Unfortunately, all sorts of problems can arise with regard to a person's estate after they pass away, such as disagreements with the way in which assets are distributed or tax issues. Sometimes, a will contest may arise over allegations that an executor breached his or her fiduciary duties. The Bingham Legal Group knows how hard this can be for executors, beneficiaries, and entire families in Michigan. When these disagreements arise, it is vital to carefully go over the ins and outs of the situation as you move forward.
Pets are people too: Providing care through a trust
A pet parent in Michigan may not have the same concerns as the parent of a minor child. However, a cherished cat or dog companion is in a vulnerable position after an owner's death, and will need someone to take over its care. According to UPI, one woman ensured her cats would never want for anything by choosing guardians and setting up a trust to provide for their needs. She designated $300,000 from her estate to fund this pet trust, which stipulated that the money be spent on grooming needs, health care and food, as well as any other expenses that arose.
Addressing the breach of fiduciary duties
When it comes to estate matters, the challenges that can arise take many forms. Sometimes, families find themselves in the middle of a heated dispute following the loss of their loved one due to allegations that an executor breached his or her fiduciary duties. If you are a beneficiary who believes that an executor failed to distribute assets properly, you should immediately take steps to address the situation. Our law firm also recognizes that some executors in Detroit and across Michigan may also be falsely accused of breaching their fiduciary duties.
Are your online accounts covered in your will?
Whether you post pictures and updates about your life constantly from your phone or you have important business information backed up in your email account, chances are, your way of life in Michigan has a digital side that is important to you. It could be important to other people, too, and if you die without a plan in place, they could be left without the keys to your online information.
What you need to know about probate
In Michigan, legal ownership of your property and assets must go through a process after your death to make sure that any unfinished business such as debt is taken care of, and your possessions are distributed to those who you have named. Your will can designate how you want your estate handled, but it does not typically sidestep probate. At the Bingham Legal Group PC, our estate planning attorneys understand what is involved, and we often provide answers to help people anticipate and plan for this eventuality.
