Warren Estate Planning Blog
Retirement peace of mind through estate planning
As Michigan residents approach retirement age, there is a natural inclination to focus on financial planning, healthcare and lifestyle adjustments. Estate planning for retirement is the process where you organize and arrange your assets and affairs to ensure a...
Landlording for beginners
As a Michigan homeowner, you may be considering renting out a house you own to supplement your income. But you should be aware not only of the upside, but also the responsibilities and potential downsides. Being a landlord can be a wonderful way to add another income...
How debts are handled after you die
Your estate is responsible for resolving any debts that remain after your death before assets can be distributed. Creditors in Michigan have a period of several months after a probate notice is published to make claims against your estate. If claims aren't made in a...
What is the purpose of an advance directive in Michigan?
Advance directives are an essential estate planning tool for Michigan residents. This document outlines what should happen if you cannot make your own medical decisions. The document will list your wishes for end-of-life care and what should be done under different...
Talking to parents about estate planning
Talking with your parents in Michigan about estate planning can be intimidating and challenging. By avoiding this conversation, you may deprive yourself of key instructions or financial information that further complicate dealing with their estate after their...
Revocable trust: a useful estate planning tool
Many estate planning tools are available for people to use, including the very popular revocable trust. This legal arrangement is essential in estate planning and frequently used because it allows individuals to control their assets while they are alive and mentally...
The importance of including the family home in an estate plan
You may be reluctant to speak about your death with your children or other heirs, but it's a meaningful first step in estate planning. You should set everyone's expectations concerning the settlement of your estate, including the disposal of your Michigan home....
Do you have what it takes to be a landlord?
If you're a real estate investor who wants to save money by managing your own Michigan rental properties, that is an achievable goal. However, there are some downsides to being a landlord that you should consider before you start assuming that responsibility. Here are...
Ancillary probate in Michigan
Michigan residents who are going through estate planning might be familiar with the probate process. Depending on the size or conditions of your estate though, a secondary probate process might be needed. Ancillary probate is an additional process that happens if the...
Why newly single parents need a trust
In Michigan, estate planning for newly single parents can present many complexities and emotional challenges. However, after losing a spouse to divorce or death, single parents must ensure that their children are cared for. A trust can provide many functions that lay...