Being rich and famous doesn't make you immune to being human and making very ordinary mistakes with your estate.
The odds are high that no matter who you choose to be the executor of your estate after you die, someone else in your family is likely to object. The issue can be so touchy that many people don't tell anyone whom they've chosen as their executor -- including the person chosen!
If you've struggled, sacrificed and amassed a sizable fortune during your lifetime -- or parlayed a little bit of money into a lot through clever entrepreneurship and investing -- the last thing you want to do is have a huge chunk of that money end up in the hands of the Internal Revenue Service (IRS) when you die.
Most people think of estate planning as being for the benefit of those they leave behind -- but the real focus of a good estate plan is around the individual making the plans.
Deaths and wills have a way of really tearing families apart -- especially if there were some long-brewing disputes among members -- more than one person involved may wish to contest a will over issues both great and small.
The executor of your will is the person who will ultimately be responsible for trying to see that your last wishes are followed.
How do you put a value on an estate where a large part of that estate is tied up in a family business?
Estate planning is a necessary step for every individual who wishes to ensure that he or she retains control over what happens to his or her property, real estate and wealth after death. For many, it is possible to secure this type of protection in the terms of an appropriately drafted will. However, many people may find that in order to protect their financial interests and those of their Michigan families, they need something more than just a will.
There are changes to Michigan law in 2016 that have the potential to be very important as far as estate planning goes.
The sudden death of music icon Prince in 2016 left many people in shock. What surprised those who knew him best even more, however, was that the man who had so zealously guarded his intellectual property during his lifetime died without a will.