You have been working hard to plan your estate and complete all of the different requirements to have a well-rounded and concise plan for how you would like your inheritance distributed in Michigan. Now, you have reached the point where you need to name beneficiaries who will be the recipients of your assets following your death. Selecting who you would like to name as heirs is highly dependent on your relationship with the people you care about. Being able to give these people the most is something you can facilitate by planning things the right way.
While having a trust as part of your estate plan is a good decision, choosing the right trustee can be a complex matter. You want to be able to count on the person you choose while also resting assured that he or she has the ability to make tough financial decisions on your behalf. The AARP offers the following guidance to help you narrow your search and secure a trustworthy trustee for your estate.
Proper estate planning not only ensures your final wishes are carried out, it also saves your family a great deal of stress after you’re gone. That’s why avoiding common blunders is so crucial, which requires going into the process fully informed. In order to ensure you have what you need to plan for assets after you’re gone, Kiplinger offers the following advice.
No matter your age or financial status, estate planning is a crucial aspect of preparing for the future. For people in Michigan without an estate plan in place, you could run the risk of your assets being dispersed to the wrong people or even having your wishes for end-of-life care being denied. In this case, U.S. News & World Report offers the following tips to help you create a solid and legally binding estate plan.
If you are a Michigan resident who enjoys donating to your favorite charity, you may wish to consider establishing a charitable trust so your giving can be more structured and possibly greater than it is now. In addition, one of the best things about a charitable trust is that you can split the assets it contains between your designated charity and a designated noncharitable beneficiary, including yourself if you so desire.
If you are a Michigan resident who already has a living trust, you may wish to update your will so as to make it a pour-over will. Per FindLaw, your pour-over will generally is a short and simple document stating that your executor must pour over all of the assets you own at the time of your death into the living trust you set up during your lifetime. It is your catch-all document that applies not only to the assets already in your living trust, but also those that you may have forgotten or neglected to put in your living trust.
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.