Probate, Trust Law & Estate Planning

Probate Law deals with all matters relating to the transfer of property following an individual’s death. Typically, people declare their intentions regarding the disposal and transfer of their property in a will. After their death, their property is accounted for and assembled, any outstanding debts are paid by their estate, and then the property in question is distributed according to the provisions set down in the will. In cases where individuals have minor children, a will can also establish guardianships for these children to ensure their care following the individual’s death.Estate Planning involves a process by which an individual seeks the counsel of a variety of professionals in order to minimize any uncertainty regarding their intentions regarding what will be done with their assets following their death.

Additionally, estate planning is often employed in order to minimize taxes and maximize the value of an estate. Experts who might be involved in estate planning include lawyers, accountants, financial planners, life insurance advisors, bankers, and stock brokers. These professionals should be familiar with you goals and concerns, your assets and how they are owned, and your family structure.The Nickerson Law Firm can aid you in Estate Planning and in dealing with all of the ramifications of Probate Law. Simply put, proper planning can ensure that the courts will not be able to take control of your affairs and your assets after your death. There are several mechanisms which can be employed to accomplish this goal. Among them is a living will or durable Power of Attorney, which establishes whether you do or do not want any artificial life support systems to be used in the course of your medical care. A durable power of attorney (or medical power of attorney) gives authority to an individual whom you may designate to make decisions regarding your medical care and treatment in the event that you are not able to make those decisions yourself.

Similarly, a durable power of attorney for property gives authority to an individual whom you designate to act in your stead to handle financial matters if you are incapacitated.Proper Estate Planning also helps to avoid conservatorship proceedings. The courts will only engage in such proceedings if it is determined that you can no longer take care of your own affairs, or if you have not made adequate provisions for your care. Aside from placing personal decisions in the hands of the court, conservatorship proceedings can be very costly and therefore substantially reduce the value of your estate. Clearly, then, it is vital to have a plan in place to deal with such circumstances if they should occur.

Additionally, you may wish to consider establishing at trust, a legal device which is used to hold property. A trust is designed so that you can place specific conditions on how your assets will be distributed after you die. Trusts can often also be used to reduce the tax burden on an estate and to expedite the distribution of your assets by avoiding the involvement of a probate court. There are many different types of trusts, including living trusts, revocable trusts, irrevocable trusts, and special needs trusts. The Nickerson Law Firm can help you determine which ones best suit your needs and goals.

Call the Nickerson Law Firm today at 810-987-3009, whether you need assistance in estate planning, probate, estate administration, trust administration, or trust litigation. These issues are of vital importance to your family and to ensuring that you leave a lasting and proper legacy.For more information about probate law in Michigan, visit our Frequently Asked Questions page.