It is not a closely held secret that estate planning and probate in Michigan are complicated. However, some key tools corollary to the process might help individuals avoid the most frustrating and confusing legal procedures surrounding inheritance and long-term wealth management.
In 2017, Michigan became the 17th state to adopt a law that enables residents and property owners to establish domestic asset protection trusts. For those with a lot to lose, a DAPT can help protect a lot of their assets from being lost.
Estate planning experts in Battle Creek will tell you that seeing to your estate planning early on will help reduce the chances of there being disputes amongst your beneficiaries once you are gone. The last thing that you want to see happen is for your family to become torn apart over arguments about your will. Thus, you may think that the best way to avoid this is to attach a no-contest clause to it, with the hope that such language will discourage any of your loved one's from challenging its provisions. The question them becomes are such clauses enforceable?
The common belief amongst many in Battle Creek may be that the government will always find a way to take its bite out of your assets and property. That assumption likely extends to your estate; why else would there be an estate tax? Yet rather than questioning why there is an estate tax, a better question may be whether or not your estate will actually owe it.
Michigan law, like other states, provides for how a deceased person’s estate will pass if the deceased did not have a valid will in place. Many people die without a will. When they do, they have given up the power to direct who gets any part of their property.
Thinking about your Michigan estate planning needs now is an indication that you have assets and/or loved ones, and you care about what happens to them after you die. We at Vandervoort, Christ & Fisher, P.C., have often provided counsel for people who are planning their wills.