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.
In Michigan, the term probate generally refers to the administration of the estate of a person who has died. The term generally encompasses the estate administration regardless of whether the deceased person had a will--and thus made his or her wishes regarding assets and property known--or did not have a will. However, having a will simplifies the probate process because assets and property previously owned by the deceased person will be distributed according to the will provisions as long as the will is deemed valid.
Aging and dying are not things that most Michigan residents like to think about, both because the future is so unknown and because planning for the end of your life is generally not pleasant. However, there are many different reasons that you should seek advice regarding estate planning and administration.
Probate is a word that refers to the process of estate administration after a person's death. The administration of the estate is carried out by someone named as the personal representative of the decedent. The representative may have been named in the decedent's will or a probate court may appoint an interested person as the estate administrator and personal representative.
Even for Michigan residents who own very little, the process of probate and estate administration can be difficult and complex for their surviving family members. Struggling through the process, fighting against third parties or those claiming rights to a portion of the estate, and attempting to resolve the deceased's affairs in a way that he or she would have wanted can be very emotionally difficult and draining for someone dealing with the recent loss of a loved one. When estate administration becomes difficult and overwhelming, relatives of the deceased may want to seek the advice and assistance of an experienced attorney.