Tag Archives: probate lawyer Southfield

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!

Probate Lawyer for Southfield Michigan

Dealing with the death of a family member is never easy, in any way. So when it comes to taking care of probate claims and forms, and transferring assets, you’ll want to make sure you have an experienced probate lawyer on your side in the Southfield Michigan area.

With over 30 years of experience under his belt Michael Colton has earned his title as one of the most trusted probate lawyers serving the Southfield, MI area. As, licensed real estate broker, he is qualified to handle a number of tasks in the preparation and administration of a person’s estate. In addition to drafting the will, and planning the disposition of a client’s property through that will, an estate attorney must also administer any trusts that are suitable for a client’s purposes.

You may not realize how problematic drafting a will actually is. Save the headache and family arguments by leaving it in the hands of Michael Colton, an estate planning attorney in Southfield, Michigan. By doing this, you are entrusting a probate lawyer that can make sure appropriate procedure is followed and that the assets of your loved one are dispersed properly and not taken on by the government at a later time.

Colton Probate Law also wants to take on responsibility as executor of the will. Those set to inherit property may be scattered throughout the country, or even the world. From finding assets, to distributing property, to contacting heirs and the creditors of the deceased, let us be your all-in-one probate and estate planning attorney if you live in the Southfield MI area. Contact Colton Probate Law today!

There is no reason to fret over the probate process. Contact us today at 248-324-0800 for a free consultation.