Being the executor of an estate in Michigan is usually a straightforward process. The executor must file the will in probate court and notify all the beneficiaries. If someone challenges the will, the process becomes more complex. A contest has to be filed within a certain amount of time. When this happens, the executor should contact the attorney who prepared the will since this person can be an important witness.
Managing assets as a successor trustee
Trusts are a popular choice for many people in Michigan who want greater flexibility and options when planning for how their assets can support their loved ones. Not only do they allow property to transfer outside the probate system, but they can create structures to support minor children, people with special needs and other beneficiaries on an ongoing basis. When many people create their trusts, they are responsible for managing them during their lives and can make changes and amendments to their plans as necessary. In most cases, people name a successor trustee to take over the management of the trust after they become incapacitated or pass away.
Planning for the future can help to avoid conflict
Many people in Michigan want to make sure their children and other loved ones are cared for after they pass away. When people remarry later in life, both spouses may be more interested in providing for their adult children as part of their estate plan while others may want to develop systems that help them support each other as well as their kids. However, experience may point to the importance of open family communication about estate planning. Many of these incidents involve families with adult children who have lived outside the home for many years, but closer communication could prevent potential theft as well as rifts in the family.
Gifts can be a key part of estate planning
Estate planning can be a complicated subject in Michigan. Not only can it be a fearful experience as it acknowledges mortality, but there could be concerns about disputes arising among relatives as to how the assets are divided. Tax implications are also a common worry. For many, gift-giving is a useful strategy to address a variety of concerns with family members and to give to groups and organizations the testator cares about. There are aspects of gifting that people need to understand as part of the estate planning process. Legal advice can always be beneficial with these considerations.
Important discussions to have before your parent passes away
Knowing that one of your parents is nearing the end of his or her life is not easy. At times, you may feel paralyzed by the idea of no longer having your loved one around, and other times, you may feel as if you need to go nonstop in order to ensure that everything is in order for when the time does come.
What does an elder law attorney do?
In short, and elder law attorney is simply an advocate for the elderly and their loved ones. He or she works to plan and administer a multitude of matters specifically affecting the elderly population, or disabled persons. These issues can include long-term care planning, end of life directives, health care issues, retirement accounts, Social Security, Medicare or Medicaid, guardianship matters and more.
