The Mega Millions lottery recently reached $1 billion, which is the second-largest grand prize in history. Strangely, statistics reveal that lottery winners are more likely to declare bankruptcy than other Americans. If you have come into a windfall from winning the lottery or inheriting from a relative, you need to exercise care when managing this… [Continue Reading]
The Most Common Estate Planning Errors
Estate planning is a particularly complicated area of law. Any mistakes that are made in a will or other document can end up creating significant errors in the administration of an estate. When these issues crop up, you will likely not be alive or aware that your estate planning documents contain errors and your wishes… [Continue Reading]
Important Concerns About Life Insurance When Estate Planning
There are a number of questions that arise when estate planning. Many people are uncertain about what effect various estate planning documents and accounts will have after their death, including their life insurance policies. The following will address the most common questions that we receive about life insurance and its effect on estate planning. Because… [Continue Reading]
Signs You Should Consider Guardianship for a Parent
As time passes, many people find themselves taking care of their parents. This might include shuttling parents to medical appointments or helping them move into a smaller, more manageable living situation. Many people find themselves assuming responsibility for a wider range of tasks when it comes to caring for their parents. In these situations, many… [Continue Reading]
Reasons Your Executor Might be Challenged
When the time comes to create a legally binding estate plan, you will be required to name a personal representative to oversee your estate. The person named is usually referred to as an executor, and he or she must handle the daunting task of managing your estate while ensuring that your heirs receive their inheritances… [Continue Reading]
Making Provisions to Avoid Lapsed Gifts
An estate plan that is not regularly updated can result in one or more of the beneficiaries under a passing away before the testator. In that situation, any property bequeathed to the beneficiary is at risk of being distributed in a manner that is not in line with the testator’s wishes. Bequeathed gifts that fail… [Continue Reading]
What Happens to Your Property if You Die Without a Will in Michigan?
People are often advised to write wills as part of their estate planning. Wills are important because they allow a person writing the will the opportunity to decide who gets property from his or her estate. Using a will in conjunction with other estate planning tools can help avoid probate and ensure that family and… [Continue Reading]
Making Gifts to Potential Heirs Before Death
A person wishing to gift certain items or real estate to his or her closest family members and friends does not have to wait until death to make these gifts through a will or trust. It is possible to make these gifts as inter vivos gifts. However, this does not eliminate the possibility of legal… [Continue Reading]
Powers of Appointment
When a person creates a trust to distribute his or her assets upon his death, that person may sometimes name someone and grant him or her power of appointment. Power of appointment in the context of an estate trust refers to a power granted to a person to distribute the trust assets as he or… [Continue Reading]
Filing a Petition for Conservatorship
According to the National Adult Protective Services Association, financial elder abuse is a fast-growing problem affecting seniors. Seniors can find themselves financially exploited by caregivers, religious figures, as well as by family and friends. The financial exploitation that comes with this kind of elder abuse can leave the elderly person without the means to properly… [Continue Reading]
