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Estate Planning

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Estate Planning, Powers of Attorney, Wills and Trusts
February 5, 2018

Many parents purchase life insurance, sign a will, or prepare a trust to ensure the well-being of their children. The majority of life insurance proceeds are left outright to children and other beneficiaries without a single word of instruction. This kind of planning is a travesty. Minor children cannot own property. Leaving life insurance proceeds or any other kind of property to minors is futile. Doing so leaves it directly to the probate court, under whose direction it will stay for...

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Estate Administration, Estate Planning
January 17, 2018

The headline reads: Michigan mother-of-two 'stole $200,000 from life insurance policy her teen daughters received when their father died' The headline leaves us asking, “how did this happen and why would a mom do this?” After reading the story, we learn that the mother was divorced from the father and then the father passes away leaving his minor children as the beneficiary on the life insurance policy. Since minors cannot inherit until 18, a conservator was appointed to manage the money. In...

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