When people create their estate plans, they often hope to benefit the people and organizations that they love. People have the freedom to choose who should benefit from their assets when they pass on. However, individuals can become susceptible to outside influences. When this happens, the family members of the individual may dispute claims made in the person's estate plans.
Michigan residents may not like to think about their death. However, every individual should take steps to make an estate plan. Estate planning goes beyond creating a simple will. It often requires people to think about how they want their assets distributed, who they want to receive their assets and make other final decisions. In some cases, it may also require people to think about how they want their end of life decisions to be made.
Some Michigan residents are natural planners. For others, planning takes effort and work. Thinking about the future, especially questions involving mortality, can be difficult for some people. However, most people likely want to take care of their love ones following their own passing. Estate planning helps to ensure that people's love ones are taken care of, so they do not need to worry about the future.
Making the most of a person's assets is not always easy. People often want to spend their money a certain way, but can't for one reason or another. However, in an estate plan, people are given wide authority over how they want to distribute their assets. People are able to give money or property to family and friends, they are able to donate to charity or ensure that a loved one is taken care of.
When people think of estate planning, they probably think about assigning their traditional assets to the people they love. Michigan residents want to make sure there is a plan in place so that their loved ones get important assets like homes, real estate, investments and cash. Other personal property is also assigned in an estate plan. This plan helps a person know that the person's family will be taken care of should the unfortunate occur.
When Michiganders think about their death, they likely hope that they will be able to leave their family with many assets. They likely intend to have their affairs in order so that their family does not have many financial issues to deal with. Michiganders hope that their assets can be quickly distributed to their loved ones without legal hassles. However, in reality, life is messier than this. Even with estate planning, there can be legal and financial issues that arise during the administration of an estate.
The period of time following the loss of a loved one is, of course, a difficult one. At times, challenges concerning estate administration may arise during an already difficult period. Disputes surrounding the legitimacy of a will or trust; the appointment of a guardian or conservator or power of attorney; or the administration of a trust or estate are potential challenges that may arise following the death of a loved one.
Because many people fail to plan for the end of their lives, many people are also surprised by the chaos and confusion that can follow one's death with regard to estate administration. There are several different reasons that one's estate may end up in probate court, but The Prince Law Firm has the experience necessary to resolve whatever issues exist or arise.
Many Michigan residents have very little knowledge about what exactly happens to a person's estate after he or she dies. Probate administration, and the word "probate" in general, are commonly tossed around. But, the meaning of these terms may be unclear. Probate litigation is another spin on the term, and potential heirs and other interested parties would do well to understand its implications.
When a person's estate is being administered in probate, the process can be quite lengthy. Depending on the size of the decedent's estate and other factors, estate administration can last from several months to several years. The reason for the lengthy duration of the process is that many different things must be taken care of during probate administration. Many of these things are the responsibility of an estate administrator. For this reason, anyone asked to serve as the administrator of another's estate should understand what duties and obligations the role entails.