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Estate Administration

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Estate Administration, Estate Planning, Wills and Trusts
March 31, 2023

When it comes to our children, we all plan for the future. We consider school districts when buying a house, find activities that fit their interests, sacrifice weekends to take them to practice or events, save money for college and try to instill in them different skills and values that will help in life. In all that planning, it is crucial to also include your wishes if something happens to you. Choosing someone to be guardian can be a difficult decision....

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Estate Administration, Estate Planning
February 13, 2023

Losing a loved one can be a challenging time. It can quickly become difficult or frustrating without a plan of action or an idea of where to begin. There are a few initial steps you can take after the death of a loved one to try to make this process a little less overwhelming. The first step is to do those things that are time sensitive. This would include notifying family members and close friends of your loved one’s passing. It...

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Asset Protection, Estate Administration, Estate Planning
October 21, 2022

An estate plan often focuses on property such as financial accounts, jewelry, real estate, and vehicles. However, in this age of technology, it is important to remember to include your digital assets. Planning for your digital assets can help ensure they pass to your loved ones, instead of getting lost in the cloud simply because no one knew about them. Also, by including them in your plan, you can better secure your information and prevent identity thefts. Your digital legacy...

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Estate Administration, Estate Planning, Marketing, Wills and Trusts
February 5, 2018

Do you own property as joint tenants? Have you considered the planning pitfalls of this way of owning property? Ownership as joint tenants is so pervasive in our society that we don’t look at its downsides. In joint tenancy, each person owns the entire asset, not a part of the asset. This legal fiction of two or more people owning 100 percent of the same asset is derived from the full name given to joint tenancy: joint tenancy with right of...

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Estate Administration
February 5, 2018

A recent article published on wealthmanagement.com[1] focuses on the importance of making final arrangements prior to death. The article highlights famous cases of Anna Nicole Smith, Ted Williams, and Mickey Rooney.  In each, the families fought over the deceased burial wishes. In Michigan, a recently updated law (MCL 700.1104 et al.) allows a person to designate a funeral representative who would have the right and power to make decisions about funeral arrangements and the handling, disposition, or disinterment of the person’s...

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Estate Administration, Estate Planning
January 17, 2018

The headline reads: Michigan mother-of-two 'stole $200,000 from life insurance policy her teen daughters received when their father died' The headline leaves us asking, “how did this happen and why would a mom do this?” After reading the story, we learn that the mother was divorced from the father and then the father passes away leaving his minor children as the beneficiary on the life insurance policy. Since minors cannot inherit until 18, a conservator was appointed to manage the money. In...

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