Creating a will in Michigan involves many important decisions. One of the biggest is choosing your personal representative. This person will manage your estate after you pass away. It may help to appoint someone you trust. Here are some key traits to consider when...
Estate Planning
3 ways to prevent family conflict when writing a will in Michigan
Creating a will can help you protect your loved ones and ensure your wishes are honored. However, estate planning can sometimes lead to family disputes if not handled thoughtfully. If you are writing a will in Michigan, here are three strategies that might help...
5 ways to include your business in your estate plan
As a business owner, you may have spent years building a business worth protecting. Now you want your children to benefit from that work one day. A standard estate plan may cover your personal assets, but it rarely accounts for an operating business. In Michigan, if...
What happens to your business during the probate process?
Probate is a process where the court validates your will, settles debts and distributes assets to the right people. Understanding what this process does and how it can impact your company can help you prepare your loved ones for what comes after. Business operations...
Can I legally restrict how a guardian spends my child’s money?
Yes, it is often possible to limit how a guardian uses your child’s money by using estate planning tools that separate care from money management. You may achieve this by naming a trustee instead of relying on a guardian to handle inheritances, which lets legal duties...
3 estate planning strategies for minimizing estate tax risks
Certain financial obligations can diminish what beneficiaries inherit from an estate. The financial obligations of the decedent can consume a portion of their resources after their passing. The personal representative administering the estate may need to pay off debts...
3 documents, other than a will, to strengthen an estate plan
Typically, wills are testamentary instruments. They only take effect after a person dies. As such, they provide protection for beneficiaries and others with an interest in the decedent's estate. The decedent may have enjoyed peace of mind from knowing they could leave...
What role do pet trusts play in Michigan estate planning?
If you have a pet, you probably view them as a beloved companion. But who will care for them if you become unable to? In Michigan, a pet trust offers a reliable legal tool to ensure your pet receives proper care even after you pass away. Understanding pet trusts under...
No will? What parents should know about their children’s future
If something happens to you tomorrow, will your children be in good hands? Estate planning may sound like a lot of work, but more than anything, it is an act of love and responsibility. It is about protecting your children’s future, ensuring their best interests long...
Probate vs. non-probate assets: What is the difference?
When someone passes away in Michigan and there is no will in place, their representative settles their estate according to probate laws. An essential part of that process is understanding the difference between probate and nonprobate assets. Knowing what does and does...