Tag Archives: estate planning attorney Farmington Hills

Getting Affairs In Order Before Death and Probate Law

Before your done skydiving, traveling Europe and swimming with sharks, consider getting the more important things together before your time passes. No one wants to think about their death or what will happen after they die but it will give your loved ones and friends more understanding about your personal things so there is less to handle after your death and with in probate law, allowing you to leave with peace of mind.

 A few things you want to do to get your affairs in order before Probate Law:

1. Up to date Will: Make sure you have a will and it is up to date. If someone dies without a will, Michigan law has rules for what will happen with that persons property. This is called a person dies intestate, Probate courts in Michigan establish a probate estate where the probate court determines who will acts at the deceased representative and who will receive any assets that were left.

2. You want to appoint someone to manage your affairs, Power of Attorney: If you become sick and unable to take care of yourself or if something were you happen to you someone has to be responsible to pay your bills, deposit your money and manage your financial affairs.

3. Name a guardian: If you have children that are dependent you need to appoint a guardian to take care of them if you are not able to or pass away. Note: If you have a disabled child, find a specialist who knows the laws and benefits under Medicare and Medicaid and can coordinate asset planning. If everything is left to a disabled child they will not be able eligible for aid. Also known as special-needs planning.

Some people write a will to avoid probate laws but probate court has been simplified and Micheal Colton Probate Law attorneys in Farmington MI cater to Oakland County residents and are here to help you and your family with their probate planning. Contact Our Law Office today to talk to our probate planning attorneys and specialists to receive a no-obligation consultation about: Estate Planning, Probate Court, Probate Law, Wills and Trusts, Living Wills, Michigan law, Power of Attorneys.

Power of Attorney- Assets of the Living

For residents in Farmington Hills or Southfield, Michigan, it can be a bit confusing to understand the ins and outs of the power of attorney document. You may be thinking that since a person cannot use the power of attorney to take a person’s assets after they have died, that they may be able to take their assets while they are still alive through the document. But that is actually not the case.

A power of attorney can give another person the right to sell property in the place of the principal, sign a contract for the principal, or make financial transactions or decisions regarding health care. The principal can give someone the right to take any legal action that they would take themselves under the power of attorney document.

But when it comes to the way your assets are managed while you are still living, people who are disabled or anticipate being incapacitated in the future will often become the grantor of their own living trust. Your assets are overseen at your benefit through a living trust, and at this point, a durable power of attorney should be considered for management of your property. In this case, you appoint someone to be your “attorney-in-fact” and make property management or estate planning decisions in Southfield or Farmington Hills, Michigan, but only on your behalf. The attorney-in-fact’s ability to manage your assets expires once you pass away, so they never are able to seize your assets unless you grant them the ability to do so under the power of attorney.

If you, the principal, has dementia for example, the power of attorney does not give the appointed person the authority to overrule any decision that you make, even if those around you don’t believe them to be reasonable decisions. The person appointed under the power of attorney can manage your assets or finances but must make decisions according to the instructions of you, the principal, at all times.

Contact us for a free consultation if you think you or a family member might be dealing with these sort of issues in the near future. Michael Colton has been a probate or estate planning attorney in Southfield or Farmington Hills, Michigan since 1979 and is more than willing to help you do what’s best for your family during trying times. Call Colton Probate Law today. 248-324-0800.

Power of Attorney- Assets of the Deceased

A power of attorney can be a very crucial document for residents of Southfield or Farmington Hills, Michigan but one thing a power of attorney cannot do is take a person’s assets once they are deceased.

When the grantor (someone who conveys or transfers ownership of property) of the power of attorney passes on, the power of attorney document becomes invalid. Any separate powers of attorney that the decedent (the person who dies) may have implemented concerning financial matters, such as bank accounts, also become ineffective when the decedent dies.

Any time assets and heirs come into play, family members and loved ones of the decedent will need to consult a probate lawyer in Southfield or Farmington Hills, Michigan as the probate process is nearly inevitable. Assets owned solely by the decedent must go through the probate process, either according to the decedent’s will or the intestacy laws, which apply if no will exists.

Any and all assets owned by the decedent freeze upon their death until an executor of his or her estate is named. There are some exceptions, like if an estate is desperately in need of funds and there is no time to wait for an executor to be selected.

Those who are estate planning in Farmington Hills or Southfield, MI should know that the future executor of the estate and anyone who had power of attorney while the decedent was still alive cannot access the assets of that person; they remain frozen under all circumstances. The only way they can be unfrozen is when an estate executor is appointed.

Michael Colton, an experienced estate planning attorney in Southfield or Farmington Hills, Michigan, would like to help guide those going through the probate or estate planning process in Michigan. To receive a free, no-obligation consultation, contact us now. Or, if you have any legal questions for our probate or estate planning specialists in Southfield or Farmington, Hills Michigan, give us a call at 248-324-0800!