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]
Choosing a Trustee for Your Michigan Estate Trust
Once a person has decided to establish a trust as part of his or her estate plan, another important decision needs to be made in order to complete the trust formation process – choosing a trustee. Choosing a trustee is important because the person or organization the trust settlor selects to serve as trustee bears… [Continue Reading]
What Happens if a Gift Left in a Will No Longer Exists?
In estate planning, the term ademption refers to a situation in which a gift given in a will by a testator cannot be transferred to a beneficiary because the gift no longer exists or has already been transferred by the time of the testator’s death. A testator is the person who leaves his or her… [Continue Reading]
Revoking a Will in Michigan
A person who writes a will as part of a larger estate plan may need to change the will from time to time depending on changes in the person’s life. In some cases, the person may need to completely redo the will and cancel a prior will in its entirety. There are several ways to… [Continue Reading]
Using a Pour Over Will Along With a Trust in Estate Planning
Some people prefer to use trusts as their main method of estate planning for various reasons, including the ability to avoid the long delay that probate may cause in distributing assets to beneficiaries. Those who use trusts often transfer titles to the property and assets they wish to distribute through the trust during their lifetimes.… [Continue Reading]
What is a Holographic Will?
Having a will in place detailing your wishes as to how you want your assets distributed after your death can bring about peace of mind. Some people choose to use an attorney to prepare their wills as part of a larger estate plan. Others may choose to use books or online templates in order to… [Continue Reading]