How to Distribute a Probate Estate

You’ve got a probate estate open and you’re the personal representative, but don’t know how to fully administer the estate. Plus, you must pay creditors, settle all the debts, pay all the exemptions, allowances and administrative expenses. Let’s go over on how to distribute an estate. Once you’ve liquidated all the estate assets and are [...]

How to Retrieve Money from a Small Estate

Sometimes an estate doesn’t have a lot of money. Sometimes so little that you don’t even want to open a probate estate. Only question is, how can you avoid opening a probate estate and still retrieve the money? We’ll go over a particular process in the State of Michigan known as “Affidavit of Decedent’s Successor [...]

2020-06-15T12:13:27-04:00Thursday, January 9, 2020|Assets, Probate|0 Comments

Aretha Franklin: What Her Wills Show Us

News broke earlier this week that the late Queen of Soul, Aretha Franklin, had wills written out that were found between her couch cushions. What these wills represent are something called holographic wills. A holographic will is a will, but it ignores some of the formalities that go into putting together a will. Such formalities [...]

2019-05-22T10:31:39-04:00Wednesday, May 22, 2019|estate plan, Estate Planning, Probate, Will|0 Comments

Undue Influence: Recognize the Signs. Stop the Abuse.

Your aunt was in a car accident. Thankfully she made it through, but the injuries she sustained required that she have a full-time caregiver. Your cousin, her eldest, adult child, took up the role. You visit your aunt frequently, and you have noticed she is not making rational decisions that are in her best interest [...]

Probate? Attorney Fees? How Am I Supposed to Afford All of This?

For many, investing money in anything results in our guilty consciences needling us with a million questions: “Do you really need this?” “Will it make me happier or make my life easier?” And, of course, “How am I going to pay for this?” Hiring a probate attorney is undoubtedly one of those investments. Admittedly, attorneys [...]

Will Your Business Die With You?

As warm summer breezes slowly transform into cool Fall days, we begin dusting off the to-do list we started pre-June. For many, it’s weighted by our every-day business needs: preparing for tax season, annual reports, charitable holiday giving, and rearranging our work schedules to better align with our kids’ new school schedules. While I’m sure [...]

MY LOVED ONE DIED AND I AM NOMINATED PERSONAL REPRESENTATIVE. HELP!

 Losing a loved one is a tragedy that everyone will eventually face. It can be overwhelming to cope with a loss, not to mention the stress of learning and managing your responsibilities as Personal Representative (PR). But, there’s no need to fret - we are here to walk you through your responsibilities. First: Commit First, [...]

DEBT AFTER DEATH

It is very difficult to live an entirely debt-free life. Purchasing big-ticket items is a way of life (think homes, cars, and luxurious vacations) not to mention the things we need to pay for every month, like utilities, insurance, taxes, and medical bills. We do our best to pay off all of our debts, but [...]

WHY WE TRUST TRUSTS

The Why So, why do you need a trust? Well, the answer is like the answer to many legal questions: “It depends!” In order to determine whether you need a trust, you must consider your specific estate planning needs or, in other words, which arrangement provides you the most favorable cost-to-benefit ratio. Recall that a [...]

IN TRUSTS WE TRUST

A Lesson In History The Uniform Trust Code (UTC) was coordinated by legal practitioners across the country to standardize and simplify state trust code in 2000, and was last amended in 2010. Since then, many states have completely or, at least, partially adopted the UTC. Estates and Protected Individuals Code (commonly called EPIC) is Michigan’s [...]