The probate process can bring up many challenges, and these hardships can be especially hard for some people (such as those who lost a loved one in recent weeks or months). If your spouse passed away, your entire life may have changed in numerous ways and you could be struggling on a daily basis. You may be completely unsure of how to move forward and to make things worse, you may be going through a probate dispute. Our law office knows that these disputes can shatter families across the state of Michigan and they should be handled appropriately.
When creating an estate plan, it’s natural that you want to leave a portion of your assets to your children to ensure they’re taken care of financially. Conflicts may easily arise in this case, which can put your family bonds and estate in jeopardy. While you can’t always prevent your heirs contesting your estate plan, AARP explains how you can potentially stop a conflict before it occurs.
There are many different reasons why probate litigation arises and the consequences can be incredibly damaging. Sometimes, these cases may bring financial consequences for those involved and litigation can also be stressful and time-consuming. Worst of all, in some cases, litigation can tear families apart. As a result, you may benefit from thinking about how to prevent probate litigation. Whether you are setting up an estate plan, have been named as the executor of an estate or are listed as a beneficiary, there may be different ways to avoid probate litigation.
When it comes to the probate process, all sorts of questions may arise and this is true for those who set up estate plans and the loved ones of those who have passed on. For example, some people may wonder how they can avoid the probate process altogether, which may be possible if they move forward with the right kind of trust. Moreover, some may wonder if their estate will be subjected to probate because it is relatively small. On the other side, people may struggle with probate disputes following the loss of their loved one, even if the estate was relatively small.
If you are a trustee or personal representative who has been accused of breaching your fiduciary duties, you may be completely unsure of which steps you need to take to address the situation or worry about the outcome of the dispute. To make things more complicated, it is very possible that loved ones are involved, such as a parent, sibling or child, which can make the entire ordeal even more challenging to navigate. As a result, it is critical to know what your rights are and which course of action makes the most sense.
There are many different reasons why disputes come up during the probate process, but some can be especially challenging to work through. For example, someone may find themselves in a dispute with their brother or sister for any number of reasons and these disagreements can make the loss of a loved one even more challenging for the entire family. If you are in the middle of a dispute with your sibling over an estate-related issue, it is crucial for you to do what you can to resolve the issue fairly and minimize negativity, if possible. However, you should also know your rights and stand firm if they have been violated.
When it comes to the probate process, there are a wide variety of challenges that people on all sides may encounter. For example, a beneficiary may not believe that their loved one's estate plan was distributed according to his or her wishes, while an executor may struggle with all sorts of different legal issues. However, the breach of fiduciary duties is often an especially tough issue for beneficiaries and executors alike. If you are in this position, you should go over the ins and outs of your circumstances from a legal perspective and know your rights.
No one wants to think of their passing, but residents of Michigan should take the time and effort to make a plan regarding what to do with their assets when they die. If someone dies without a will, the state is in charge of distribution, and there is a progression of who the assets are passed to. To avoid complications or legal battles among intended heirs, it is always a good idea to have a legal document detailing how your assets should be allocated.
The beginning of the year is a good time for people in Michigan to review their estate and ensure the right beneficiaries are named. Retirement accounts are often one of the biggest assets one can pass to an heir, and there can be costly tax-related mistakes if not done correctly.
Losing a loved one in Michigan is difficult, and figuring out what to do with inherited property can add to stress levels. If the inheritance included a house or other physical property, the beneficiary may choose to sell it. While there should not be an inheritance tax associated with inheriting the house, there are tax liabilities if the sale resulted in a profit for the seller.