Probate, Trusts, Wills & Estates
What is Probate Law?
After someone passes away, ownership or at least the legal title of ownership of their property, their personal affects, and other assets will be passed on to the beneficiaries named in the decedents will. If no will has been filed, then then laws of the state in which they passed away will decide who receives said assets. This is what is known as probate.
Probate courts can settle a large variety of issues including the validity of the will itself. The process begins with a petition to open the estate and name a representative f the estate and its property. After this, creditors are given a certain amount of time to file their claim, the representative will then pay the debt and distribute the estate and which point the estate can be closed.
Overall, this may seem quite simple however, the laws, the requirements and the handling of the laws and rights of those involved are quite difficult and require a skilled probate lawyer. Each state has its own set of rules and regulations and in Michigan, navigating these laws can be challenging to say the least. Understanding how Michigan deals with time limits, penalties, and issues such as after-born heirs are just a few of the factors to consider. How Michigan deals with trusts, wills and the power of attorney are also important as well.
Probate Law is not something to be taken lightly. An experienced probate lawyer can assist you during the entire process which can be quite lengthy as well as ensuring that all parties involved receive what is rightly theirs, with or without a will. If you are dealing with issues such as wills, trusts and estate planning, it is important that you don’t wait/ Time limits exist on many issues regarding probate law.
Wolverine Law offers services regarding probate, wills, trusts and living wills. If you are in need of a probate lawyer in Ypsilanti Mi, consider contacting Wolverine Law. Wolverine Law offers free consultations to help you find out if you have a case. If you live in the Ann Arbor area or throughout Michigan and are in need of legal services, contact Wolverine Law for your free consultation.
Estate Planning is the process by which you arrange for the disposal of an estate in an attempt to lessen the uncertainties over the administration and to maximize the value of the estate. It usually includes wills, trusts, powers of attorney as well as living wills. Learn a bit about estate planning with Stuart Collis, an Ypsilanti Attorney.
Living Wills and Medical Powers of Attorneys
A living will is a document that provides direction to those around you in the event that you are unable to speak for yourself. Though Michigan does not recognize the living will specifically, it does provide a statute for authorization of Medical Powers of Attorney and gives a person appointed by you the power to make health care decisions for you. This person is called a Patient Advocate. They are only able to act while you are unable to do so, and unless in writing are unable to direct any treatment that is likely to cause death, such as ending medical treatment.
A Trust may be established in a variety of cases as decided by you. It is provided as a way for the Grantor, otherwise known as Trustor, Donor or Settler, to benefit one or more than one individual known as a beneficiary. Those in charge of the trust are known as trustees and are responsible for managing the trust for the benefit of the beneficiaries solely. Generally, if your estate is worth less than $600,000 in assets, a trust is not needed in states such as Michigan, as there is no inheritance tax. However, if you are concerned with those receiving your estate due to other reasons, you are always the final decision in whether or not a trust is needed. If you are planning on establishing a trust, it is always advised that you consult an attorney such as an attorney in Ypsilanti.
A will is different than a trust in that it is a legal tool which specifically states what goes to whom and in what way, but only becomes legal after it is probated after death. Wills are essential for planning how your assets will be distributed after death. If a person fails to create a will, than their estate and assets will have to pass through intestacy, or by the rules of the state. It is always recommended that you create a will and name an executor of your estate even if you have also created a trust, as it will serve as a backup for any assets not mentioned in the trust. There are many legalities involved with the creation and validation of a will, therefore it is always recommended that you consult an attorney when you decide to write a will.
If you live in Michigan and are looking for legal representation in planning your estate, an attorney in Ypsilanti may provide you with key services necessary to assist you in your planning. Contact Wolverine Law if you have questions on Estate Planning including Medical Powers of Attorneys, Trusts or Wills.