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December 2014 Archives

Contesting wills and trusts

A Michigan resident making plans for how their estate will be handled after their death may be concerned about limiting the potential for any challenges to the plan. Although such action occurs after the maker's death, a contest can result in a different outcome than he or she had desired. In reducing this risk, it is important to understand what a contest is and the circumstances under which it could be an issue.

Revisiting estate plans

As Michigan residents know, structuring an estate plan is not a static event. For many, it is necessary to revisit the plan as life events happen. Modifying an estate plan to meet one's needs over time is a valuable tool and one that may be used to provide security for the family.

How cryogenic egg preservation affects estate planning

Michigan law regulates inheritances and the disposition of the estate after death. Issues relating to the descendants of the testator are regulated, as most citizens know. Fewer are knowledgeable about the complexities added to the law by in vitro fertilization and frozen eggs. Now that more services are available to remove human eggs from the female ovary and cryogenically preserve them, and some major companies are offering these services free to their employees, it is important to review the laws surrounding descendants that are not biologically or even genetically related to the testator.

Living and testamentary trusts

Michigan residents working on their estate plan might be interested to learn about the various types of trusts that are available. To begin, a person can set up both living trusts and testamentary trusts. A living trust goes into effect during the benefactor's lifetime, and a testamentary trust does not go into effect until after the benefactor's death.

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