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November 2014 Archives

The value of setting up a trust

For certain individuals, trusts can be an advantageous and inimitable estate-planning tool, authorities say. People who have estates worth more than $100,000 and possess complex real estate holdings, art collections or business holdings may find a trust to be very beneficial. Others worth at least $100,000 who have a disabled relative whose needs they wish to ensure even after they themselves pass away may also wish to set up a trust, which will avoid negatively impacting their relative's eligibility for continued disability and health care benefits from the government.

When changes in will beneficiaries are needed

Residents in Michigan may benefit from learning more about some of the facts pertaining to changing beneficiaries on a will. There are several different scenarios that can lead to such changes being necessary. A will can become outdated or obsolete depending on when the will was signed by the testator. Other times, testators may simply change their mind about how they want to allocate the assets.

Michigan spouses may be entitled to some estate properties

The application of probate law differs according to the situation at hand. One notable protected class includes spouses who outlive their partners. These individuals are generally entitled to receive a special intestate share of their deceased partner's estate upon its execution. This form of share is provided for in the event that the deceased failed to create a will that supported the survivor.

What is the Cy Pres Doctrine?

Michigan state law has successfully applied the cy pres doctrine to charitable trusts and living wills over the decades. This doctrine, whose name is taken from a French term that means "so near" or "as close as possible," provides a method for the court to salvage a charitable trust whose mission has been fulfilled or has become impossible to fill.

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