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Trust & Probate Administration Archives

What to gather before probate administration can begin?

The executor of an estate has the difficult task of making sure that the estate is closed out properly. This can seem like an overwhelming task for Michigan residents who have never before taken on such a role. If it is not handled appropriately, the executor could be held personally liable. To help probate administration go over smoothly, one could benefit by taking inventory of any assets, legal documents and debts tied to the estate. As soon as all this information is gathered, one can open a case in probate court.

Michigan probate administration: Movement in Prince case

Few people in Michigan and elsewhere have the type of assets that music icon Prince left behind when he died. However, this is still a case from which people can learn. Without a valid estate plan in place, probate administration can take a long time.

Trust administration is not a walk in the park for the trustee

When one is named the trustee for a trust, there is a lot of responsibility that comes with that title. Trust administration is not necessarily a walk in the park. A wrong move or a bad decision can come back to bite the trustee in more ways than one. Those in Michigan who are named trustees can take steps to protect themselves should any issues arise when administering a trust.

Get help with a generation skipping trust administration

Generation skipping trusts can be a great way to avoid having your assets taxed more than is necessary. Making sure your beneficiaries receive as much as possible is certainly an understandable goal. This week's column will discuss what this type of trust is and why it can prove beneficial to certain Michigan residents. It will also go over how an attorney can assist with the trust administration.

What is the purpose of probate administration?

The idea of having to go through the probate process after a loved one dies can seem unbearable. It is something that can take months or longer to finish, depending on the complexity of the estate in question. While it may not be something Michigan residents want to do, probate administration is required for most estates before any assets will be distributed to beneficiaries.

Why trusts aren't just for the rich

The idea of estate planning or trusts would seem to indicate a large home with a gated driveway full of expensive cars. But the fact is that estates can be very large or quite modest. In an era when family homes in middle class neighborhoods can be worth quite a bit of money, it could even be argued that it's all the more important to make sure that these homes are passed on to the beneficiaries of modest means alongside other important assets.

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