People often ask if they need to wait until after a decedent's estate closes in order to sell the deceased loved one's house. This is a common misconception and nothing could be further from the truth. The sale process may be completed while the estate is open.
As many Michigan readers know, estate planning is often associated with people who are wealthy or possess valuable assets. In reality, an estate plan is a practical and beneficial step for people of all income levels. Anything that a person owns, including vehicles, homes or a retirement portfolio is considered to be part of a person's estate and may be passed to loved ones after the owner passes away.
Having an estate plan in place long before it is needed is a responsible step most people take the time to make. However, there may still be room for mistakes or mishaps even after a person has had an estate plan drafted and put into effect. By drafting a comprehensive estate plan and then ensuring the details are managed correctly, Michigan family members can ensure wishes are upheld and an estate is handled as envisioned.
It is wrong to assume that only married couples with children and a significant amount of assets should worry about creating an estate plan. Any single adult who has assets in his or her name needs to ensure an estate plan is in place, and the plan needs to reflect the individual needs and wishes of that single person. While the basics may mirror the needs of any married couple in Michigan, there are unique needs a single person needs to reflect upon when creating that estate plan.
All estate plans are highly personal, yet many people fall prey to the same common mistakes when drafting their plans. By being aware of the most common mistakes found in estate plans, Michigan families can prevent those mistakes from causing problems after loved ones have passed. These common estate plan mistakes can cause a great deal of family strife and become financially painful.
An individual or family may work for years or even generations to establish a successful small business. If the owner or owners fail to have a comprehensive and smart estate plan in place early on, that small business can be at risk for failure in the event that an owner or invested partner passes away. Statistically, only a small percentage of family businesses are passed down to the next generation successfully. With the right estate plan in place before it is needed, a Michigan family can beat those odds.
When an estate plan is mapped out and put into motion, the duties of those involved should be clearly outlined and defined, preferably before attending to those duties is necessary. Knowing what role a person is accepting is as important as acting as an estate administrator, and it should not to be taken lightly. Michigan families may want to explore any potential issues or problems to ensure the estate administration process goes smoothly when the time comes to implement the plans.
Many people may think that if they have completed a comprehensive estate plan that once they die things will be taken care of for them. While estate planning is very important, an estate administration process will still be necessary following a Michigan resident's death.
No matter how big an estate a person leaves behind when they pass, some issues will need to be attended to. There could be bills to pay and assets to sell or give away. Rarely, do people have zero estate administration issues following their death. In order to deal with these issues, Michigan residents need to create an estate plan. This plan, which will likely include a will, can handle all foreseeable estate issues. Part of this plan should also include naming an executor of the estate.
If you own a successful business in Michigan, no matter what your age is, it's time to start thinking about passing the business on to your successors. Many admirable entrepreneurs are so immersed in business operations that they become in large part defined by decisions related to the company, so it becomes difficult to let the business fall under the control of other parties, even if they're family members.