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Where Do I File a Guardia…

Where Do I File a Guardianship in Michigan?

Where Do I File a Guardia… In Michigan you file a guardianship in probate court. Every county in Michigan has a probate court, and you must file within the appropriate county for your case. There are two options when selecting the venue to file for a guardianship. Read More
Michigan Probate Answers

Michigan Probate Answers

Michigan Probate Answers If you've come to this channel, you've probably reached a crisis point as a family. It could be that you don't know where to start with probate administration for a trust or an estate or that a family member has recently become incapacitated and you don't know what to do about guardianship and conservatorship. The reason I started this Michigan Probate Answers is to provide you with some straightforward answers to those probate questions. Read More
Personal Representative o…

Personal Representative or Executor

Personal Representative o… What information is a beneficiary entitled to receive from an estate’s personal representative? As a beneficiary of an estate, you probably want to know what you have been left and how the estate is being administered. The law in Michigan requires a Personal Representative to give you certain information as the heir of an estate. See the list provided below for what pieces of information Michigan law requires are provided. Copy of the Will – This is provided to you at the opening of the estate. Inventory – The personal representative has 91 days to gather information about the assets of the estate and then you will be provided with an inventory of those assets. Sometimes a personal representative may discover an asset after this three month period, in which case you will receive an amended inventory. Accounting – If the estate lasts more than a year or is closed and the type of estate requires an accounting to be done, you are entitled to an accounting which details all the income that has come into the estate as well as the expenses of an estate. If your personal representative is not providing you with the information that is required by law, you can go to court and ask for the court to order the personal representative to provide you with this information. If they still do not do so, you have the right to go back to court and ask the judge to replace your personal representative. Share this:ShareClick to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Twitter (Opens in new window) Read More
Do I Need a Trust?

Do I Need a Trust?

Do I Need a Trust? Though a trust is not a necessity in an estate plan, it can be a very useful tool. Below are just a few examples of why including a trust in your estate plan might be beneficial to you. If you are a parent to minor children – If there is only a last will and testament naming your children as beneficiaries of your estate in place when you pass, your children will receive their inheritance once they turn 18. Though 18 is legally considered the age of adulthood, often parents may feel it is too young to inherit a large sum of money. Trusts allow you as a parent to have more control over when they can receive the assets, what the assets should be used for, and how they receive the assets. If you are a private person or have family conflict – If you distribute your assets via will your estate will enter into probate upon your passing which is a public proceeding. This means that any of your heirs, whether they have been named as a beneficiary to your estate or not, will be entitled to a copy of your will. If you distribute your assets in a trust, that is a much more private proceeding and can protect your distributions from those who you may not want to see your assets. If you are wealthy – If you have a great amount of wealth and there may be some taxable consequences to your estate, trusts have some provisions and mechanisms that allow for tax planning. These are just a few reasons why you may want to include a trust in your estate plan. For more information, contact Suzanne Fanning to schedule a consultation to discuss what is best for you and your legacy. Share this:ShareClick to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Twitter (Opens in new window) Read More
Do I Need a Will?

Do I Need a Will?

Do I Need a Will? When you begin creating your estate plan you may ask yourself, “Do I need a will?”. A will is often referred to as the foundation of every estate plan and can be incredibly helpful in many situations. If you have minor children – If you are the parents of minor children you may be worried about their futures in the case that both parents are unable to care for them. A will allows you to name a guardian and/or a conservator for your children. This ensures that a person of your choosing will care for your children as well as oversee their financial and legal affairs. If you want your assets to go to certain individuals – If upon your passing, you would like your assets to be inherited by specific individuals, or if there are certain family members that you do not want to have access to your estate, a will allows you to make these distinctions. If you want to name the person who will manage your estate – If there is a specific individual or a third party that you feel would be best to manage your estate, you can name that person in your will and the court will then appoint them to manage your estate upon your passing. A will is a very important component of your estate plan and can help you accomplish many things. If you are thinking of starting estate planning, or would like to modify your current estate plan, contact Suzanne Fanning for a consultation today. Share this:ShareClick to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Twitter (Opens in new window) Read More