Estate planning is something everyone should do, whether they have millions of dollars in assets or just a modest home and a few hundred dollars in the bank. By taking the time to meet with an estate planning attorney, you can ensure all of your finances are in order so that when you die, your loved ones will not have to deal with the stress of settling your estate in probate court. The Best Estate Planning Lawyer in Ann Arbor MI can give you advice that may take a lot of pressure off of your loved ones and allow them to grieve instead of worrying about how they will settle your estate in court.
Probate court is where property is awarded to family members after a person dies who didn’t take estate planning seriously. While some assets can be passed directly to heirs without going through probate, such as bank accounts and retirement funds that have beneficiary designations, other property must be legally transferred. Estate planning can ensure that legal transfer is made without the involvement of the court. A written will is not enough to keep your case out of probate.
Many people prefer that their final affairs are handled privately. Estate planning through trusts ensures that a person’s assets are not on display to the public and anyone with an Internet connection or access to the local courthouse cannot find out what assets were transferred to family members and who, if anyone, was left out. Your family’s business can remain your family’s business if you talk to the Best Estate Planning Lawyer in Ann Arbor MI and create an estate plan that keeps your estate out of probate court.
In some cases, a young person dies without planning their estate and their case has to go through probate court. A close family member is typically assigned as the executor and is put in charge of settling the debts and distributing assets. Executors often hire attorneys to help them handle the legal intricacies of probate court so tier loved one’s debts are paid off or settled, children are taken care of and assets are distributed to the proper people. Get more details by visit Hermanowskilaw.com today.