Article published by : smith clea on Friday, February 28, 2020

Category : Legal

How An Estate Planning Attorney Can Help You Avoid Probate Court

People have a lot of different goals when putting together an estate plan. Some people are looking to protect themselves and their family in case of incapacity.

Others are trying to make sure they have a plan in place to take care of their young children in case they were to pass away. While some estate planning goals differ, one of the most common goals people have is to make sure their legacy and assets pass on to their loved ones in the most efficient manner possible.

Often times, this means avoiding probate court. To make sure the estate plan is done properly, people use the helpful services of an estate planning attorney to put a comprehensive plan together to make sure their estate plan is legally binding and structured properly to pass on their assets in the most efficient way possible.

Obstacles To An Efficient Transfer of Wealth

One of the biggest obstacles to transferring your money and property to your loved ones after you pass away is probate court.

In Michigan, without a living trust in place your family will have to go through probate court in order to receive your assets. It is a common misconception that a last will and testament avoids probate.

In Michigan, it’s actually your ticket to probate court. Probate court can be a long and expensive process that can take months and even years if someone contests your wishes.

As a result, this can significantly delay your family’s ability to inherit the money and property you wanted them to have in the first place. A lot of people want their family to receive their assets as soon as possible.

To do this, they use a popular alternative to a last will and testament.

An Estate Planning Attorney Can Help You With A Living Trust

If you want to avoid probate in Michigan, you can use services of an estate planning attorney to help you draft a living trust.

When you draft a living trust, you are known as the grantor. You transfer ownership of your assets from your name into the name of the trust. This is known as funding the trust.

Because your assets are now in the name of the trust instead of in your name, they are protected from having to go through probate after you die. As a result, your assets will be able to be transferred to your beneficiaries privately.

Probate avoidance is one of the major reasons people choose to set up a living trust.

The Conclusion :

One of the most common estate planning goals people have is to pass their belongings to their family after they die in the most efficient way possible.

However, probate can be a big barrier to this. If you don’t have a living trust in place, your family will have to go through probate court to get access to your assets.
If you are interested in setting up a living trust, it is best to work with an Estate Planning attorney.


Keywords: estate planning attorney, Estate Planning attorney

By: smith clea

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