When a close friend or loved one passes away, they may leave behind an estate, including assets, property and other items the decedent accumulated during his or her lifetime. A will is often created, naming who the decedent wanted to leave the property and assets to. Before the estate can be divided to the beneficiaries, however, the property must go through the probate process. According to the Michigan Bar Association, this process consists of three steps, which begin once a personal representative has been named.
The most common estate planning mistake is that many people simply fail to address the task. Sometimes they are intimidated because an estate plan points to the end of their lives. Some people shy away from discussions they know are going to be difficult or at least uncomfortable. Still others have no idea where to start. Therefore, it might be helpful to think about things you want to bypass in terms of estate planning. Here are six major estate planning mistakes to make sure you avoid.
If you have recently lost a family member who was close to you, all sorts of challenges may lie ahead. Setting aside strong emotional pain and a sense of loss, you may find yourself facing other hurdles related to the estate. At the Bingham Legal Group, our law firm knows how crucial it is for families to work through the probate process appropriately in Detroit, and cities across the state of Michigan.
Marital problems are not only a family law issue – they can create problems with estate planning, as well. If you get divorced and later remarry, there may be disputes if your children from your first marriage or your blended family disagree on the terms of your will. For you and other Detroit residents, creating a prenuptial agreement may be a way to avoid the hassle of an estate planning dispute down the road.
Recently, our blog discussed how you might keep funds you inherited from falling into the hands of debt collectors. At the Bingham Legal Group PC, we understand how you and other Detroit residents might wish to prevent the same thing from happening to your loved ones. Is there anything you can do that might protect the assets you leave to your heirs from being taken by creditors they owe?