Amending or Updating a Will in Michigan
A will is an important estate planning document for anyone who is looking to prepare for the future care of their family and assets. Wills are one of the most cost-effective ways to plan for the distribution of your estate. If you do not choose, the State makes those crucial decisions for you — and […]
Managing Bills and Expenses for a Sick or Aging Parent: What Michigan Families Need to Know
For many families, the responsibility for managing an elderly parent’s finances often falls to members of the “Sandwich Generation” — that is, their adult children, many of whom juggle senior care while raising kids of their own at the same time. If you are considering stepping in and helping an elderly loved one to take […]
6 Things to Consider When Choosing a Personal Representative
Who do you trust to carry out your wishes and make sure that your affairs are handled, when you’re no longer around to oversee these crucial decisions? While thinking about estate planning is not always the most enjoyable experience, it’s an incredibly important step forward — one that can help make things easier for your […]
Michigan Estate Planning: Understanding The 5 W’s
There are many myths and misconceptions out there about estate planning. That it’s only for the wealthy, or for older adults. That being married or having a will guarantees that your estate will avoid probate. That professional estate planning advice is going to be expensive, or out of reach. In reality, estate planning is one […]
Closing and Reopening a Decedent Estate in Michigan
If you are currently facing the legal aftermath following the passing of a loved one, you are sure to have questions. Whether you are an heir, a beneficiary, or have been named as a personal representative, it’s important to understand the ins and outs of the process that the deceased’s estate succumbs to in the […]
What are the Differences Between Heirs, Beneficiaries, and Devisees?
What’s the difference between an heir and a devisee? Do you know what it means to be the beneficiary of a trust? Whether you are getting started with estate planning or facing the legal aftermath following a loved one’s passing, you’re sure to encounter many unfamiliar terms and concepts along the way. One area where […]
Can You Contest the Beneficiary Designation on a Life Insurance Policy or Retirement Account?
Here in Michigan, many people use beneficiary designations as a way to transfer some of their most important assets outside of probate — including retirement accounts, life insurance policies, annuities, brokerage accounts, bank accounts, and other securities. Indeed, for many estates, these nonprobate assets can constitute a large portion of what the decedent distributes to […]
Understanding the Important Responsibilities of a Trustee
Dealing with the legal aftermath of a loved one’s passing can become complex, emotional, and time-consuming — particularly if you are named to serve as a trustee during the administration of your loved one’s estate. Put simply, a trustee is the person responsible for managing and distributing any of the assets held in a trust, […]
Probate Vs. Nonprobate Assets
When an individual passes away, their property must be gathered and distributed in line with their wishes and all applicable state laws — a process that is commonly referred to as probate. If you want to simplify or avoid the Michigan probate process for your estate, one important aspect to understand is the distinction between […]
Power of Attorney, Guardianship, and Conservatorship: Understanding the Differences
What would you do if you found yourself in a position in which you needed to act on behalf of an incapacitated spouse, parent, or sibling — or required someone trustworthy to carry out your wishes and manage your affairs? To navigate these tricky situations with confidence and peace of mind, it’s crucial to understand […]
