While deciding how to distribute your assets to your loved ones after your death, you also have to choose someone to be the executor of your estate. Your executor will make sure that your heirs receive their inheritance, so you want someone you can trust. In your...
Estate Planning
When is probate required in Michigan?
Depending on circumstances, when someone dies in Michigan, his or her estate may have to go through probate, which is the process involved in authenticating a will and transferring assets to certain people. Whether an estate must go through probate depends on certain...
How can you avoid sibling disputes that lead to litigation?
Most siblings will have at least a few spats while growing up. Sometimes, these spats can last into adulthood, too. Of course, adding financial matters to the mix simply worsens the entire situation. This is the case with probate, which siblings sometimes take each...
Is it smart to have a relative as an executor?
Picking an executor for your estate plan will serve as one of the most important life planning decisions you will make. Of course, you want to make sure that you select the right person the first time to avoid unnecessary complications or problems. But how do you do...
What tax responsibilities do estate administrators owe?
When a loved one named you estate administrator, you agreed to the role and its responsibilities. To ensure you do right by your loved one and her or his beneficiaries, you want to learn how to handle all financial aspects of estate administration. The IRS explains...
Can you face lawsuits for mismanaging an estate?
When you serve as the executor over someone else’s Michigan estate, you accept responsibility for taking care of and settling it. The executor role requires a considerable amount of effort, and you may find yourself in trouble if you fail to follow all necessary...
Are you prepared to act as estate executor?
If your parents, a sibling, or a loved one has asked if you will be the executor for their Michigan estate, you may wonder what that entails. On the one hand, it indicates how much they trust you to follow their wishes. On the other hand, making arrangements to...
What skills do you need to close an estate?
Taking on the task of closing someone's estate in Michigan will require a lot of your time. Anticipating your responsibilities and possessing a few general skills can make a considerable difference in your experience. With your preparation and expertise, you can honor...
What factors should you consider when writing a last will and testament?
While estate planning may seem like a daunting task, there are ways you can create the documents you need without becoming too overwhelmed with the entire process. The last will and testament are often one of the most critical documents, as it will dictate your final...
Can you avoid estate taxes?
As you look to the future when considering your estate planning, one element to keep in mind is the administration process left to your loved ones in Michigan. Part of that may be the potential for estate taxes. The thought that after working throughout your life to...
