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.
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.
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 A will can become outdated or obsolete depending on when the will was signed by the testator.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.
Making a will is something that is very important for almost everyone. What some people don't realize is that there are certain things to consider when making a will because these conditions must be met in order for the will to be a valid legal document. Readers in Michigan should consider these points when they decide to make a will or update a current one.
How many times have you see commercials for websites like Legal Zoom show up on your television or computer? The answer is probably fairly high. When you are considering making an estate plan, you might be tempted to jump on that website and use one of the kits that are available. In a recent seminar, elderly Michigan residents were warned against using those do-it-yourself kits because some of them aren't legal in the state.
When some people think of estate planning, they don't think of it including financial planning. When some people think of financial planning, they don't think of it including estate planning. These two types of planning, however, go hand-in-hand. Michigan residents should know about how estate plans and financial plans work together to give your family the best financial future.
You work hard to put away money in your individual retirement account. If there are still funds remaining in that fund when you pass away, the person designated as your beneficiary will have access to the funds. It is important that you choose someone who is financially responsible as the beneficiary because all your hard work saving money will be for nothing if the beneficiary files for bankruptcy after inheriting the IRA. You should also remember that beneficiary designations on IRAs trump any instructions left in your will.
A recent survey was given out by the University of Michigan, polling people to find out what they had done as far as estate planning was concerned. The survey, which was called the Health and Retirement Study, was provided to 26,000 people, all of whom were more than 50 years old. It had support from the National Institute on Aging, though the University of Michigan was in charge of distribution.
Think about some of the items that you will leave behind for your family members when you pass away. More than likely, your thoughts went to big ticket items like your home and your car. You might have even thought about who you would like to care for your pets. One woman has taken things to another level and created a care plan for her plant as part of her will.
Taking an "I'll do it tomorrow" approach to estate planning isn't something that most people think twice about since they don't really consider the fact that death can be very sudden. That thinking, however, can cause chaos if something does happen to you. Your heirs will be left without anything that lets them know what you want done with your assets.