Probate Law
The Probate Court and the probate of estates, whether a will is in existence or not, is required to transfer ownership from the deceased person to his or her heirs, survivors, and anyone designated in a will. In Michigan the probate process is efficient, inexpensive, and the time periods are short from start to finish. Michigan allows independent administration and informal proceedings that minimize court involvement and allow the savings of money and the completion of a probate estate in a short period of time. Over 75% of all probate estates are opened and closed in this manner without a formal hearing in a court room. Typically, the advantages of this system should be considered when the creation of a trust is considered. For most families, wills and independent probate are cheaper and quicker than a trust which requires the transfer of ownership of assets to a trust, and administration of a trust after death.
You can afford a good attorney.
After a death, an attorney can be of assistance in the following areas:
- Reading and explaining the will
- Reviewing issues of Social Security
- Reviewing issues of Veteran’s benefits
- Reviewing life insurance policies
- Reviewing the ownership of property and property transfers near the time of the death of the individual
- Reviewing matters of real estate
- Reviewing bank and investment accounts regarding probate or automatic transfers to joint owners and beneficiaries without the need for probate
- Stock and bonds
- Income tax reporting
- Safe deposit box
- Automobile titles. These can be transferred without probate
- Inheritance tax. Generally inheritance tax is applied only to very large estates. The fee on Probate estate assets is less that 4% on an estate valued at $100,000 ($362.50)
- Debts. Certain debts are the responsibility of the probate estate. Advice is needed as to what the obligation of the estate is for individual debts of the deceased
- Procedures must be followed regarding notification of creditors
- Procedures must be followed regarding notification of heirs and beneficiaries in a will
- Certain procedures must be followed for making claims against the estate for any debt owed by the decedent
- Court rules apply regarding rights of the surviving spouse and minor children regarding living expenses, exempt property, priorities
- Trusts. The planning, drafting, and use of a trust for preservation of assets require careful legal analysis. A trust based estate plan generally costs more than a will based plan because of the extent and value of the assets. A review and discussion with an attorney is essential and care should be made to avoid “trust mills” and “trust kits” which are provided by marketing and promotional campaigns designed to sell a product without careful consideration of individual circumstances
- Funeral home arrangements