When it comes to trust administration and other estate-related matters, many facets of the law can leave people with questions. Our law office knows that it is crucial for you to find answers and review any issues that are relevant to your case. For example, if you are wondering how you can access an estate tax closing letter, it is important to know that you are able to do so but you will need to fulfill certain requirements. In Detroit and cities all across Michigan, finding answers to these types of questions can provide a sense of peace and also help people who are struggling with estate matters move forward.
How can I obtain an estate tax closing letter?
Revocable vs. irrevocable trust
For some Michigan residents, setting up a trust may be one of their New Year's goals. One of the decisions that has to be made is whether the trust will be revocable or irrevocable, and this depends on the reasons for setting up the trust in the first place.
Making changes to a living trust
Life changes often create the need for estate planning changes, but when modifying a trust in Michigan, it is important to do it right. According to the American Bar Association, a trust amendment is a document that attaches to the existing trust, rather than a rewriting of the trust. In fact, if a person takes out a page, changes it, and puts it back in, this could lead to challenges and disputes later.
Your estate plan benefits your heirs, but how does it help you?
You have taken the time and effort to create a will in Michigan, and you feel reasonably confident that your children are not going to suffer financially if you die while they are young. However, this estate planning tool only gives peace of mind for the time after your death. What if you are involved in a car accident that leaves you in a coma?
What happens to my 401(k) plan in the probate process?
People tend to think that all their assets must eventually go through probate, but that is not true. For example, if you and your spouse share joint ownership of your home, your spouse will own it under right of survivorship after you pass away.
Estate fraud and probate
People have many responsibilities and concerns when it comes to the probate process, whether they are unsure of their duties as an executor or experience problems with other beneficiaries, such as disagreements over how a loved one decided to distribute their assets after their death. However, estate fraud is a serious problem and the Bingham Legal Group knows just how difficult these issues can be for families and individuals to work through.
