Inheritance disputes have been known to tear families apart and result in relatives not speaking to each other for the rest of their lives. Of course, this would be something that you and other Detroit residents would want to avoid. The way that you plan your estate may make the difference between your children sharing happy memories after the reading of the will or taking each other to court.
If you are making plans for your loved ones to receive an inheritance, you may wish to assist your relatives in avoiding probate as much as possible. Confusion over your will – or the lack thereof – may result in family disagreements that you never intended. Our team at the Bingham Legal Group PC knows how important it is for families in Detroit to make their estate planning cohesive and clear, so many of these disagreements may be avoided.
Recently in this blog, we talked about whether you could leave a family member less than another one in your will, as well as cutting some relatives out of the inheritance. However, do you and other Michigan residents have complete freedom in picking and choosing anyone you want to disinherit? The answer depends on who, exactly, you wish to cut out of your will.
When you are handling the death of a parent or other family member, the last thing you want to deal with is bill collectors coming after you for debt that your loved one owed. Unfortunately, this is a common occurrence for many Detroit residents. If your family member owed money, are you obligated to pay back his or her debts?
Like some Detroit residents, you might have decided you do not need a will. You might trust your descendants to work things out maturely amongst themselves, or perhaps you do not believe your estate is large enough to require any estate planning. For whatever reason, it might not seem like a pressing emergency to get your affairs in order before you pass on. It is certainly within your rights to refrain from any type of estate planning. However, you may first want to consider what might happen if you die without a will in place.
In an ideal situation, going through a deceased loved one’s possessions and dividing up precious heirlooms might be a time to reflect and share precious memories. Unfortunately, this is not always the case. There are many valid reasons that family members might argue over the assets their parents or other relatives left behind. At the Bingham Legal Group PC, we understand that arguments over an estate can tear Michigan families apart, and we strive to prevent this from happening whenever possible.
Know Michigan's expectations for personal representatives - and consider getting the right help.
If a loved one has named you as the personal representative of their estate, they clearly trusted you on a personal and financial level. However, that doesn't change the fact that estate administration is often highly complex.
After you pass on, it is a normal part of the estate administration process for your assets to be distributed to your heirs. This should happen whether or not you wrote a will or designated a trust fund for your loved ones. You may have heard stories about what can happen if your estate goes into probate. Like many Detroit residents, you may wish to avoid the hassle and tension of probate for your heirs whenever possible. It can help to understand how the probate process works.
The importance of estate planning cannot be overstated, which is why being aware of common mistakes and the best methods for avoiding them is essential. For Michigan residents currently involved in the creation of wills and trusts, devising legally binding documents is crucial to avoiding probate and ensuring one’s final wishes are upheld.