Attorney Susan Strunk from Monaghan, P.C. discusses why adults of all ages should make a concerted effort in estate planning and the options available for crafting a will in the State of Michigan.READ MORE
When thinking about estate planning, typically people will focus on naming the beneficiaries of their estate and making arrangements so that the estate can avoid probate when they pass away. In many cases, this is accomplished by the preparation of a will, a living trust and/or certain other probate avoidance documents. While all of those documents are an important part of the overall estate planning process, durable powers of attorney for financial matters and health care are just as important. In fact, regardless of whether they have an estate plan, every adult should ensure they have these two durable powers of attorney.READ MORE
Michigan is one of only a small number of states that recognize the use of a Lady Bird Deed (also known as an Enhanced Life Estate Deed) as a method of transferring real property title upon the death of the property owner and avoid the complexities of the probate process. While not a substitute for a complete estate plan, a Lady Bird Deed may be a tool worth considering depending on your specific situation.READ MORE
You can’t take it with you when you go.
Everything you own will pass to someone else when you die. If you have a will, you have the right to specify who gets what when you die. If you don’t have a will, by default, a body of law (the law of intestate succession) gives you an estate plan.READ MORE