12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

How to Secure Your Assets and Avoid Probate in Michigan Center, MI

How to Secure Your Assets and Avoid Probate in Michigan Center, MI


Put not your trust in money, but put your money in trust.
 
- Oliver Wendell Holmes


Probate can tie up property for months, sometimes more than a year. And, it can be expensive - attorney and court fees can eat up to 5% of an estate's value. Most of what happens during probate is essentially clerical - legal research, drafting and clerical processes.

Probate involves inventorying and appraising the property, paying debts and taxes, and distributing the remainder of the property according to the will. The probate attorney fills in forms and keeps track of filing deadlines and other procedural technicalities.
All of this expense and delay can be avoided with estate planning.

A Living Trust is just one of the many ways to avoid this court proceeding after your death and spare the surviving family the hassle and possible conflict when it comes to their inheritance. In addition to a living trust, you can choose other methods that are probate free. The best estate planning approach for you and your family depends upon your unique condition.

Estate Planning to Avoid Probate

Revocable Living Trust

A revocable living trust is a document similar to a will. It specifies your assets and who you want to inherit various assets. It is a probate free way of ensuring that there will be clarity and minimal strife amongst your heirs. Essentially, you place your assets into a trust. After you pass away, your surviving family members can transfer your property quickly and easily, without probate. More of the property you leave goes to the people you want to inherit it.

Bank Accounts that are Payable-on-Death (POD)

Bank and retirement accounts can be converted to payable-on-death (POD) accounts. This can be done by filling out a simple form naming your beneficiaries. No more probate proceedings, the money will go directly to your POD beneficiaries with your bank or financial services provider. The same can be done for securities and vehicle registrations and in some states, real estate, as well. Upon you death, all these assets automatically transfer to your POD beneficiary without going through probate.

You can avoid probate by owning property as follows:

1. Joint tenancy with right of survivorship. A surviving owner of a joint tenancy automatically inherits the property of the one who passes away without undergoing probate.

2. Tenancy by the entirety. This is similar to joint tenancy but can only be applied to married couples or registered same sex partners. It is also probate-free.

3. Community property with right to survivorship. Refers to properties located in different states that is co-owned by married couples. If one partner dies, the surviving part automatically owns the assets.

Gifts

Probate can also be avoided by giving away your property while you are still alive. If you no longer own the asset when you die, it won't go through probate. Most gifts are also not subject to federal gift tax.
 
Personalize & Print a Free MI Last Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Personalize & Print a Free MI Living Trust Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
Page 12
Page 13
Page 14
Page 15
Page 16
Related Legal Services near Michigan Center, MI
Timothy M Williams Law Offices
366 S Jefferson St
Mason, MI 48854
(517) 244-9900
General Practice Attorneys, Attorneys, Legal Service Plans
Michelle D. Huerta P.C.
37637 5 Mile Rd Ste 265
Livonia, MI 48154
(248) 449-9366
Family Law Attorneys, Attorneys
Worman Dixon & Manis
106 E Ash St
Mason, MI 48854
(517) 244-9100
Attorneys, Legal Service Plans
Herbert & Wood
102 S Maple St
Manistique, MI 49854
(906) 341-8189
General Practice Attorneys, Attorneys, Legal Service Plans
Runyan Timothy
27488 5 Mile Rd
Livonia, MI 48154
(734) 525-7711
Attorneys
Kathryn Denholm Atty
210 1/2 Oak St
Manistique, MI 49854
(906) 341-7628
General Practice Attorneys, Attorneys, Legal Service Plans
Rajt Mark T
29105 Buckingham St # 8
Livonia, MI 48154
(734) 762-7540
General Practice Attorneys, Attorneys, Legal Service Plans
James McCann Attorney
32437 5 Mile Rd
Livonia, MI 48154
(734) 421-7333
Probate Law Attorneys, Attorneys, Legal Service Plans
Haddock J L
29240 Buckingham St # 8C
Livonia, MI 48154
(734) 427-7000
Attorneys, General Practice Attorneys, Bankruptcy Services, Bankruptcy Law Attorneys
J L Haddock Law Offices
29240 Buckingham St
Livonia, MI 48154
(734) 427-7000
Attorneys,  Bankruptcy Services,  Bankruptcy Law Attorneys,  General Practice Attorneys
Jennifer Goble, Process Server
16782 Merriman Rd
Livonia, MI 48154
(248) 426-6881
Collection Law Attorneys, Legal Document Assistance, Process Servers
Ficaj Roman J
15461 Middlebelt Rd
Livonia, MI 48154
(248) 645-6800
General Practice Attorneys, Attorneys, Legal Service Plans
Larkin Legal Services PC
33680 5 Mile Rd
Livonia, MI 48154
(734) 422-6688
Personal Injury Law Attorneys, Attorneys, Criminal Law Attorneys
Larkin Joseph W Atty
33680 5 Mile Rd
Livonia, MI 48154
(734) 422-6688
General Practice Attorneys, Attorneys, Legal Service Plans
Noud & Noud
155 W Maple St
Mason, MI 48854
(517) 676-6010
Accident & Property Damage Attorneys,  Attorneys,  General Practice Attorneys,  Legal Service Plans
Gallagher Niemann & Mauti
14881 Farmington Rd
Livonia, MI 48154
(734) 422-5955
Estate Planning Attorneys, Attorneys, Family Law Attorneys, Divorce Attorneys, Business Law Attorney
Creighton McLean & Shea PLC
14881 Farmington Rd
Livonia, MI 48154
(734) 422-5900
Legal Service Plans,  Criminal Law Attorneys,  Divorce Attorneys,  Estate Planning Attorneys,  Famil
Criminal Legal Services
32850 Five Mile Road
Livonia, MI 48154
(248) 662-5411
Criminal Law Attorneys, Domestic Violence Attorneys, Drug Charges Attorneys, DUI & DWI Attorneys
Fried & Associates PC
33300 5 Mile Rd Ste 105
Livonia, MI 48154
(734) 421-5055
Probate Law Attorneys,  Tax Attorneys,  Attorneys,  Wills, Trusts & Estate Planning Attorneys
Devine F Patrick
33470 Lyndon St # 100
Livonia, MI 48154
(734) 261-4944
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Juvenile Law Attorneys,  Wills, Trusts
Harnett Thomas
33680 5 Mile Rd
Livonia, MI 48154
(734) 422-4360
Attorneys
Stevens David A
15530 Farmington Rd
Livonia, MI 48154
(734) 421-4220
Criminal Law Attorneys, Attorneys, Legal Service Plans
Polak & Iler
33300 5 Mile Rd
Livonia, MI 48154
(734) 422-3430
Attorneys, Legal Service Plans
Young Randy & Lisa
4123 Saint Clair Hwy
East China, MI 48054
(810) 329-3384
General Practice Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US