September 3, 2024
Michigan joined 30 states and the District of Columbia in adopting a substantially similar statute to the Uniform Power of Attorney Act or UPOAA, which provides consistency in application of powers of attorney as people change states and allows Michigan to benefit from the jurisprudence of other states. This law went into effect July 1, 202.
The UPOAA applies to all written records that grant authority to an agent to act on behalf of another person with certain exceptions. This law did not invalidate Powers of Attorney that were executed prior to this law as long as the power of attorney was executed per Michigan’s requirements at that time.
The UPOAA changes how a durable power of attorney is created. Under previous Michigan law, powers of attorney automatically terminate if the principal is incapacitated unless the contract explicitly addresses durability. MCL 700.5501(1). Under the UPOAA, a power of attorney does not need to...
As summer winds down and the back-to-school season begins, families are gearing up for a new academic year filled with fresh starts and exciting opportunities. While you’re busy shopping for supplies and preparing your kids for their return to school, it’s also a great time to consider an important step for your family’s future: setting up a Trust. In this blog post, we’ll explore why this season is ideal for establishing a Trust and how it can provide security and peace of mind for your loved ones.
Why Consider a Trust?
A Trust is a legal instrument that allows you to transfer assets to a trustee who manages them on behalf of your beneficiaries. It’s an essential part of estate planning and offers several benefits:
In today’s digital age, social media has become an integral part of our daily lives. Platforms like Facebook, Instagram, Twitter, and LinkedIn allow us to share our thoughts, experiences, and milestones with friends and family. However, when it comes to divorce, social media can have significant implications that many people may not fully realize. Understanding the impact of social media on divorce cases is crucial for anyone navigating this challenging process.
Social Media as Evidence
One of the most significant ways social media affects divorce cases is through the use of posts, photos, and messages as evidence. Attorneys often scrutinize social media activity to gather information that can be used in court. Here are some common ways social media can influence divorce proceedings:
Probate can be a complex and emotionally charged process, often involving disputes among heirs, beneficiaries, and executors. Handling these disputes effectively is crucial to ensuring a smooth transition and honoring the wishes of the deceased. Understanding the various methods available for resolving probate disputes, including mediation and legal options, can help navigate these challenging situations.
Common Causes of Probate Disputes
Probate disputes can arise from various sources, including:
Navigating the complexities of family law can be a daunting task. Whether dealing with divorce, custody disputes, or other familial issues, the traditional courtroom setting often adds stress and conflict to an already challenging situation. Mediation offers a more amicable and efficient alternative, allowing parties to resolve their differences outside of the courtroom. Here, we explore the role of mediation in family law, its benefits, and the process involved.
What is Mediation?
Mediation is a voluntary, confidential process where a neutral third party, known as a mediator, facilitates communication and negotiation between disputing parties. Unlike a judge, the mediator does not make decisions but helps the parties reach a mutually acceptable agreement. Mediation is particularly effective in family law cases, where emotions and personal relationships play a significant role.
Benefits of Mediation
Estate planning is a crucial step in securing your financial future and ensuring that your assets are managed and distributed according to your wishes. One of the most effective tools in estate planning is a living trust. A living trust offers numerous benefits, providing flexibility, control, and peace of mind. In this blog post, we'll explore the key advantages of having a living trust and why it might be the right choice for you and your family.
What is a Living Trust?
A living trust, also known as a revocable trust, is a legal document that places your assets into a trust during your lifetime. You maintain control over these assets and can modify or revoke the trust as long as you are alive and competent. Upon your death, the assets are distributed to your beneficiaries according to the terms of the trust, without the need for probate.
Key Benefits of a Living Trust
One of the most significant benefits of a living trust is the ability to avoid probate....
Financial struggles can be overwhelming, especially when debts become unmanageable. If you find yourself in this situation, Chapter 7 bankruptcy may offer a way out. Let's explore why Chapter 7 bankruptcy might be the right solution for you.
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy, often referred to as "liquidation bankruptcy," is designed to help individuals wipe out most of their debts and get a fresh financial start. Unlike Chapter 13 bankruptcy, which involves a repayment plan, Chapter 7 focuses on liquidating non-exempt assets to pay off creditors. Once this process is complete, most remaining debts are discharged.
Benefits of Chapter 7 Bankruptcy
In divorce cases involving one or more self-employed parties, division of assets can be complicated, and the assets must be fully analyzed in conjunction with the “double dip” theory. You might be asking yourself, what is the double dip theory? The double dip is a concept that arises when the same funds are counted as both income for spousal support but also included in the valuation of an asset to be divided between the parties. This concept has garnered increased attention in recent years, and really stresses the importance of correctly identifying funds as either an asset or income or both. For example, if a party who owns a service business and the business grosses $300,000.00 per year is the business income an asset of the marriage to be divided, or income that is calculated in spousal support numbers, or both?
The answer to this question depends greatly on the state where the divorcing parties are getting divorced. New Jersey,...
Going through a divorce is challenging and emotionally draining. To make the process as smooth as possible, it's essential to avoid common mistakes that can complicate the proceedings and negatively impact your future. Here are the top 10 divorce mistakes and how to avoid them.
One of the biggest mistakes is not hiring an experienced divorce lawyer. An attorney specializing in family law can provide valuable guidance, protect your interests, and ensure you navigate the legal complexities effectively.
Avoidance Tip: Research and hire a reputable divorce lawyer with a proven track record in handling cases similar to yours.
Divorce can have significant financial implications. Neglecting to plan for your financial future can lead to long-term issues.
Avoidance Tip: Work with a financial planner and your attorney to understand your financial situation, including assets, debts, and potential spousal support....
As high school graduation is here, many young adults are preparing to embark on new adventures, whether that means heading off to college or trade school, starting a job, or traveling the world. Amidst all the excitement, one crucial aspect often gets overlooked: legal preparations. Specifically, establishing a power of attorney (POA) can be an essential step for graduating 18-year-olds and their families.
The Importance of a Power of Attorney
A power of attorney is a legal document that allows an individual (the "principal") to appoint someone else (the "agent" or "attorney-in-fact") to manage their financial and medical affairs if they are unable to do so themselves. For young adults turning 18, this becomes especially important because they are now legally considered adults. Parents or guardians no longer have the automatic right to make decisions on their behalf or access their financial or medical information.
Why Graduating 18-Year-Olds Need a POA
50
0