Easy Questions  
Free Legal Documents

How to Secure Your Assets and Avoid Probate in Barbeau, MI

How to Secure Your Assets and Avoid Probate in Barbeau, MI


Put not your trust in money, but put your money in trust.
 
- Oliver Wendell Holmes


Probate can tie up property for months, sometimes more than a year. And, it can be expensive - attorney and court fees can eat up to 5% of an estate's value. Most of what happens during probate is essentially clerical - legal research, drafting and clerical processes.

Probate involves inventorying and appraising the property, paying debts and taxes, and distributing the remainder of the property according to the will. The probate attorney fills in forms and keeps track of filing deadlines and other procedural technicalities.
All of this expense and delay can be avoided with estate planning.

A living trust is just one of the many ways to avoid this court proceeding after your death and spare the surviving family the hassle and possible conflict when it comes to their inheritance. In addition to a living trust, you can choose other methods that are probate free. The best estate planning approach for you and your family depends upon your unique condition.

Estate Planning to Avoid Probate

Revocable Living Trust

A revocable living trust is a document similar to a will. It specifies your assets and who you want to inherit various assets. It is a probate free way of ensuring that there will be clarity and minimal strife amongst your heirs. Essentially, you place your assets into a trust. After you pass away, your surviving family members can transfer your property quickly and easily, without probate. More of the property you leave goes to the people you want to inherit it.

Bank Accounts that are Payable-on-Death (POD)

Bank and retirement accounts can be converted to payable-on-death (POD) accounts. This can be done by filling out a simple form naming your beneficiaries. No more probate proceedings, the money will go directly to your POD beneficiaries with your bank or financial services provider. The same can be done for securities and vehicle registrations and in some states, real estate, as well. Upon you death, all these assets automatically transfer to your POD beneficiary without going through probate.

You can avoid probate by owning property as follows:

1. Joint tenancy with right of survivorship. A surviving owner of a joint tenancy automatically inherits the property of the one who passes away without undergoing probate.

2. Tenancy by the entirety. This is similar to joint tenancy but can only be applied to married couples or registered same sex partners. It is also probate-free.

3. Community property with right to survivorship. Refers to properties located in different states that is co-owned by married couples. If one partner dies, the surviving part automatically owns the assets.

Gifts

Probate can also be avoided by giving away your property while you are still alive. If you no longer own the asset when you die, it won't go through probate. Most gifts are also not subject to federal gift tax.
 
Edit, Download, & Print a Free
Michigan Last Will
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Edit, Download, & Print a Free
Michigan Power of Attorney
Page 1
Page 2
Page 3
Page 4
Page 5
 
Edit, Download, & Print a Free
Michigan Living Trust
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
Page 12
Page 13
Page 14
Page 15
Page 16
Related Legal Services near Barbeau, MI
Mark N Awada Law Office
35957 Mound
Sterling Heights, MI 48310
(586) 801-9745
Attorneys, General Practice Attorneys
Bobay Thomas P
3626 Dunckel Rd
Lansing, MI 48910
(517) 853-9595
Attorneys,  Social Security & Disability Law Attorneys,  Corporation & Partnership Law Attorneys,  L
Fleck Charles A
208 E Mount Hope Ave
Lansing, MI 48910
(517) 484-8811
Attorneys, Legal Service Plans
Antkoviak & Antkoviak PC
416 Hubbard St
Allegan, MI 49010
(269) 673-8468
Attorneys, Legal Service Plans
Nolen Michael J
3626 Dunckel Rd
Lansing, MI 48910
(517) 333-8451
Attorneys
Kastran Stephen A
313 Hubbard St
Allegan, MI 49010
(269) 673-8407
Attorneys, General Practice Attorneys, Legal Service Plans
Livingston Clarence L
1091 37th St
Allegan, MI 49010
(269) 673-8363
Accident & Property Damage Attorneys
Elias Kafantaris
1515 W Mount Hope Ave
Lansing, MI 48910
(517) 482-8337
Attorneys
De Mott Russell A
1244 Lincoln Rd
Allegan, MI 49010
(269) 686-8330
Attorneys
Goldman & Lulgjuraj Law Offices
2107 E 14 Mile Rd Ste 140
Sterling Heights, MI 48310
(586) 939-8299
General Practice Attorneys, Attorneys, Legal Service Plans
Green Emily F
327 Hubbard St # A
Allegan, MI 49010
(269) 673-8224
Attorneys, Legal Service Plans
Frank R Langton & Assoc
33200 Dequindre Rd Ste 100
Sterling Heights, MI 48310
(586) 268-8200
Personal Injury Law Attorneys, Attorneys, Labor & Employment Law Attorneys
Allegan Law Offices
327 Water St
Allegan, MI 49010
(269) 673-8133
General Practice Attorneys, Attorneys, Family Law Attorneys, Legal Service Plans
Klein Paul W
126 Locust St
Allegan, MI 49010
(269) 686-7400
Attorneys, General Practice Attorneys
Wolf Heidi L PC
217 Hubbard St
Allegan, MI 49010
(269) 673-7273
Attorneys, Legal Service Plans
Verde Holly
141 Brady St
Allegan, MI 49010
(269) 673-5800
Attorneys, Family Law Attorneys, General Practice Attorneys, Legal Service Plans
Boumis Law Offices PC
4001 Norfolk Ct
Lansing, MI 48910
(517) 393-5563
Attorneys, Criminal Law Attorneys
Yee, Marshall A - Kempf & Yee
913 W Holmes Rd Ste 130
Lansing, MI 48910
(517) 580-5379
Attorneys Referral & Information Service, Attorneys
Pierson David E
1305 S Washington Ave # 102
Lansing, MI 48910
(517) 482-4890
Attorneys, Legal Service Plans
The Bankruptcy Law Center
913 W Holmes Rd
Lansing, MI 48910
(517) 393-4545
Bankruptcy Law Attorneys,  Attorneys,  Bankruptcy Services,  Business Bankruptcy Law Attorneys,  Gen
Buczkowski Leonard J
5584 Metropolitan Pkwy
Sterling Heights, MI 48310
(586) 795-4500
Attorneys
Kempf Robert
913 W Holmes Rd
Lansing, MI 48910
(517) 394-4430
Bankruptcy Law Attorneys,  Credit & Debt Counseling,  Attorneys,  General Practice Attorneys,  Legal
Brian Richards
1005 S Washington Ave
Lansing, MI 48910
(517) 372-3919
Immigration Law Attorneys,  Attorneys,  Legal Service Plans,  Administrative & Governmental Law Atto
Smith Kenneth I & Assoc
4215 S Pennsylvania Ave
Lansing, MI 48910
(517) 393-3660
Attorneys,  Estate Planning, Probate, & Living Trusts,  Real Estate Attorneys,  Adoption Law Attor
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US