Tag Archives: Estate Planning
What is probate?
court supervised distribution of a deceased person’s assets
Posted in Estate Planning
Also tagged Probate, Probate Court, Wills
What is an Estate Plan?
Think of a game plan or making travel plans. Both involve organizing the details for a big event. Coaches create strategies and organize a team. Travelers arrange transportation and make itineraries and packing lists. Your estate plan details what will happen when you pass away. The plan spells out how your assets will be managed […]
Posted in Estate Planning
Also tagged estate plan documents
Who is your digital asset fiduciary?
A fiduciary is a person appointed to manage the property of another person. A digital asset fiduciary can manage digital property like computer files, web domains and virtual currency. Current law restricts fiduciary access to electronic communications such as email, text messages and social media accounts unless the original user consented in a will, trust or power […]
Posted in Beneficiary Designations, Estate Planning, Identity Theft
Also tagged digital assets, fiduciary
Digital Asset Estate Planning
Did you know you own assets, separate from your real estate and personal property known as “digital assets”? A digital asset is digitally stored content or an online account owned by an individual. Your digital assets have personal value and in some cases significant financial value (think of bitcoin or a domain name). Like other […]
Posted in Beneficiary Designations, Estate Planning
Michigan Approves Asset Protection Trusts
Michigan recently became the 17th state to allow citizens to form – domestic asset protections trusts –that can shield assets from future creditors and lawsuits. Candidates for this type of trust are those facing liability concerns, high-risk professionals and those with a large net worth. It’s best to set up this kind of trust far […]
Posted in Estate Planning, Personal Protection
Also tagged Trusts
Where are your important papers?
Do you keep your documents in one spot and is everything up-to-date? These documents need updating; passports, estate planning papers, insurance policies, financial records, property deeds, and passwords, to name a few. Choose a day to review your documents. Do you have a new address or beneficiary to add to a life insurance policy? Want […]
Posted in Estate Planning, Uncategorized
Estate Planning: Talking About the Inheritance
Many parents find talking about money with their children as difficult as talking about sex.It may be awkward, but talking to your children about their inheritance benefits everyone. If kept in the dark, children may think their parents are “loaded” and expect a significant windfall upon their passing. They may worry about the cost of […]
Posted in Beneficiary Designations, Estate Planning
Also tagged Estate Planning; Financial, Lenawee County, Tecumseh
When to Tell “What’s in the Will?”
Most parents are reluctant to discuss with their adult children what’s in their estate plan. For some it’s a reminder of our mortality, others are concerned it may create bickering about who is getting what. However, there can be significant advantages in an open discussion. One advantage is it can allow children to plan their […]
Posted in Uncategorized
“Lady Bird” or Beneficiary Deeds
Most clients seek to avoid having their assets at death pass through the supervision of probate court. They are concerned about fees imposed by the court, attorney’s fees and delays in distribution of assets. Fortunately, most of these concerns are exaggerated or unrealistic, but irregardless a direct transfer of assets on death is often the […]
Posted in Uncategorized
Letter of Wishes
Dear Trustee… When drafting estate planning documents the dispositional portion, where we actually say what we want, tends to be impersonal and broadly worded. Providing a trustee with latitude is often a wise decision, as circumstances can change and trustees need leeway to respond to different events. A “letter of wishes” provides an opportunity to […]
Posted in Beneficiary Designations, Estate Planning
