When you and your family are mourning the death of a loved one, the last thing you should need to worry about is the often complicated probate process. Likewise, if you are going through the estate planning process, there are steps you can take to help your family avoid the probate process.
At Galloway and Collens, PLLC, our lawyers have a deep knowledge of Michigan probate law that they can use to help you use the right strategies to help your beneficiaries avoid the probate process.
We serve clients in the Detroit metro area and throughout Michigan. Call us today at 248-545-2500 to schedule a consultation.
Finding The Strategies That Work Best For You
One of the more common strategies that many Michigan families use to avoid probate is establishing a living trust. This allows you to transfer all of your assets into a trust that you manage. You then designate a trustee to take over the trust after your death, and the trustee will distribute assets outside of the probate process.
Other strategies to avoid probate can include:
Joint ownership — This works well for married and unmarried couples who acquire property together, such as real estate, vehicles or other large purchases. Upon death, the property passes to the other owner without going through the probate process.
Payable-on-death and transfer-upon-death — These are designations that Michigan law allows you to make on financial assets, such as bank accounts and stock portfolios. The account merely transfers to the designated beneficiary.
Our lawyers have worked with families of all sizes who have all types of assets. We understand that most families do not want to deal with the probate process after the loss of a loved one. Our attorneys will sit down with you and help you find the estate planning approach that fits your unique needs.
Contact Galloway and Collens, PLLC, For Help
Getting clarity on these issues now will benefit you and your family in the long run. To get peace of mind knowing that your estate is in good hands, schedule a consultation with one of our attorneys by calling 248-545-2500.