Planning for the disposition of all of your assets upon your death is a way to make sure they go where you want them to go. If this is not done, you may find the state taking charge of your assets and distributing them according to the law. This is assuredly not your plan.
Your plan plan should be made in the form of an estate planning document which can be one of several plans. When you retain an estate planning attorney you can specify where and to whom every asset goes and even when. If you have a child in college, you can specify the college funds to be placed in a trust which will pay the college expenses. You can use the trust instrument to specify the disposition of other assets also.
With the help of an attorney who specializes in estate planing in Jenison MI, other assets can be placed under co-ownership arrangements with the right of survivor ship. Or, you can stipulate who must be appointed as the trustee and they will have the responsibility for executing the trust.
Another estate plan is giving the assets away before you die. If you have precious items you have collected over the years you might want to draw up a document that describes who receives these objects. While this may not be binding, it certainly does express your wishes.
An estate plan is important if you own a business or own a part of it. This could be a complicated matter unless there are clear documentations about disposing of your share of the business. Don’t assume your partner will voluntarily dispose of your share as you wish. It didn’t happen in 76 percent of the cases in MI probate. There may be a good reason for this and that is the partner had no say in the matter and the plan complicated his life and his taxes. Let the attorney handling the Estate Planning in Jenison MI discuss your thoughts with your partner or his attorney.
Be as open as you can about your estate plans because surprises cause trouble. It may be that an heir has a legitimate objection and you should hear it. It is better to resolve these issues before they arise after your death. You need not be totally open about your assets, but think in terms of what will cause trouble and try to plan around this.
Be the first to like.