Yearly Archives: 2013

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!

Managing Deceased Estates in Oak Park, Michigan

Oak Park residents, do you know how a person is picked to manage the estate of someone who passes on? Most of the time this is decided through someone’s will. The person nominated by the maker of the will to carry out the directions of that will is known as an executor.

Those tinkering with their will and estate planning in Michigan will obviously want to select someone they trust with their assets and finances. On the flip side, those selected to become the executor of the will inherit a number of responsibilities, including:

  • Collecting property
  • Finding the beneficiaries
  • Helping to arrange the funeral
  • Paying off debts and outstanding bills
  • Securing Assets
  • Settling feuds between other family members or beneficiaries in the will

But what if there is no will left behind? Well, if a probate court proceeding is deemed necessary, the spouse or registered domestic partner of the deceased will almost always have first priority under law, depending on the state. If there is no spouse, it would be the child of the deceased. If there happens to be more than one child, they would all stand in equal position. If there is no agreement made by the interested partners, a judge will appoint a person to manage the deceased’s estate.

Handling tasks and sorting through the details can be overwhelming. That’s why it’s important to get consultation from an experienced estate planning attorney in Oak Park, Michigan to help walk you through the intestate succession laws, which sort out the inheritance of property if no will exists.

To learn more about managing the estate of the deceased Oak Park properly and professionally, contact Michael Colton, an estate planning specialists, at Colton Probate Law. A trusted estate planning lawyer in Oak Park Michigan for over 30 years, Michael Colton can help you through any issues you’re having as executor of a will, or constructing a will. Call today for more information or to receive a free consultation. 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.

What You Should Know: Durable Power of Attorney

Understanding power of attorney, can be a difficult task for some, but we are here to help! Many times elderly residents, or those who have become severely ill will stress about how they are going to handle their finances, or if they are physically and mentally stable enough to do so on their own. This is where Durable Power of Attorney comes in.

When selecting someone to be your Power of Attorney, ensuring that you trust them to make financial or responsible decisions on your behalf is extremely important. Once a person is legally deemed to be your Power of Attorney, they will be able to access personal files, such as bank accounts, medical records, and sign documents on your behalf.

Although you are giving a person, whether a trusted friend, or a family member control of your important accounts, it is still a good idea to stay involved to the best of your ability. If you want, and are able to sit and go over finances or documents before they are signed, it can relieve you of questions you may have about your standings.

The most important thing to ask yourself when selecting a Power of Attorney is “Do I trust this person?” If you do not trust a person, making them your Power of Attorney can cause struggles or problems down the line.

Colton Probate Law, located in Farmington Hills, Michigan,  can help you through questions or concerns you may have with Durable Power of Attorney. Call today to schedule your free consultation. 248-324-0800.

 

Estate Planning- Farmington Hills, MI

Are you a Farmington Hills, MI resident thinking that you don’t need estate planning because the value of your estate is not big enough to cause estate taxation? Well, you are wrong! There is more than just writing a will when it comes to estate planning. Organizing your assets can cause fewer arguments with your loved ones and avoid a bulk of your estate from going to the government later on. Estate planning is the development of arranging and preparing for the dispensation of an estate during your life.

Estate planning eliminates confusion over the administration of probate, and expands the worth of the estate by cutting down taxes and other expenses. It involves wills, trusts, powers of appointment, beneficiary designations, property ownership and more. Parents/guardians are often designated for minor children and beneficiaries in incapacity.

Everyone has an estate; even a young child. If you own something of value and would like to pass it on after your departure, you have an estate. A good plan will maintain and boost the financial security of human beings and their families.

Located in Farmington Hills, Michigan, Attorney Michael Colton will help you with your estate planning needs. He can help give you guidance with any questions you may have regarding estate planning. Call 248-324-0800 today for more information of a free consultation.