term and long term. A health care proxy is an excellent way to plan for medical care and financial needs simultaneously. The direction a health care proxy gives to a loved one can save time, money and worry by all parties. For those with a family business, retirement and an estate plan certainly need to be handled effectively. If one heir helps handle the business and another doesn't, there may be distinct instructions outlined for the succession of that business after retirement and after a loved one passes. Once the move is made to secure retirement and estate plan specifics, beneficiaries need to be aware of the plans, and updates need to be made accordingly. When a person has worked hard to secure a happy retirement and a legacy for heirs, there needs to be... --- - Published: 2015-04-13 - Modified: 2015-04-13 - URL: https://collensestatelaw.com/insights/steps-to-take-to-protect-an-inheritance-in-michigan/ - Categories: Inheritances, Insights 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 may lie with what a beneficiary will do with his or her inheritance. For other families, concerns may stem from wanting to protect assets from tax or other liabilities. One tale of an inheritance situation gone wrong involves a man who was a real estate developer. The man took out a $25 million loan for a condominium project. The project failed when the recession hit, and the man defaulted on the massive loan. In the midst of this financial crisis for the man, his uncle passed away and left him a significant amount of money. The man inherited a co-op worth roughly $20 million. Because of the man's debts, the bank ended up with the inheritance. According to experts in the field, if the uncle had bequeathed the man a trust, the money would have been protected. For some Michigan families, lessons about how to effectively leave an inheritance may come too late, and fortunes may be unnecessarily lost. However with proper guidance and planning, a family can leave an inheritance that can provide for beneficiaries for some time. Hard-earned wealth that last for generations is possible when trusts are created and individual family needs and situations are taken into consideration early in... --- - Published: 2015-04-10 - Modified: 2015-04-10 - URL: https://collensestatelaw.com/insights/childless-michigan-couples-should-consider-estate-plan-options/ - Categories: Insights, Legacy Planning 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 not postpone creating an estate plan, as it is also important that these couples protect assets and each other in the event one of them dies. There are certain steps a childless couple may want to consider when considering a comprehensive estate plan. If there are joint assets and one spouse dies, the other spouse generally receives those assets without much complication or dispute. However, if there are individual assets and the spouse they belong to dies without a will in place, the assets have to go through the intestate probate process. This can make the process costly and time-consuming for a surviving spouse or other family members, making a stressful time even more so. One option for childless couples who want a smooth and cost-effective transfer of assets is the creation of a revocable living trust. This can be effective for tax purposes also. A trust can protect those left behind and help ensure a smooth transition if one spouse is incapacitated. When it comes to a safe and flexible estate plan in these circumstances, a trust can be the best option and provide the wanted protection. There are several types of trusts that a Michigan family may want... --- - Published: 2015-04-01 - Modified: 2015-04-01 - URL: https://collensestatelaw.com/insights/time-for-generation-x-to-think-about-legacy-and-estate-plans/ - Categories: Inheritances, Insights 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 between 1965 and 1980 -- may choose to decide what kind of legacy and estate plan will best suit their needs and the needs of their family. Michigan Generation Xers may benefit from some of the tips and guidelines below. If a Gen X person or couple has minor children, having a will, powers or attorney and possibly a living trust is imperative. This is to ensure children are cared for as the parents deem appropriate should both die. This will allow for a timely transfer of assets and arrange for the day to care of the children, which could make a difficult situation much smoother for all left behind. Generation Xers are at a point of having elderly parents to think about as well. If those parents have yet to start the legacy or estate planning process, the Gen X grown child and siblings may have to pay out of pocket if that parent's health fades. This can create family strife and lead to difficult financial issues for those who have children of their own to think about. It is considered appropriate that people of this age speak to their aging parents about what kind of plan, if any,... --- - Published: 2015-03-25 - Modified: 2015-03-25 - URL: https://collensestatelaw.com/insights/after-honeymoon-couples-should-start-an-estate-plan/ - Categories: Insights, Legacy Planning 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 estate plan together once the honeymoon is over. After starting a new job, an employee is usually asked to fill out paperwork for life insurance and retirement accounts. A single person often names his or her parents as beneficiaries on work life insurance plans and retirement accounts. Once married, it is imperative that a newlywed change the beneficiary listed to his or her new spouse because that spouse may be left out in the cold if something unexpected happens. Some newlyweds may wrongfully assume that once married, they can make medical decisions for their spouses. However, this is not an absolute with marriage unless there is a health care directive or power of attorney in place before an incident resulting in incapacitation occurs. Also, once these documents are drawn up, it may be beneficial to name a secondary party in case the spouse becomes incapacitated or passes first. While most people do not want to think about creating an estate plan when they are still in a happily-ever-after state of mind, there is no better time. Marriage does come with some inherent benefits and rights, but anyone just married should be sure an estate plan is handled quickly and effectively.... --- - Published: 2015-03-10 - Modified: 2015-03-10 - URL: https://collensestatelaw.com/insights/an-estate-plan-may-need-to-accommodate-digital-assets/ - Categories: Estate Administration, Insights 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 is, any online account that contains a password, relates to finance or even personal documents and pictures should all be considered digital assets. Social media plays a large role in some lives and can provide a source of personal information and pictures. Accounts like these and others that are password protected need to be addressed. This may mean designating a person to retrieve information or access those accounts. Files, such as pictures, music and movies may languish online without properly designating a person to retrieve or use those files. Money changes hands online in numerous ways. If there is a family business or any business venture that involves commerce online, those issues need to be specifically addressed independent of a person's other finances. Just as with traditional assets, if there is no specific plan outlined in an estate plan, a person's digital assets may be fought over or lost forever. Michigan residents may have very precise wishes for digital files, accounts and sources of income. Because this is generally a new area of estate planning, it may be overlooked and under-appreciated as a necessary part of the process. Before considering an estate plan complete, be sure to review any digital... --- - Published: 2015-03-04 - Modified: 2015-03-04 - URL: https://collensestatelaw.com/insights/inheritance-dispute-can-affect-michigan-family-relations/ - Categories: Inheritances, Insights 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 pitted a mother against her own son and stepson. Michigan families who are deciding the fate of assets and funds may want to follow the story as it unfolds.  An out-of-state woman is suing her son and stepson over the estate of her late husband who died in 2013. The estate is reported to be worth $91 million. Since the man died, the woman has been paid $20 million from the estate. The woman is seeking a detailed account of the estate through the courts. The man's two sons were appointed executors of the estate in question. They contend this move has been the source of the mother's frustration over the inheritance. They also contend that the bulk of the money was given to the woman in the form of a trust. Cases over an inheritance of this magnitude can be complex and lead to extensive litigation. An inheritance dispute can lead to the need for a court intervention that takes both a great deal of time and a great deal of money. If the distribution of an estate or an inheritance leads to a conflict between children and a parent, the help of an experienced estate planning attorney can prove most... --- - Published: 2015-02-26 - Modified: 2015-02-26 - URL: https://collensestatelaw.com/insights/ideas-for-broaching-the-subject-of-an-estate-plan/ - Categories: Estate Administration, Insights 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 everyone understands the ins and outs of an estate plan varies widely. Michigan residents may want to think about the following tips when beginning the process of creating estate plans. One piece of advice is to have a meeting with everyone who needs to be informed and involved in the process. While having this meeting when the entire family is already gathered may seem convenient, special occasions, such as holidays, may not be an appropriate time. Scheduling a meeting for when people are prepared to discuss the matter may be best. One thing one should keep in mind is that having everyone in the same meeting may not be the best choice either. Some family members may be too young or too irresponsible to be directly involved in a meeting. Those family members may be served better through individual meetings, as long as the same information is given in all the meetings. For the sensitive family members who are uneasy about the subject in general, calling the process legacy planning may be more positive when compared to other terms one might use. Discussing an estate plan is essential as it will keep family members informed and make them feel as if they are part... --- - Published: 2015-02-24 - Modified: 2015-02-24 - URL: https://collensestatelaw.com/insights/family-of-ernie-banks-plans-to-fight-will/ - Categories: Inheritances, Insights 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 not seem to go along with what that family believes the person would have wanted, the family may have grounds to successfully contest the will. The family of baseball great Ernie Banks has made it clear they plan to dispute the will said to be left behind by Banks. A woman named Regina Rice spent the last several years caring for the ill baseball player. The woman had him sign a will, health care directive and power of attorney. The family was unaware of these new documents until after Banks' death. They claim that he was ill at the time that he signed the new will. One provision in the new will was that Banks said he was making no provisions for his children or wife. The family also says Rice made direct communication with Banks difficult, and they mostly had to talk to her. The family says they will fight the will, and there is also an ongoing dispute over the fate of Banks' remains. The family has made legal motions to stop Rice from cremating Banks' body. When there are caretakers and family members vying for the protection and care of a loved one, the wishes of that person... --- - Published: 2015-02-18 - Modified: 2015-02-18 - URL: https://collensestatelaw.com/insights/michigan-families-may-need-legal-help-with-a-will-challenge/ - Categories: Insights, Litigation 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 may occur and what a Michigan family should do if one or more family members do in fact challenge a loved one's will. One reason a will may be challenged is the simple fact that certain assets may not have been included in the will. Also, some of the deceased's wishes for assets may not be as clear as they could be, leaving room for misinterpretation. Family members who come into the picture after a will is drafted, such as children born after the fact, may also make a will open for a challenge. It can be a difficult process for the person or family member who has been designated the executor or family representative. A will challenge can mean the process is tied up for months as disputes can take a long time to settle legally. Experienced legal counsel can ensure the process is handled as smoothly as possible for those who have to endure a will challenge. The reasons a family chooses to challenge a will can be widely varied and include undue influence and other accusations of wrongdoing by someone close to the loved one. Our firm has experience navigating will disputes and challenges that are often emotional... --- - Published: 2015-02-12 - Modified: 2015-02-12 - URL: https://collensestatelaw.com/insights/trust-administration-duties-are-important-part-of-trust-process/ - Categories: Insights, Trust Administration 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 can be a first step in the right direction. After the right kind of trust is created, trust administration becomes the way in which the process unfolds in accordance with your vision. Michigan families may want to get further information about trust administration duties and the types of specific trusts that may work in each situation. For those who have minor children, establishing a minor children's trust may be essential. For some families, pets are just as important as children. This is why you can create a pet trust to ensure a beloved pet is cared for as you see fit. A special needs trust is a viable way to ensure a special needs adult child gets the care and benefits needed to be taken care of for the long-term. Once the proper trust is chosen, the trust administration process will get the ball rolling on ensuring wishes and duties unfold as desired. Our firm can ensure beneficiaries understand their rights and what will take place. We also work to ensure timely resolution of any trust issues so trust administration duties are handled smoothly. Trust administration is just one part of the estate planning process. Understanding how beneficial a trust... --- - Published: 2015-02-10 - Modified: 2015-02-10 - URL: https://collensestatelaw.com/insights/estate-administration-is-an-important-undertaking/ - Categories: Estate Administration, Insights 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 to be taken lightly. Michigan families may want to explore any potential issues or problems to ensure the estate administration process goes smoothly when the time comes to implement the plans. Having someone in mind for certain duties, such as administrator or guardian, is helpful, but it doesn't guarantee the person is up for the job. A conflict of interest may lead other family members to resent or dispute the role of an estate administrator. This can lead to familial strife after the death of a loved one. Appointing a person who truly lacks the ambition or motivation to follow through with the duties is an equally regrettable mistake. If no one is willing or able to live up the duties and responsibilities, the court will have to decide upon an appropriate administrator. An estate may also need to be managed before a loved one passes. Preparing for potential incapacitation and appointing a person to act in the best interest of the incapacitated family member is one area of estate planning that should be handled sooner rather than later. Being in charge of estate administration is a tremendous undertaking. Having an accurate grasp of the duties involved is for the... --- - Published: 2015-02-03 - Modified: 2015-02-03 - URL: https://collensestatelaw.com/insights/important-to-understand-michigan-estate-plan-terms-paperwork/ - Categories: Insights, Legacy Planning 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 to ensuring a plan covers all of the needs of a given family. Michigan families typically benefit by sitting down with a professional and exploring basic terms while deciding upon the right steps to take. The essential document needed is a will, which is a document basically saying who gets what. It is a document that comes into play after the death of the maker. A living trust is a private document that basically holds assets that are passed on according to the terms of the trust. It is a convenient way to privately leave funds and to stipulate circumstances under which those funds can be used or distributed. Two important documents to be included in an estate plan that do not pertain to assets are a healthcare directive and a financial power of attorney. The healthcare directive is a vital tool for anyone who has specific healthcare wishes and it gives designated parties the ability to carry out those wishes pertaining to medical care. The financial power of attorney gives someone the power to handle finances if the person is incapacitated. This can be essential when bills need paid or financial matters need handled quickly. There are many types... --- - Published: 2015-01-30 - Modified: 2015-01-30 - URL: https://collensestatelaw.com/insights/an-effective-estate-plan-requires-certain-key-documents/ - Categories: Insights, Legacy Planning 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 will not end up getting the assets he or she would like them to have in the future. A well-thought-out estate plan also helps to minimize stress and potential conflict among family members after one has died. It is important to create a will or establish a trust. A will is less expensive, but a trust offers the advantage of allowing one's personal assets to be distributed to surviving loved ones with more privacy. Still, it will need to go through the process of probate in order to distribute to the parties named in the will any property that is not being held in one's trust. A medical directive is also a wise document to create during the estate planning process. This document states which person would have the authority to make medical decisions on one's behalf if one cannot communicate due to an illness or injury. This individual needs to be trustworthy. It is also invaluable to update beneficiary forms associated with retirement accounts such as an IRA, as the information listed on these forms will take precedence over that listed in a will. Proper legal guidance can help people in Michigan to efficiently create an estate plan. Because... --- - Published: 2015-01-27 - Modified: 2015-01-27 - URL: https://collensestatelaw.com/insights/michigan-residents-can-learn-from-estate-plan-mistakes/ - Categories: Insights, Legacy Planning 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 details have made the news as a lesson for others who wish to avoid common estate planning mistakes. Robin Williams serves as one example. He had a trust in place for his children as a means of leaving them assets privately. However, a co-trustee died before Williams, and the trust then was made public. As a result, everyone knows what he left to whom. This was exactly opposite of the reason for the trust creation in the first place. Author Michael Crichton also made a critical mistake by not updating his estate plan. He didn't make necessary accommodations for his children he had with the wife he was married to at the time of his death. This pitted his wife and his children from a former marriage against each other, which is probably not a situation he would have wanted. The lessons learned through the public estate planning mistakes of others can help those in Michigan who are in the beginning stages of estate planning. It can also help serve as a reminder for those who have already created an effective estate plan. Revising and adjusting a plan when life circumstances warrant is one way to avoid the above pitfalls... --- - Published: 2015-01-20 - Modified: 2015-01-20 - URL: https://collensestatelaw.com/insights/an-estate-plan-is-a-necessity-for-michigan-single-parents/ - Categories: Insights, Legacy 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 if a parent dies. Any Michigan single parent who does not have an estate plan may want to create one and include the following documents and provisions. Single parents need to think about who will raise their children in the case of their death. Appointing a guardian may be the most important estate-planning decision a single parent may ever make. If the other parent is a fit and stable parent, that person will get custody. However, a single parent should always make a provision for an additional guardian in case that parent were to be unfit at any given time or deceased at the time a guardian is needed. Another vital part of an estate plan for a single parent is a trust. Minor children can't provide for themselves and can't simply inherent a large sum of money or assets to use as a means of providing for themselves. A trusted person can allot funds for care and education, among other needs. A power of attorney will grant someone the power to pay bills and care for a child's immediate needs if a single parent were to become incapacitated. The unique needs of a single parent may be quite different from... --- - Published: 2015-01-15 - Modified: 2015-01-15 - URL: https://collensestatelaw.com/insights/an-estate-plan-may-evolve-and-need-revisiting-over-time/ - Categories: Insights, Legacy Planning 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 plan, it is essential for Michigan families to understand that an estate plan is not a one-shot milestone. An estate plan needs to be managed and evolve as the times dictate. One reason to revisit an estate plan is the changes in the tax code. Tax exemption changes could greatly impact an estate plan as it stands. Simple modifications to amounts left in trusts can help minimize the impact any changing tax code laws may have on beneficiaries and the amount of money open to taxation in general. Another reason an estate plan may need to be revisited relates to beneficiaries in general. What may seem like a good plan today may not work for a family in a few years. The status of beneficiaries can impact how assets may be divided or fought over. One example given relates to an adult child beneficiary dying before his or her parents. If a plan isn't updated, that adult child's children may not be eligible to receive a trust or assets intended for that child's parent. Life gets complicated over time, and so do the relationships in any given Michigan family. In order to minimize strife and tax burdens, staying on top... --- - Published: 2015-01-13 - Modified: 2015-01-13 - URL: https://collensestatelaw.com/insights/a-michigan-family-estate-plan-should-include-online-assets/ - Categories: Insights, Legacy Planning 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 may include instructions for physical assets. Families in Michigan may want to discuss plans and set up a plan to deal with these accounts or update an existing plan as needed. One essential piece of information that needs to be shared or entered into an estate plan is the passwords to these various accounts. If these accounts pertain to bank accounts or are tied to finances in some way, it is vital to ensure that beneficiaries have these passwords somehow. A simple list of accounts and passwords can be added to any estate-planning documents. There is now software aimed at password management, and a master password can unlock all of the accounts. This can be essential to access accounts that control day-to-day finances and essential bills, such as the mortgage. The fate of other accounts not tied to finances needs to be outlined also, as they may still contain sensitive or personal information. This can include instructions for social media accounts and also pictures stored in accounts such as Dropbox. While passing along passwords may be the first step, outlining clear instructions as to what needs to be done once accounts are accessed is also part of the process. An estate... --- > An estate plan is more than money—learn how Michigan families can pass down faith, values, and purpose through intentional planning. - Published: 2015-01-07 - Modified: 2025-05-06 - URL: https://collensestatelaw.com/insights/an-estate-plan-for-michigan-families-is-about-more-than-dollars/ - Categories: Insights, Legacy Planning 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 are numerous ways a person may carry on religious values, traditions or expectations that reach beyond the scope of a dollar amount. One way to incorporate or continue a means of support for religious values or organizations is to create a charitable trust for a church or charity that matters. It may be a one-time payout of a trust, or this can be in the form of distributions to go on for years to come. These can be very personal decisions for benefactors and beneficiaries. Another way to personalize giving and ensure that certain values are handed down is through personalizing how funds can be used. This may be through designating money for religious education purposes. Another way to instill certain beliefs is through the act of not giving or limiting funds as a way to enforce hard work and other values held dear. There are limitless ways to personalize an estate plan, such as through letters left behind and explicit religious requests or requests that reinforce a legacy of giving or charity work. Each estate plan must be a personal journey for an individual and family. Once a Michigan family decides specifics of how best to personalize an estate... --- - Published: 2015-01-02 - Modified: 2015-01-02 - URL: https://collensestatelaw.com/insights/a-will-challenge-can-happen-to-any-michigan-family/ - Categories: Insights, Litigation 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 stave off a will challenge. Under some circumstances, family members may find themselves united in the pursuit of a will challenge after a loved one's death. For any Michigan family, comprehensive legal advice and guidance can help to navigate a will challenge situation. Even with the best of intentions, a will may leave unanswered questions and an opening for a challenge. This can occur if assets are acquired or significant wealth is gained after a will is drafted. If these assets are not added to a will, beneficiaries may dispute the way in which they are bequeathed. Also, a will challenge may arise if the wording is unclear or if family members interpret the instructions differently. If one adult child is not included in a will, even though an intentional move, that adult child may challenge the will, further increasing the time between the passing of a loved and the completion of the probate process. Sometimes a child may not be included because he or she did not come into the family until after the will was drafted, prompting a will challenge. Undue influence is another reason some family members may have for the contesting of a will. The reasoning... --- > A well-crafted estate plan ensures your children’s safety & financial security. Single parents, take control of their future - Published: 2014-12-31 - Modified: 2025-02-03 - URL: https://collensestatelaw.com/insights/trust-management-requires-knowledge-of-various-types-of-trusts/ - Categories: Insights, Trust Administration 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 a number of trusts, it is vital that you understand the various types of trusts that are available to Michigan residents and decide what is best for your family or beneficiaries. A trust is a customized and tailor-made way to distribute assets and funds to particular groups or beneficiaries. One positive aspect of creating trusts is that you have the freedom to impose stipulations or outline specific instructions and guidelines for how and when bequeathed assets or funds may be used. Some common types of trusts are irrevocable trusts, special needs trusts and minor children's trusts. While those are usually the most common, there are other types that are becoming more popular with those in the estate planning community. Many legal professionals are seeing a rise in pet trusts as family pets are now often considered to be part of the family. More people also want to create charitable trusts to ensure they leave behind legacies of giving. These legacies allow them to feel confident that charities that are important to them benefit from their estates. Generation-skipping trusts are also popular when someone wants to bypass leaving funds to offspring but wants to designate funds or assets for grandchildren. The type of... --- > Estate plans now face new questions—like how to handle frozen eggs. Explore legal and emotional insights into this emerging family dynamic. - Published: 2014-12-22 - Modified: 2025-05-06 - URL: https://collensestatelaw.com/insights/reproductive-science-may-play-role-in-estate-plan/ - Categories: Insights, Legacy Planning 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 estate plan. The freezing of eggs is becoming a more commonplace part of how couples reproduce, as is noted in the fact that several companies now cover egg freezing as part of their health plans. The frozen eggs can be seen as future heirs as a family moves forward with deciding the fate of assets and property. There are never-ending scenarios regarding how frozen eggs can complicate a plan, such as the fate of those eggs if the biological mother dies before using them. It is recommended that any family that needs to take the presence of frozen eggs into consideration understands that they may need to define whether the eggs are seen as children or grandchildren who need to be included in the estate plan. The family members affected by the role of frozen eggs need to have an honest and clear conversation about the eggs and how everyone will perceive them for the sake of an estate plan. Clear and open communication about the eggs among affected family members can help stave off any miscommunication or complications later. No two estate plans are alike. Today more than ever, families in Michigan are comprised of members who may not be... --- > Explore different types of trusts in Michigan—from special needs to pet trusts—and learn how smart trust management secures your family's future. - Published: 2014-12-18 - Modified: 2025-05-06 - URL: https://collensestatelaw.com/insights/the-type-of-trust-can-determine-trust-management/ - Categories: Insights, Trust Administration 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. The type of trust a family decides to create will depend on that family's unique circumstances. The idea of leaving a specified amount to each child may not sit well with some families, and it may be a bad idea for some overall. There are generation-skipping trusts for those who do not wish to leave directly to children but want to ensure that grandchildren reap certain rewards from acquired wealth. Some beneficiaries, such as children with special needs, may need more funding compared to other family members. A special needs trust may be set up to care for that child or beneficiary for the long-term. There are those who do not have children to directly leave funds to or those who don't wish to leave a trust fund to children they do have. A charitable giving trust is a way to directly leave funds to a charity that may be important. For some people, pets are as important as any child may be. A pet trust can be a way to ensure that pets receive veterinary care, food and everything they need after an owner has passed. A trust is simply a customized way to determine the fate of funds,... --- - Published: 2014-12-16 - Modified: 2014-12-16 - URL: https://collensestatelaw.com/insights/digital-assets-can-be-part-of-an-estate-plan-for-michigan-folks/ - Categories: Insights, Legacy Planning There are many factors and assets that need to be considered as part of any comprehensive estate plan. Today, technology plays more of a role in daily life than many may ever consider. Because of the importance and reliance on technology, it is becoming more important to incorporate digital assets into an estate plan. Michigan families who already have an estate plan in place may want to consider revisiting the plan to incorporate provisions specifically for digital assets. Anyone who has email accounts and social media accounts may want to think about the fate of those accounts. These accounts have passwords. Divulging these passwords as part of a secure estate-planning document may be necessary, and it may also be necessary to outline what the fate of these accounts should be, such as deleting them or not. Digital assets can go way beyond the fate of a Facebook account. Some people have home-based businesses or utilize other forms of e-commerce as part of their business. Someone else may need to know how to access these systems or accounts to ensure continuation of a business or payment of bills in general. Digital assets that may be included in an estate plan can vary greatly from person to person. It is important for Michigan families to discuss these assets and formulate a plan for how to deal with digital assets, some of which may be quite valuable. Our firm has information that may help families identify digital assets and outline a plan as part of a... --- - Published: 2014-12-08 - Modified: 2014-12-08 - URL: https://collensestatelaw.com/insights/an-estate-plan-is-a-smart-new-years-resolution/ - Categories: Insights, Legacy Planning When people sit down at the end of the year to evaluate their lives or decide on resolutions, creating estate plans may not automatically come to mind. Even so, the New Year is the perfect time to take stock of assets, funds and life choices and to create an estate plan that will ensure the protection of those assets and the family in general. Michigan families may want to think about the various benefits of creating or updating an existing estate plan sooner rather than later. One of the best reasons to avoid delaying the creation of an estate plan is that a comprehensive plan will save money in the long run. The probate process can be costly, not to mention time consuming. If the plan is handled correctly, the time and money lost to the probate process can be eliminated. An estate plan can also give a family privacy. If there is no plan and the state has to get involved, or the estate plan is not handled correctly, every detail may be part of public record, including how much money is left to each heir. A correctly crafted plan can ensure privacy for beneficiaries and also help avoid conflict arising between family members. Each Michigan family is different and the estate plan crafted for each family must be created to reflect that family's needs. Even when a unique and customized plan is in place, updating that plan regularly is recommended. The New Year is the perfect time to update... --- - Published: 2014-12-04 - Modified: 2014-12-04 - URL: https://collensestatelaw.com/insights/an-estate-plan-should-reflect-a-familys-unique-situation/ - Categories: Insights, Legacy Planning The day of the traditional family being the majority may be coming to a close. Today, American families come in all sorts of varieties and combinations, and an estate plan should reflect the individuality and uniqueness of a family in today's modern world. Michigan families may want to consider the following issues when considering creating an estate plan to meet their modern needs. One common issue faced by modern couples is the blended family that results from divorce and remarriage.  When a man or woman remarries, he or she needs to ensure that the beneficiaries listed on retirement accounts and life insurance policies, and those named in a will, reflect his or her current situation. Failure to update beneficiaries can result in a current spouse losing out on inheritance intended for him or her. One other reality of modern society is that some couples cohabitate for decades and even raise children together without ever legally marrying.  Those who wish to ensure that their long-term partners are their estates' beneficiaries must ensure that their estate plans clearly denote who is to receive what from their estates. Without having the proper paperwork in place, an unmarried man or woman can find him or herself with little claim to his or her partner's estate. A Michigan family may look a little different than it did a generation ago for many reasons. However, families of all kinds still need to prepare for how assets will be distributed after the passing of a loved one. An estate plan that... --- - Published: 2014-12-02 - Modified: 2014-12-02 - URL: https://collensestatelaw.com/insights/a-trust-can-provide-asset-protection-for-michigan-families/ - Categories: Insights, Legacy Planning When it comes to time decide estate planning details and strategies, there are a wide range of options for the modern family to implement. Michigan families should realize that not all estate plan options work for every family and an individualized approach may be helpful. One tool many find to be helpful is the creation of a trust as means of managing how assets are distributed among beneficiaries. A trust is a popular estate planning option for a number of reasons. One main reason is the flexibility offered by a trust, as the stipulations that can be applied are endless and really give a family freedom. A trust can also include assets in addition to cash, such as real estate and life insurance policies. A trust can be crafted to ensure funds are used exactly as the grantor sees fit. For many, this means releasing a certain amount of funds at milestones. This may mean payments to a beneficiary upon graduation, marriage, birth of a child or in annual installments as a supplement to a surviving spouse's income. Without an estate plan in place, a Michigan family may be leaving an estate and its valuable assets in the hands of the state, along with the right to make what should be very personal and important decisions. A trust is just one of many tools that can help each family find peace of mind about the fate of its assets and funds.  In addition, certain types of trusts can be altered... --- - Published: 2014-11-25 - Modified: 2014-11-25 - URL: https://collensestatelaw.com/insights/digital-assets-need-to-be-included-in-an-estate-plan/ - Categories: Insights, Legacy Planning As the world changes and technology evolves, that technology needs to be dealt with in ways that some innovators may have never imagined. One area of concern when it comes to technology is how digital assets are handled when a person passes. Because of how much the Internet has permeated daily life for Michigan families, including digital assets in an estate plan is something nearly everyone must think about. Nowadays, people have valuable family information, including secret recipes and photos, all online. Remote accounts and clouds may contain items or pictures that can be lost forever if someone simply doesn't have a password. Including passwords and appointing a digital executor to control these assets is just as important as it is for physical assets. It is important to choose an executor who is tech savvy in most regards. It is also important to explicitly make wishes clear, especially for social media sites and accounts. Some sites may need to grant permission or may not allow access to others, which means that plans to deal with these sites may need to be dealt with ahead of time. As with any estate plan and asset distribution plan, the process can be a personal journey. When families in Michigan are in the midst of grief, they may be saved more time and heartache if certain things are taken care of ahead of time. By thoroughly tackling the fate of digital assets as part of a comprehensive estate plan, families can be relieved of... --- - Published: 2014-11-19 - Modified: 2014-11-19 - URL: https://collensestatelaw.com/insights/beware-of-loss-of-control-in-an-estate-plan/ - Categories: Insights, Legacy Planning Creating an estate plan can be an overwhelming and emotional journey. For some, outlining the division of assets or funds can pose unique complications. Anyone in Michigan who is involved in creating an estate plan may want to carefully consider his or her options before relinquishing control of any aspect of his or her life. Many people decide to sign over a house or property to an heir early on in the estate planning process. This is often seen as a way to avoid dealing with the tax implications of leaving the property to heirs through a will or having a home tied up in the time-consuming process that is probate. However, signing over a home while still living in it, and while still in possession of the ability to make important decisions, can backfire, leaving a perfectly competent person without the legal right to make decisions that directly impact his or her life. On the flip side, many are afraid to create irrevocable trusts due to the belief that they lead to the loss of control over one's estate. However, if a trust is done properly, the person creating it can still maintain control and make changes if need be. This may prove necessary if a trust creator believes a trustee is not going to act in his or her best interests or if family circumstances change. The process of creating and implementing an effective estate plan can be complicated based on family structure and a person or family's needs. While... --- - Published: 2014-11-17 - Modified: 2014-11-17 - URL: https://collensestatelaw.com/insights/avoid-making-estate-plan-mistakes-through-proper-planning/ - Categories: Insights, Legacy Planning When it comes to life lessons, there are a few lessons to be learned from the lives of certain celebrities. There are also lessons about what not to do based on mistakes exhibited in the estate plans of the rich and famous. While each and every estate plan is unique, as unique as the Michigan family involved, there are easy ways to avoid making mistakes that are similar to some brought to light by the passing of celebrities. The recent passing of Robin Williams exposed a mistake in how he prepared for his passing and kept up with his estate planning responsibilities. The Hollywood star created trusts to provide for his children's futures, which is a recommended way to leave money behind that allows the amounts and terms to remain private. However, one of the trustees he named was deceased, which meant a court petition needed to be filed by the surviving trustee, resulting in the details of the trust being made public. Another celebrity, Phillip Seymour Hoffman, chose a different route. In an attempt to avoid leaving his children a chunk of money, Hoffman left his fortune to the children's mother. This move meant his estate needed to go through the time-consuming and tax heavy probate process. While there is certainly no foolproof way to create and execute an estate plan, sitting down with a professional to outline the best options is advised. What may work for one person may not suit the needs of another person or family. Individual... --- - Published: 2014-11-10 - Modified: 2014-11-10 - URL: https://collensestatelaw.com/insights/proactive-tips-for-an-estate-plan-in-michigan/ - Categories: Insights, Legacy Planning Creating an estate plan typically involves drafting, signing and filing a few key documents. While this is an important part of the process, there are other recommended steps for creating an estate plan. Michigan families may be interested in the following tips and ideas, if they are in the midst of the process of simply beginning to think about creating an estate plan. An estate plan determines the fate of funds that go far beyond what is in the bank. Everything from life insurance policies and 401(k) plans are at stake. It is vital to designate proper beneficiaries for each. If a person discovers that a beneficiary is listed who is no longer preferred, that person should act to change the beneficiary sooner rather than later. Keeping careful records and letting family members know who beneficiaries are is also recommended. One tip many people may not think about is to create a joint account between an executor and the person devising an estate plan. This will give an executor immediate access to funds in the event of an emergency. The joint owner would be able to pay for costs such as hotel rooms and travel expenses for extended family if needed. An estate plan can be a long and complex journey for any Michigan family. Understanding or being aware of the details that may go outside the realm of the typical legal documents may help people create a more comprehensive plan. A legal professional can help individuals and families explore... --- ---