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.
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.
The executor is a vital part of estate administration in Michigan. Their responsibilities are numerous, but their experience is often limited.
An important part of estate planning and settling an estate is meeting legal deadlines. Selection of a competent executor in this life helps prevent litigation and other confusion after the testator is gone.
Drafting four important documents and keeping them current is an essential part of estate planning that protects individual, allow them to take care of themselves when they are alive and provides protection for their heirs. Age or net worth are not barriers to having these documents.
We do a wide variety of things to protect ourselves. We take precautions, make detailed plans, purchase insurance and even set up security systems. However, what about taking steps that also protect our loved ones at the same time. When it comes to your assets and property, it is important that these are passed on to the correct heirs and beneficiaries. Thus, wills and trusts are drafted to memorialize your wishes, ensuring that they occur at the time of your death.
Developing an estate plan can serve many purposes for residents in Michigan and elsewhere. While the documents contained in an estate plan could help individuals and their heirs sort through difficult decisions at the time of or after a loved one's death, it is important to understand that by simply drafting an estate plan, the probate process can be bypassed or eased.
Jerry Lewis was a popular entertainer that appealed to individuals across different generations. Michigan fans of the recognizable star may have been surprised to learn that he passed away just last month from heart failure. Lewis was 91-years-old at the time of this death and left behind a wife, six children born from a prior marriage and an adopted daughter from his current marriage.
Life can be rather complex. It is difficult to pinpoint all the important facets, especially when it comes to protecting your future and the future for your heirs and beneficiaries. Because we are living in the digital age, estate planning means more than bequeathing your physical property and assets to heirs and named beneficiaries. An estate plan today needs to consider you existence online and how to protect those interests.
There comes a point in every person's life when they need to take steps to protect their assets and their future. While this can happen earlier in life for some, most people hold off drafting an estate plan far too late in life. No matter when an individual in Michigan decides to begin the estate planning process, it is important to understand what the process entails and what can be done on their part to ensure that their interests and rights are well protected.