One of the primary goals you probably have when you begin the estate planning process in Michigan is to keep as many of your assets as possible from being taxed so that you can preserve them for your heirs. Trusts are tools that may achieve your objectives. At the Bingham Legal Group PC, we often advise people about the benefits of charitable trusts.
Ways to prevent sibling conflict during probate
Having substantial assets may cause a parent in Michigan to feel anxious over the way the children will deal with the news of who gets what in the estate plan. According to Forbes magazine, much of the potential for disputes over inheritance may be anticipated and addressed ahead of time.
Have you confided pertinent estate planning information?
When you sit down with your attorney to flesh out your estate plan, you may be under the impression that the usual information about financial assets, property, bequests and the like will be sufficient. You will be talking about things like wills, trusts and patient advocate designations, and you think you have everything covered.
Writing your will
Whether you tend to be the type who is kept awake at night by worries, or you just recently had a major change of circumstances, right now might be the moment when you feel the need to jot down your last will and testament. If you die without completing this document, the probate process could become particularly difficult for those you leave behind. The legal team at the Bingham Legal Group PC has provided assistance to many people who want to make sure their wishes are honored after death.
What are the duties of a trustee?
As a trustee in Michigan, you agreed to take care of certain tasks for the settlor. According to the National Paralegal College, you must perform your responsibilities with the level of care that you would use if the property or assets in question were your own. If you are not a professional fiduciary, you would not be held to the same standard that would be expected from a trust company or financial institution. However, you could be held personally accountable for losses that come about because of any negligence in your duties.
Preparing the inventory
A person who has been named as the personal representative of an estate in Michigan has several duties after the death of the decedent, such as paying his or her debts and distributing assets to the beneficiaries. According to MichiganLegalHelp.org, one thing that has to be done before these other tasks can be undertaken is the preparation of an inventory of the estate.
