One of the main advantages to executing a living trust is that it allows assets to be titled in the trust, avoiding the time and expense of probate.
A fiduciary duty is like the “golden rule,” whereas we are required to “treat others how we would like to be treated” within the scope of a professional relationship.
A charitable remainder trust is an irrevocable trust that allows a donor to make a gift to a trust, then receive income from the trust during the donor’s lifetime.
In Michigan, when a “prenuptial agreement is clear and unambiguous; changed circumstances do not render its enforcement unfair and unreasonable. Accordingly, the agreement should be enforced.”
In contract law, an illusory promise is unenforceable due to indefiniteness, or lacking mutual obligation. For example, owner of a business forms an agreement to “pay for products if he feels like it.”
It depends. State law varies; however, generally, pursuant to the Restatement (Second) of Contracts § 110, certain contracts, subject to a statute, are not enforced unless there is a written memorandum or an applicable exception.
An enforceable noncompete requires legal consideration. Legal consideration means something was given, a legal value and bargained for exchange; in other words, “this for that.”
If you die without an estate plan, your loved ones may have to go through the probate court process, wasting time and money.
Litigation often involves scrutinized arguments over forum, dispute resolution, and limitation of liability clauses.
Under Michigan law, parties may enter into any contract, so long as the contract is not contrary to Michigan law and does not conflict with a public policy.