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Many people assume their will controls everything they own after they pass away. That's not always true. In Michigan, a beneficiary designation on certain accounts can override what your will says. This mismatch catches families off guard and it can lead to disputes...
Your estate plan is not a document you create once and forget about. Life keeps moving forward and your plan should move with it. Hence, here are five life circumstances that indicate it is time to update your estate plan in Michigan. 1. When marriage or divorce...
When you have made the decision to document your final wishes, a quick pen-and-paper note often seems like the simplest solution. After all, if it clearly states your intent, shouldn't that be enough? In general, the answer is no. Relying solely on a handwritten note...
As time goes on and your family dynamics change, you might find yourself thinking about disinheriting someone. It’s rarely a comfortable process, and many people hesitate to finalize estate plan action that cuts someone close to them out of their inheritance scheme....
People establishing estate plans often focus primarily on their largest assets. Frequently, their homes may be among their most valuable possessions. They want to protect their houses from creditor claims and other issues that could endanger their legal ownership....
Many adults have no estate plan whatsoever. As such, even the decision to draft a will can put an adult ahead of the curve when compared with the average adult in West Michigan. That being said, people often benefit from creating comprehensive estate plans with...
Both wills and trusts allow a person to pass assets down to their chosen beneficiaries and exert some control over their estates even after they are gone -- so why bother with the expense, time and trouble of a trust if you already have a will? Essentially, it's all...
The time and effort invested in the creation of a thorough estate plan allows a testator to establish a meaningful legacy. With the right plan, people can control the descent of their property and have a positive lasting impact on their communities. Frequently,...
Many adults who have drafted wills and other documents have a dismissive attitude about estate planning. They believe they have protection and won't ever need to consider the matter again. However, the truth is that estate planning paperwork needs to be reviewed...