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December 2013 Archives

Interaction of estate plan documents

For the instruments of estate planning to work in Michigan, all of the aspects and perspectives need to function in harmony with one another. As an example, living trusts and power of attorneys are often used when the principal is incapacitated. The trust would likely need to require the trustee to provide the agent under the power of attorney with funds as may be needed. The will, power of attorney and payable on death beneficiary designations can also also interrelate. An agent appointed under a power of attorney may be able to update designations, and the will can authorize the surviving spouse to make changes as well.

Updating estate planning documents

No one likes to think about dying, but Michigan residents can make the days following their death easier on family members by making sure all documents are up to date. This includes not only wills but also beneficiary designations on insurance policies and retirement accounts.

NBA's Carter-Williams puts rookie salary in trust

Michigan NBA fans may be familiar with Michael Carter-Williams, the Philadelphia 76ers rookie point guard, for his basketball prowess, but it appears that he is making some interesting moves off the court as well. Reportedly, the 22-year-old rookie has diverted some of his first two seasons' $4.5 million guaranteed salary into a trust. He won't have access to it for three years and plans to live instead on money he's earning from endorsement deals with Nike and other companies.

Designating power of attorney before crisis strikes

Some Michigan residents may be interested in a recent article that discusses the importance of handling powers of attorney before it is too late. In an effort to aid this process, the article discusses three documents related to powers of attorney and offers readers advice on how to approach these often delicate matters with other family members.

Temporary conservatorship for Casey Kasem rejected by Judge

Michigan classic radio fans may be interested in the following story about top-40 radio legend, Casey Kasem. His children have become embroiled in a battle with his wife of 30 years over the conservatorship of Kasem.

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