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Posts tagged "Estate Administration & Probate"

Certain assets are excluded from probate process

When an individual dies in Michigan, the person's assets need to be distributed according to their estate plan. If an individual does not have an estate plan, then Michigan laws will dictate how the property is divided. In either case, the estate is handled in the probate court. The probate court will allow for the appointment of a personal representative who will distribute the assets and pay any liabilities that the estate has. The court may or may not oversee the process but will have the final say about when the process is complete.

What types of estate administrations are there in Michigan?

Individuals in Michigan will need an estate administration when they pass on. People leave behind in this estate their assets, debts and desires. In many cases, people have an estate plan that helps those left behind understand how the assets should be distributed. In many cases, it will be up to the remaining family to move through the legal process of distributing these assets and finalizing the estate. This can be a difficult process for individuals if they do not understand the legal technicalities that are at play in the probate process.

Family of Michigan preacher dispute estate administration

When people create their estate plans, they often hope to benefit the people and organizations that they love. People have the freedom to choose who should benefit from their assets when they pass on. However, individuals can become susceptible to outside influences. When this happens, the family members of the individual may dispute claims made in the person's estate plans.

What is an estate executor responsible for?

Michigan residents may not like to think about their death. However, every individual should take steps to make an estate plan. Estate planning goes beyond creating a simple will. It often requires people to think about how they want their assets distributed, who they want to receive their assets and make other final decisions. In some cases, it may also require people to think about how they want their end of life decisions to be made.

Estate planning decisions that must be made

Some Michigan residents are natural planners. For others, planning takes effort and work. Thinking about the future, especially questions involving mortality, can be difficult for some people. However, most people likely want to take care of their love ones following their own passing. Estate planning helps to ensure that people's love ones are taken care of, so they do not need to worry about the future.

New tax laws to be considered when estate planning

Making the most of a person's assets is not always easy. People often want to spend their money a certain way, but can't for one reason or another. However, in an estate plan, people are given wide authority over how they want to distribute their assets. People are able to give money or property to family and friends, they are able to donate to charity or ensure that a loved one is taken care of.

Protect your social media and digital assets

When people think of estate planning, they probably think about assigning their traditional assets to the people they love. Michigan residents want to make sure there is a plan in place so that their loved ones get important assets like homes, real estate, investments and cash. Other personal property is also assigned in an estate plan. This plan helps a person know that the person's family will be taken care of should the unfortunate occur.

Estate planning: settling debts for deceased Michiganders

When Michiganders think about their death, they likely hope that they will be able to leave their family with many assets. They likely intend to have their affairs in order so that their family does not have many financial issues to deal with. Michiganders hope that their assets can be quickly distributed to their loved ones without legal hassles. However, in reality, life is messier than this. Even with estate planning, there can be legal and financial issues that arise during the administration of an estate.

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