Estate Administration

People often ask if they need to wait until after a decedent’s estate closes in order to sell the deceased loved one’s house. This is a common misconception and nothing could be further from the truth. The sale process may be completed while the estate is open. When a loved

As many Michigan readers know, estate planning is often associated with people who are wealthy or possess valuable assets. In reality, an estate plan is a practical and beneficial step for people of all income levels. Anything that a person owns, including vehicles, homes or a retirement portfolio is considered

Having an estate plan in place long before it is needed is a responsible step most people take the time to make. However, there may still be room for mistakes or mishaps even after a person has had an estate plan drafted and put into effect. By drafting a comprehensive

It is wrong to assume that only married couples with children and a significant amount of assets should worry about creating an estate plan. Any single adult who has assets in his or her name needs to ensure an estate plan is in place, and the plan needs to reflect

All estate plans are highly personal, yet many people fall prey to the same common mistakes when drafting their plans. By being aware of the most common mistakes found in estate plans, Michigan families can prevent those mistakes from causing problems after loved ones have passed. These common estate plan

An individual or family may work for years or even generations to establish a successful small business. If the owner or owners fail to have a comprehensive and smart estate plan in place early on, that small business can be at risk for failure in the event that an owner

As the baby boomer generation enters the realm of retirement, there are other needs that may be left unchecked. An estate plan and what to do in the event of incapacitation may be one area where baby boomers in Michigan have failed to be proactive. If one has not been

The role technology plays in daily life is ever-expanding for the average American. When a Michigan resident or family decides to venture into the task of creating an estate plan, digital assets may need to be addressed as part of that plan. Regardless of how vast a person’s digital life

When a family member decides the time is right to being to the process of estate planning, including the appointing of trustees and heirs, the act of broaching the subject can be a little tricky. Each family is vastly different, and, therefore, the best way to go about ensuring that

When an estate plan is mapped out and put into motion, the duties of those involved should be clearly outlined and defined, preferably before attending to those duties is necessary. Knowing what role a person is accepting is as important as acting as an estate administrator, and it should not

Many people might not give too much of their time and energy to thinking about the estate planning process. However, having a comprehensive estate plan long before it is needed is the best way to ensure that a Michigan family is properly cared for. However, if an estate plan isn’t

Whenever a celebrity dies, the news is typically flooded with every last detail of their demise. Then, details about the value of their estate may be made public also. One way to avoid having these details made public is for celebrities or others who have a high value estate to

Many people may think that if they have completed a comprehensive estate plan that once they die things will be taken care of for them. While estate planning is very important, an estate administration process will still be necessary following a Michigan resident’s death. During the estate administration process, estate

No matter how big an estate a person leaves behind when they pass, some issues will need to be attended to. There could be bills to pay and assets to sell or give away. Rarely, do people have zero estate administration issues following their death. In order to deal with

Heirs of a millionaire are suing the hospital that took care of her for the last 20 years of her life, alleging that the facility overstepped its bounds to get money before her death and to be included in her will. Relatives say the case, which has garnered international attention,

If you own a successful business in Michigan, no matter what your age is, it’s time to start thinking about passing the business on to your successors. Many admirable entrepreneurs are so immersed in business operations that they become in large part defined by decisions related to the company, so

In our last post we discussed the importance of making plans for the end of your life — both death itself and the years leading up to it. As we grow elderly, we become much more vulnerable. Our bodies don’t work as well and we may have a difficult time keeping

High-value assets can be good investments. However, passing along such assets to family members or beneficiaries is not always simple. When a person dies, an inventory must be made of both debts and assets. Any debts must be paid before the intended recipients can inherit from an estate. Proper estate

The determination of heirs is not always a cut-and-dried process. When disputes arise, probate courts oversee estate administration and are often called in to determine how wills, estates and benefits will be divided amongst heirs. Those who are attempting to unravel the will of a deceased loved one should seek

When the death of a loved one occurs and there are no clear instructions left for estate administration or burial, loved ones can be left unsure of what the deceased’s wishes were. Sometimes, even when a will is in place before the death, the family of the deceased can contest

When a person owns substantial assets, a will or trust can play an important part in the distribution of these assets. However, some people would prefer a more complex estate plan than simply passing on their assets to their children or partner. If someone gives assets to a charity, either

As we discussed a few weeks back, online or digital assets can be problematic for some Michigan residents as people increase their online presence, the amount of information they access and store online grows. The growing use of email and paperless bill paying has created a situation where vital records

As discussed in last week’s post, there are a number of life events that should trigger a review of your estate planning goals and documentation, including a marriage, divorce or death in the family. Often certain aspects of an estate plan are missed in a divorce, such as changing the

If you already have an estate plan in place you are way ahead of the curve. Having a proper estate plan means you care enough about your estate and your loved ones to ensure they are handled appropriately upon your death. Having an estate plan is only one step in

Since many couples delay marriage, or simply do not marry at all, Massachusetts residents may wonder what happens when you own a home with another in a joint tenancy and one person listed on the title dies. One reader wanted to know if there was an inheritance tax in just