In estate planning, the term ademption refers to a situation in which a gift given in a will by a testator cannot be transferred to a beneficiary because the gift no longer exists or has already been transferred by the time of the testator’s death. A testator is the person who leaves his or her… [Continue Reading]
What is a Life Estate?
When someone receives a life estate in property, he or she does not completely own the real estate. This may lead a person to doubt the value of the life estate. A life estate is a useful way for a testator to pass on property to someone who may only need it for a while,… [Continue Reading]
Charitable Trusts and Estate Planning
There are many different tax issues that a person wishing to pass on his or her estate must consider. One of these considerations is the tax burden of the estate on future beneficiaries. One way that a person can reduce the tax burden is by passing assets or using income from a trust for charitable… [Continue Reading]
Revoking a Will in Michigan
A person who writes a will as part of a larger estate plan may need to change the will from time to time depending on changes in the person’s life. In some cases, the person may need to completely redo the will and cancel a prior will in its entirety. There are several ways to… [Continue Reading]
Passing on Bank Accounts Through Totten Trusts
There are many ways in which a person can pass on property to others upon death. Some methods take longer than others to get through the probate process, while other methods avoid probate altogether. In fact, most people are advised to use estate planning tools that avoid probate, and this is true in situations where… [Continue Reading]
The Difference Between Revocable And Irrevocable Trusts
Trusts are an often recommended method of transferring assets after death. Trusts generally have many benefits, including the ability to avoid probate proceedings. There are different kinds of trusts that a person may establish, but they fall into two broad categories – revocable and irrevocable trusts. With both a revocable and an irrevocable trust, the… [Continue Reading]
Using a Pour Over Will Along With a Trust in Estate Planning
Some people prefer to use trusts as their main method of estate planning for various reasons, including the ability to avoid the long delay that probate may cause in distributing assets to beneficiaries. Those who use trusts often transfer titles to the property and assets they wish to distribute through the trust during their lifetimes.… [Continue Reading]
Owning Assets Jointly With Right of Survivorship
There are different ways to pass on property after a person’s death that avoid the use of a will. If a person owns property jointly with another person, he or she may wish to leave that share of the property to the other owner. While this can be accomplished in a will, it is faster… [Continue Reading]
What is a Holographic Will?
Having a will in place detailing your wishes as to how you want your assets distributed after your death can bring about peace of mind. Some people choose to use an attorney to prepare their wills as part of a larger estate plan. Others may choose to use books or online templates in order to… [Continue Reading]
Protecting Your Wealth With A Domestic Asset Protection Trust
Beginning next month, Michigan will recognize the legality of Qualified Asset Protection Trusts, also known as Domestic Asset Protection Trust — or DAPT. This type of asset protection instrument is potentially a great way for an individual to protect their assets from the reach of creditors. Signed into law at the end of the last… [Continue Reading]
