Probate & Trust Administration
In Michigan, following an individual’s passing, their assets may be handled in various ways. Probate and trust administration matters can be complex, especially when someone passes away without a will in place. The dedicated and caring attorneys at LoPrete, Lyneis & Carnwath, P.C., understand how challenging these issues can be, which is why we’re committed to working closely with every client to help them navigate each step as smoothly and confidently as possible.
What Does Probate Entail in Michigan?
Probate is a process where assets are distributed to beneficiaries in your will or in your trust. In the event that you have minor children, a will allows you to properly document your wishes regarding an appointment of a guardian for your children following your passing. If you do not have a will, the probate court will appoint a personal representative for your estate and will also have the authority to appoint a guardian for your minor children. Additionally, if you do not have a will, your assets will pass to your heirs-at-law according to Michigan statutes rather than your designated beneficiaries according to the wishes in your will. Our attorneys are experienced in the probate process and have the necessary expertise to guide you throughout the process.
What Does a Trust Entail?
A trust is either revocable or irrevocable, and it allows you to keep information regarding your assets more private by avoiding the probate court. A trust also allows you to pass along your assets to your beneficiaries more smoothly and cost-effectively upon your passing.
If assets are held in the name of a trust, court intervention may only be necessary if the trustee or a beneficiary requests the assistance of the probate court to settle a dispute or resolve an ambiguity regarding the trust document. The successor trustee will collect and preserve the assets, handle the payment of expenses and the filing of the requisite tax returns, and ultimately distribute the trust assets to the individuals named in the trust agreement.
If you have a revocable trust, you can revise the terms at any time. However, an irrevocable trust may not be revoked or modified during your lifetime. There are benefits to both revocable and irrevocable trusts; we encourage you to discuss these options with us in greater detail to determine the best estate planning tools that will suit your needs.
Contact Us Now for Your Probate and Trust Administration Needs
Our estate planning attorneys can assist with administering the decedent’s will and any trusts they have established. Our goal is to draft documents appropriate to your unique estate planning needs. We offer trusted legal guidance to the personal representative and/or trustee in all aspects of the administration process to assure an expeditious administration with the optimum tax advantages.
Do you need assistance with your probate and trust administration in Michigan? Do you have legal questions? Please contact LoPrete, Lyneis & Carnwath, P.C. at (248) 594-5770 to get started.
Our attorneys can assist with probate and trust administration to ensure that assets are properly administered to loved ones. We’re here to work with you to identify the most strategic path forward.
