Yes. We see more and more “blended families” (marriages where each spouse has children from a prior relationship). You must take special steps to make sure you take care of each other, but also provide for your children after you are gone (if that’s your goal). This can be quite complicated. For example, what if… Read More »
Posts Categorized: Estate Planning
My big brother recently died with only one bank account worth about $13,000. He had no beneficiaries listed and I don’t know how to get at the money to pay for his final expenses.
My condolences to you on the loss of your brother. When your brother passed away and didn’t have a beneficiary listed on his account, the probate court steps in to direct where the money in his account will go. Thankfully Michigan has as “Small Estate Probate” procedure that allows you to take care of this… Read More »
My father is going in for surgery next month and I was wondering what kind of planning he should do beforehand?
Great question. Your father should have at least a “base” estate plan in place. This covers three major areas: (1) incapacity, (2) wealth transfer, and (3) beneficiary protection. First, he needs to put someone in place for financial and medical decisions if he can no longer handle his affairs. Be very careful here – many… Read More »
I had an attorney prepare a living trust for me about 7 years ago. Do I need to update my trust?
There are two reasons you may need to update your trust. First, because the law has changed. Second, because something in your life has changed. Some recent changes in the law have been: (1) a new power of attorney law in 2012; (2) a new funeral representative law this year; (3) annual changes in the… Read More »
My mother is going in for surgery next month and I was wondering what kind of planning she should do beforehand?
Great question. Your mother should have at least a “base” estate plan in place. First, she needs to put someone in place for financial and medical decisions if she can no longer handle her affairs. Be very careful here – many times a “form” or “standard” power of attorney doesn’t work the way you expect…. Read More »
My wife and I have a cottage up north. Is there any special way we need to deal with it in our estate plan?
Cottages and vacation homes are special assets. Many times they have been in your family for generations. There are several legal issues that arise with cottages that don’t arise with other assets like your home and finances. For example, maybe one child uses the cottage but other children don’t. Maybe some of your children can… Read More »
I keep hearing about something called a “Lady Bird Deed”. What is it, and should I have one?
A Lady Bird Deed is a special type of deed used as part of your estate plan. Consider this example: You own your home. When you sign a Lady Bird Deed, you totally control your home during your lifetime – you can sell it, lease it, etc. However, if you don’t sell your home during… Read More »
I’m getting married for the second time and both my new husband and I have adult children. Is there anything different I need to do with my estate planning?
Yes. We see more and more “blended families” (marriages where each spouse has children from a prior relationship). You must take special steps to make sure you take care of each other, but also provide for your children after you are gone (if that’s your goal). This can be quite complicated. For example, what if… Read More »
I keep hearing about something called a “Lady Bird Deed”. What is it, and should I have one?
A Lady Bird Deed is a special type of deed used as part of your estate plan. Consider this example: You own your home. When you sign a Lady Bird Deed, you totally control your home during your lifetime – you can sell it, lease it, mortgage it, etc. However, if you don’t sell your… Read More »
I am 28 years old and my husband and I just had a baby. Do we need a Will or other estate plan?
Great question. Most people don’t think they need an estate plan until they are much older. But it is important to have an estate plan at any age. This is especially true now that you have a baby. To begin, you will need to answer these questions: If something happens to both you and your… Read More »