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April 2014 Archives

What does the probate process look like in Oakland County?

American statesman Benjamin Franklin once mused, "An ounce of prevention is worth a pound of cure." Although these enduring words can apply to many situations in life, they are particularly relevant to the estate administration and probate process. Personal representatives, or executors, may have the best intentions at heart, but an honest mistake can have unintended and damaging consequences.

Tipping point: Deciding when to activate powers of attorney

Completing a will is a critical juncture in estate planning, but it may not be wise to make it the first and only step in the process. As we've covered on this blog, there are a handful of documents that can effectively stand alongside and support a will. Namely, creating power of attorney plans is a critical step for many people.

Real estate can also be included in a charitable trust

Going through the process of estate planning is all about making sure an individual's assets and property wind up in the right hands upon passing away. Although close relatives are often top candidates to receive these assets, people may also have strong connections to certain charitable causes or organizations.

Estate planning: What is Michigan's standard for mental capacity?

In many ways, creating a will is a way for a person to establish his or her lasting legacy. By distributing assets through a trust to a non-profit organization or a loved one, a life's work can continue to have meaning well beyond an individual's passing. However, in order for that legacy to persist in an intentional fashion, the decedent's last will and testament must be considered valid.

Estate recovery may factor into long-term planning in Michigan

The significant cost of long-term care might be on the minds of many people. Whether this need will arise sooner or later, it’s possible to prepare for the possibility of an extended stay in a nursing facility. Although this kind of care might simply become necessary, receiving adequate care is going to create a financial burden.

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