Trusts are frequently used in estate planning to improve on your estate plan and to provide for family issues. There are three main purposes for using a trust as a part of your estate plan. The purposes are: Saving estate…
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Any out-of-state interest in real estate must be probated in that state. If you own a vacation home in Michigan and a time share in Florida, an ancillary administration will have to be opened in Probate Court in those states…
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The executor, administrator and trustee are also called fiduciaries. This is because they owe the estate, trust, and the beneficiaries of the estate or trust a fiduciary duty to act in the best interest of the estate, trust, and the…
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There are three main purposes for using a revocable living trust as a part of your estate plan. The purposes are: Reduce or eliminate estate taxes Control over the beneficiary’s inheritance Probate avoidance During life, the creator of a Revocable Living…
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The term estate planning is very broad and encompasses everything from preparing a basic power of attorney to complex planning. The process of estate planning simply means creating written legal documents to define your wishes for a period when you…
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No, when a person dies, the power of attorney immediately terminates. The attorney-in-fact named in the power of attorney document has no legal authority to transact business on behalf of the decedent. After someone passes away, the authority to act…
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