How to get started on your estate plan: Think about your loved ones

Most of us want to pass our assets to our children or immediate family. But assets can be left to distant family, a church, charity, school or other foundation. There is no right or wrong answer. However, it is important to understand some of the pros and cons when creating an estate plan. Leaving assets for children (or a small number of loved ones) means these loved ones will receive more (or a greater amount) of assets. It will also simplify administration of these assets

Estate Planning for the New Year

Making New Year Resolutions are a great way to start a new year. If your resolution is to create an Estate Plan to protect yourself and your loved ones, then here are some tips to get started: 1. Make time to educate yourself by consulting with an attorney. 2. Talk to your loved ones about your wishes. 3. Think about your loved ones, they will appreciate estate planning documents that remind them of your wishes and keep your money and property out of Probate Court. 4. Make th

Will: An estate planning document

The Will is the most well-known estate planning document. A Will can be as simple as a standardized form or as complex as a Trust. Regardless, everyone should have a Will. Declarations Your Will should identify yourself, your spouse and your children. This is important because assets owned just by you must be distributed through your Will. Michigan law requires your Will be probated in Probate Court. The first question the Judge wants to know is whether your spouse or child s