Designating a person to be the executor of your Michigan estate is a crucial decision, and while the good news is that you can choose almost anyone to be your executor, you still have to narrow down your choices according to important qualities that make a good executor. These characteristics will help ensure that your executor is both competent and ethically sound enough to take on the job of guiding your estate after you pass on.
While creating an estate plan is crucial, having a will or trust in place is really just the beginning of the process. With some families, heirs come into conflict about the decisions made by the deceased, which can incur both time and money when it comes to legal battles. While you can’t always prevent conflicts from occurring, Kiplinger offers the following advice.
If you need a will drawn up, you may be tempted to have a friend or relative help you do it so you can save money on paying an attorney. However, due to Michigan laws, you probably should not do it. According to the State Bar of Michigan, letting a non-lawyer draft legal documents for you, including estate documents, is illegal.
It is common for people to believe that estate planning is only for those with a lot of money or large assets. However, an estate plan can be for anyone in Michigan. In fact, even you do not have a lot of money, there are some times when a plan is very important. Fidelity explains that if you have children, you should definitely have an estate plan.
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.
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’s 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.
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.
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.
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.
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.