July 26, 2022
Tips to Avoid Probate in Michigan After the Loss of a Loved One
The death of a loved one is always difficult, but it can be even harder if you must go through probate in the U.S. Probate can be long and expensive, and it can take away from the time you may need to grieve. In this blog post, we will discuss how to avoid probate after the loss of a loved one. We will cover some of the most common methods of avoiding probate, and we will also discuss what to do if you are unable to avoid probate.
The most common way to avoid probate is to create a trust. A trust is a legal tool that allows you to transfer property outside of the probate process. With a trust, your heirs will receive your assets according to the instructions you’ve set forth in the document with minimal court involvement.
A living trust can also grant a certain level of privacy for you and your loved ones, as assets and property held in trust are not subject to the same amount of public scrutiny as those that go through a full probate process. This is important because probate court proceedings are public, meaning that details about the inheritance you are leaving behind to your beneficiaries are available to anyone for any reason, potentially exposing your loved ones to predators, harassment, or financial scams.
Another way to avoid probate is to transfer property directly to a named beneficiary. This can be done on any account that has a beneficiary designation, such an insurance policy or retirement account. When you transfer assets in this way, they can completely bypass the probate process.
Assets held jointly with someone will also avoid probate. Think, for example, of a married couple who own a home together. After the death of one spouse, ownership of the property will transfer to the surviving spouse on the title without requiring court involvement.
Finally, if you are unable to avoid probate after the loss of a loved one, there are still things you can do to make the process easier. You can start by gathering all of the documents you will eventually need to provide to the court. This includes the will, death certificate, and any other relevant documents that spell out your loved one’s end-of-life wishes. You should also contact an <insert county> probate attorney who can help you with all of your obligations ranging from filing the will to having assets appraised and completing tax returns. Having the right team in place can help you get through the process quicker, easier, and with less stress.
If you are dealing with the death of a loved one, or you want to get your own affairs in order so that your loved ones avoid probate after your passing, it is important to seek legal advice. Our Michigan probate lawyers can help you understand your options and can guide you through the process of probate. Contact us today at 844-885-4200 to schedule a consultation.
Join our Weekly Wisdom Webinars
Estate Attorney and Advisor Chris Berry of Castle Wealth Group answers questions on retirement and estate planning every Wednesday at 1pm www.wisdomwebinar.com to register or give our office a call at 844-885-4200.