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Estate Administration & Probate Archives

What is a big estate planning mistake to avoid at all costs?

Estate plans are critical to prevent the issues that can delay or prevent the transfer of one's assets to future generations. Many people in the Fowlerville area do not realize that their estate plans may not be enough to keep their loved ones from squabbling after they die. In order to maximize the protections and benefits of estate planning, you must remember to structure them to help your family and friends avoid emotional and financial hardship.

How does a person disclaim their inheritance?

Many Fowlerville area residents assume that by the time they create their estate plans or die, they will not need to worry about what happens if one of their beneficiaries' refuses their inheritance. It is not often you hear about people passing up their share of a deceased relative‚Äôs legacy, but it happens all the time. Sometimes it is not beneficial for people to inherit assets and wealth from their relatives and loved ones. 

Why is it important to update my estate plans?

One thing that many people in the Fowlerville area fail to take into consideration about their estate plans is updating them. Estate planning is not something that you do one time and never have to deal with again. As long as you are alive, you will experience events that affect your income, assets and family, such as the loss of employment, marriage, divorce, birth and death. 

For estate plans, start with focusing on yourself

There are two main misconceptions when it comes to estate planning. The biggest one is that estate plans are only for the wealthy, or those whose assets are in the high six figures to seven figures and upwards. The second biggest misconception is probably even more pervasive: that estate plans are more for your loved ones than for yourself.

Accessing online assets during probate

In 2007, Microsoft completed a study revealing that people who used the internet had an average of 25 digital accounts. These included online banking, social networks and a variety of others. This study took place a decade ago, and in that time, technology has dramatically increased the ability to conduct many personal transactions digitally. Unfortunately, most people in Michigan still do not understand the importance of those digital assets when it comes to estate administration and probate.

How debt is handled during estate administration and probate

Anyone chosen to be the executor of an estate may find out quickly it is not an easy job. The many duties of the executor include gathering the assets and securing them until Michigan estate administration and probate are complete. However, a less commonly known job of an executor is to deal with the debts of the departed. This can be a tedious and time-consuming task, and it is often the reason for the delay in the distribution of assets.

Estate and probate administration complicated by lost heir

In many cases, after a loved one dies, probate goes smoothly and assets are distributed to designated heirs within a few months. However, what happens during estate and probate administration when an heir cannot be located? Since the executor of an estate must make every reasonable effort to find and inform all heirs of their inheritances, losing track of an heir may mean long delays in the closing of an estate.

Risking estate administration and probate without legal help

When a family remains close, it is common for grandparents to want to leave a little something for their loved ones. Those in Michigan who have particular wishes for their assets create a will or trust by speaking with an attorney with experience in estate administration and probate. Without leaving a plan, well-meaning grandparents may instead leave headaches for their loved ones.

Steps involved in estate administration and probate

Very few people in Michigan pass away after having resolved all of their financial issues. In most cases, they leave behind bills to pay, taxes and perhaps other debt. Additionally, they may have assets, the documentation of which might be scattered in various places. Estate administration and probate are essential for bringing those issues to closure. While some may think probate is something to avoid, in many circumstances, it is necessary to bring a fair resolution to one's unfinished business.

Executor duties through estate administration and probate

The old saying that no good deed goes unpunished may also be true for administrating someone's estate. While it may not be exactly punishment, a person who is chosen to be the executor of a loved one's estate may certainly feel burdened by the responsibility. Estate administration and probate can be challenging and frustrating, and those in Michigan who are chosen for the job should be aware of some of the requirements.

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