When a person in Michigan prepares an estate plan, his or her will may indicate that certain bequests be made. These bequests may be made to family members, friends, charitable organizations or other recipients as indicated in the document. However, there are other factors to consider besides simply including the bequests in a will to ensure the wishes of the deceased are carried out. These factors can impact trust and probate administration.
Which estate planning tools do I need? This is a common question among Michigan residents as they look to the future and the best way to handle their property. There is often confusion regarding the need for a will, a trust or perhaps both. Additionally, many individuals express concern related to trust and probate administration.
How and when to transfer assets to beneficiaries can be a difficult decision for many Michigan residents. Some prefer the traditional process of wills and probate. Others, however, look for ways to save and make the process easier. A careful analysis of how the trust and probate administration process affects the individual's estate can help one decide the best way to transfer assets.
Estate planning is an important part of protecting one's family and estate. Upon death, the Michigan resident's assets will be distributed to others. How this is handled and who receives what is often part of the estate plan. As such, there are a number of aspects, including trust and probate administration, that need to be considered.