When most people think of estate planning, they think of wills. There are, of course, advantages to using a will to organize your estate, but the estate planning universe includes so many other tools and mechanisms. One such will-alternative is the living trust. It...
Estate Planning
Three estate planning myths
Most people are familiar with the estate planning process, but very few have in-depth knowledge about what it entails. For this reason, myths about estate planning have been allowed to propagate. Here are three estate planning myths and why they’re wrong: Estate...
What is testamentary capacity in the execution of a will?
A will is a powerful testamentary document that can provide insightful and important information on the wishes of an individual who has passed away. In particular, a will can outline how a deceased person wants their property distributed and to whom guardianship of...
Avoid these estate planning mistakes
Most Novi area residents understand the importance of estate planning. An estate plan is important for almost everyone but when a person creates an estate plan there are mistakes that can occur. The following are some of the more common estate planning mistakes that...
Understanding the Michigan probate process
When a person passes away, his or her property and other affairs must be addressed. This may be completed through probate in Michigan. Probate If a person passes away with a valid will, his or her property is distributed according to that will. If a person passes away...
Why use a revocable trust instead of a will
People in Michigan will not live forever. One of the few guarantees in life is that people will pass away at some point in time. During people’s lives though they may acquire a significant amount of property and assets. People know that they cannot bring that with...
Why it is important that people have wills
There are many aspects of life that people in Michigan plan for in case they occur. They have car insurance or homeowner’s insurance in case they are in a car accident or there is damage to their homes. They may also have various products in case they need it for a...
Is it okay to choose a relative as your trustee?
Trusts are popular because they allow people to set aside money to hand down to their loved ones as an inheritance without having to deal with the time and costs of the probate process. When you execute an irrevocable trust, you will need to name a trustee. It is...
Is a special needs trust right for your loved one?
There’s a lot involved with estate planning. Many people think that it’s nothing more than figuring out who is going to inherit your assets once you’re gone, which is certainly true, but estate planning can be much more detailed and wide-ranging than that. For...
How do I know if I need an estate plan?
As anyone who has turned on the news recently has likely seen, estate planning is a hot topic. After all, with so much death in the news, estate planning becomes acutely important for us all. But, this may leave some wondering if they actually need an estate plan....