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...
Should I put my adult child’s name on the deed to my home?
One of the overarching goals of estate planning is to help your heirs avoid probate. Avoiding probate can be desirable for many reasons, including the fact that assets may sit for years in probate depending on the situation, and probate is a public process. Many...
What can living trusts do for my estate plan?
Most Americans are familiar with the concept of a will, even if they do not have one themselves. Of course, a well-written will is a cornerstone of any thoughtful estate plan. However, the options go well beyond a will if you are looking to maximize the power of your...
What do you know about avoiding probate?
While you know little about estate administration in Michigan, you know you want to avoid probate at all costs. What does that look like? Forbes offers strategies for circumventing the judicial process. Take steps to ensure your heirs and beneficiaries receive their...
What is a durable power of attorney?
In Michigan, the law allows you to name someone else to take care of things on your behalf. You do this in a document known as a durable power of attorney. Michigan statutes 700.5501 and 700.5502 explain how to create a durable power of attorney and what you can do...
Which assets must go through probate?
A loved one chose you to act as her or his estate administrator, and you want to arm yourself with knowledge to prepare for the role. Do you know anything about the probate process? To help you save time and distribute assets efficiently, AARP explains which assets...
Who inherits my property if I die without a will or estate plan?
Dying intestate, referring to the absence of a will, generally means your spouse or an asset’s co-owner inherits your property. Your parents or your siblings may also stand to inherit portions of your assets. As noted by the Michigan Legislature, if you die intestate...
Can trusts help my heirs avoid probate?
Many Americans start estate planning in order to help their heirs avoid probate. There are multiple reasons why you might want to do so, chief among them that probate can take a very long time and while your assets are in probate your heirs have no access to them. ...
Who makes for a good executor?
As a Michigan resident, you may have questions about how to create a good estate plan. You might want to skip ahead to things that seem important. You may want to first focus on asset division or your beneficiaries. But there is something you need to do before...
Estate planning misconceptions
Upon hearing the words “estate planning”, everyone seems to imagine something a little bit different. This may be due to its multitudinous depictions in the media, or because it’s something we all encounter in life, if only tangentially. Relatedly, estate planning is...
