Usually, estate administration is ignored until there is a fight over a Michigan will or inheritance. But, there are some trends indicating that this legal area is changing, and estate and probate litigation may grow in 2018.
Who knew Mom is a millionaire? Helping her plan her estate
One day you get a call from your recently widowed mother. “Can you come over here and look at something for me? I just got a thing in the mail that looks like a financial report of some kind. It says Dad had over $1 million in investments!”
Fraud leads to probate law changes
Michigan's estate administration law was intended to assure transfer of property from testators and heirs through probate. However, misappropriation of funds sparked change to this law.
Some trustees cannot be trusted
There are several important legal duties for a trustee to follow. A trustee must adhere to the terms of the trust and act in the best interest of the signer and the estate. This person is responsible for making decisions about the estate and administering it according to the wishes of the grantor. Unfortunately, some trustees violate their fiduciary duties.
James Brown's estate is legal muddle
Famed singer James Brown died on Christmas Day in 2006 but his estate, estimated from anywhere from $5 million to $100 million, is involved in at least 12 lawsuits. Estate administration is stymied and no money has been distributed to Brown's designated beneficiaries.
Addressing long-term care concerns
All of us may have to face the day when we need help to engage in daily activities such as eating and dressing. Higher premiums for insurance has complicated long-term planning for this coverage. However, there are new ways to pay for this care and address escalating costs.
