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Trust Administration Archives

Trustees play important role in new musical study in Michigan


Most people want the best for their families when they pass. They want to ensure that their families have the financial security and support they need. Other times, people have valuable property that needs to be maintained for years after a person's death.

Michigan residents may want to consider a bypass trust


People work their entire lives in order to be able to live comfortably. Over time people acquire personal property that help people enjoy life and eventually retire. A lot of the time, people will have money or other assets that they want to be able to pass on to their family when they die. Since people cannot take assets with them, certain legal tools have developed so people can distribute their assets.

How are jointly owned accounts distributed to beneficiaries?

Let's talk about joint ownership of estate assets in Michigan. In particular, let's talk about when a parent decides to add his or her child to an account. In all likelihood, when the parent dies, ownership of the whole account will pass to the child.

Some asset protection benefits of creating a Michigan trust

How can people in Michigan plan for the unfortunate but real possibility that their heirs and beneficiaries will encounter debt problems or some other financially draining event such as divorce? This question too often goes unaddressed in estate planning, and the money that well-meaning estate planners intend for their loved ones sometimes ends up being divided in a divorce settlement or siphoned away to pay off debt.

Trust options in a new estate tax era

Estate tax laws have changed in the United States, and many Wayne County residents will need to revise their estate planning documents to keep up with the times. In anticipation of the changes, high-earners throughout the country established trusts in 2012 and took other estate planning measures to protect assets and limit tax liabilities.

Amicable end to 2008 Oakland County suit against trustee

The success or failure of a business corporation often depends on how smoothly the ownership and administration of the business is passed from the deceased founder to the heirs. Merely focusing on proper estate planning and ignoring estate administration can lead to prolonged litigation, which may affect the overall stability and growth prospects of the inherited businesses.

Michigan church ordered to surrender endowment to school

Incorporating an endowment into an estate plan allows Michigan residents to lend financial support to cherished foundations beyond the planner's own lifetime. Estate planning strategies typically include establishing specific conditions to preserve assets, regulate distribution and prevent inappropriate spending. A recent dispute involving a Michigan church demonstrates the role a detailed estate plan can play in protecting beneficiaries.

Trustees asked to improve disabled beneficiaries' lives

In many cases, trust beneficiaries are disabled, and Michigan residents who are in charge of trust administration may need to take steps to better a disabled beneficiary's life. In doing so, it's important to be aware of the legal rights of everyone involved.

Readers in Oakland County might be interested in some recent news about trust administration. On Dec. 31, a surrogate judge ordered two trustees to answer for the lack of use of an account that was provided to a disabled beneficiary. The judge is said to have criticized the trustees for failing to note the needs of the disabled man and failing to improve his life by spending the funds in ways that could help him.

Why was Joe Paterno's will made public?

After filing a request with the probate judge, the family of the late Joe Paterno was able to get his will sealed and thus unavailable to the public. The family recently reversed that course and gave up their quest to keep his will private. Why did they switch course? Most likely because it is a will and therefore must be filed in probate court for the court's approval before any assets can be distributed. When a will is filed in probate court it becomes a matter of public record. Michigan residents may be interested to know that Paterno's will did not contain anything out of the ordinary.

Caution Michigan readers, cliché filled estate story ahead!

A Chihuahua named Conchita has proven the old adage that every dog does indeed have his day or her day in this case, after a home that was bequeathed to the pooch and two others was recently sold for $8.4 million. Many Michigan residents can probably relate to pampering their pets in a variety of ways, perhaps not on such a grand scale as this story depicts, but have you considered what would happen to your pets if you were to suddenly be unable to care for them?

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