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Estate Administration & Probate Archives

Probate display of Lou Reed's estate could have been avoided

By now, anyone who reads this blog knows the importance of proper estate planning. Some people, however, choose to take a different route for dealing with their estate. The estate of Lou Reed brings this point to light. While the man did have an estate plan in place, some are calling it a "walk on the wild side." Michigan residents might be interested to learn why this comparison is being made.

Estate administration hinges on beneficiary designations

When it comes to estate planning, all you really need is a will, right? Not so fast. According to estate administration experts, many assets are not covered by your Michigan will. Those assets include individual retirement accounts, 401(k), pensions, life insurance and other holdings with beneficiary designations. In fact, beneficiary lists can actually override any provisions you include in your will, so it is critical that you update these designations after any major life events.

The relationship between heirs, life insurance and probate

Almost all Michigan residents have probably heard about the importance of having estate planning documents prepared before the end of their life. These documents let your loved ones know how to divide your assets. In some cases, they can also lay out the plan for your end of life care. When most people start to consider the assets they need to include as part of the estate plan, which may include a will, trusts, powers of attorneys and other documents, they list items like real estate and bank accounts. While those are important parts of the estate, people should also consider life insurance policies when they create estate planning documents.

Hoffman's will doesn't cover the possibility of more than 1 child

Philip Seymour Hoffman was recognized as one of the finest actors in Hollywood. With every character portrayal, it seemed like Hoffman never left out any details. Not long ago, the celebrated actor unexpectedly passed away at the age of 46. He had a will in place at the time of his death, but it hadn't been updated since 2004, which could create problems for his children.

A study in copyright: Estate seeks to protect Sherlock characters

Over time, certain literary or movie characters enter into the realm of cultural icons. The significance of these figures can extend far beyond the lifetime of the individual who created them. As such, estate administration and planning becomes very relevant to this type of intellectual property.

Musician's estate administration doesn't go according to plan

Following through with the terms of an estate plan is very important. After all, upholding this responsibility is one important way to preserve a person's memory and legacy. In cases where an estate plan calls for distribution of assets over time, the role of estate administrator becomes very important, because this individual is responsible for making sure the estate takes care of beneficiaries and any outstanding expenses.

Choosing the right executor can ease estate administration

While going through the process of estate planning, people generally take time to consider the most important people and organizations in their lives. Once this assessment is made, it may become clear how assets and property will be distributed during estate administration.

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