Tag Archives: estate planning Michigan

FAQ of Estate Planning

An Estate Plan can be made for everyone and anyone. To make sure your belongings are distributed the way you want them to be when you die, you need an Estate Plan.

Many people ask why someone may need an estate plan and who needs it the most?

Most common Frequently Asked Questions about Estate Planning:

If you are asking these questions, you should have an Estate Plan;

  • Who will receive your assets and that of, after your death?
  • Who will make health care decisions for you if you cannot?
  • Would you like any of your assets donated to charity?
  • Do you own out of state property?
  • Do you have children that are minors?

These are just a few aspects that tell you, you need an Estate Plan. If you do not have one, the judge will appoint someone to take care of your assets. Your assets have a high possibility they will not be distributed the way you would want them to be. If your heirs are not found in a certain period of time to claim your assets, they are given to the State of Michigan.estate planning faq

An Estate plan assures the right people will get your assets after your death.

Can A Trust help prepare for Estate Planning?

Yes, a Living Trust helps you control your assets before and after your death. A living trust cannot go into probate court so that your trust is private for you and your family. Having a trust will help your family save time and money along with legal fees.

At Colton Probate Law, your local Probate Attorneys specializes in Probate, Estate Planning, Wills and Living Trust; everything you and your family need to be prepared to protect your assets the way you want them to be.

Contact your local Estate Planning Attorney today, check out our Estate Planning Questionnaire to get an idea of what information is needed to start an Estate Plan.

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.