Michigan residents can take certain steps to ensure that their wealth and assets are protected for future generations. They should discuss which estate-planning documents they should use with an estate attorney and should consider having the attorney draft the documents as well. Individuals may also want to have their estate attorney and their financial advisor collaborate with one another so that a plan can be created that can meet their exact needs.
Parents should speak with their children regarding the inheritance they will receive. The parents should be aware that their views and value about money may differ drastically from that of their adult children and should be prepared for the emotional aspect of the conversation.
Parents may also want to consider asking their child to completing a prenuptial agreement before they get married to protect their inheritance. The legal document details the property rights of each person in the event of a divorce or death.
A prenup can be beneficial for many reasons. It can eliminate the need to go to court to prove which asset belongs to which party. If each spouse owns and operates a separate business before they get married, they can stipulate that the businesses and incomes will remain separate after the marriage ends. Completing a prenup forces both parties to be aware of the other's premarital debt and take precautions to limit their liability for that debt. Soon-to-be married couples can also specify terms for alimony and property division in case a divorce does occur.
Oakland County prenuptial agreement lawyers may assist clients by negotiating and reviewing the terms of a prenuptial agreement to ensure that their clients' rights are fully protected if a divorce takes place. The lawyers may also draft post-nuptial agreements and may litigate if the terms of the prenup are violated.