It does not matter if your estate is large or small to be in need of estate planning tools. Our office can review these matters with you and give direction and guidance to you as you determine your estate plans.Probate Administration
When a family member dies or becomes incapacitated, estate administration is necessary. Attorney James L. Koetje can assist with all aspects of probate administration in probate courts in Michigan
. Estate Administration can consist of:
Frequently Asked Questions.
What is a Trust?
A Trust is a Document often used by individuals to manage and hold assets during the lifetime of the creator (often referred to as the grantor) of the trust, and then, to continue that management after the death of the creator/grantor. Many times, a trust created during lifetime will be for the sole benefit of the creator during his lifetime, and the benefit of his spouse and minor children. A trust can be used for purposes of avoiding probate of assets upon the death of the creator, for estate tax planning purposes, and, often to delay the final distribution of the assets of the creator following the death of the creator. These events might include such things as a child reaching a certain age, graduating from college, or getting married. The terms of a trust generally have more opportunity for flexibility and creativity than a will. Because it is a more complicated document than a will, a trust costs more to prepare than does a will.What is a Will?
A will is a person's written directive of what to do regarding property and other matters upon death. Within a will, one can direct what happens to his/her property upon his/her death. Within a will, you may appoint a personal representative to administer your estate. A parent with minor children may also designate who is to be appointed as the guardian or conservator of the minor children. The law places a priority on the designation given by the parent in a will regarding the appointment of the guardian or conservator for a minor child of the now deceased parent. A will designates who takes probatable assets, loosely defined as those that are individually owned at date of death.
What is a Living Will/Medical Power of Attorney?
A Medical Power of Attorney also referred to as a Living Will is the designation of a person who will make the end of life decisions you want made on your behalf if you become incapacitated.
What is a Power of Attorney?
Powers of Attorney give the person you designate the authority to make financial decisions on your behalf without having to seek that authority from the Probate Court. A Power of Attorney can be effective upon your disability or effective now (upon signing).What is Probate Administration?
Upon the death of an individual there could be Probate Court proceedings/Administration. Decedent estates are typically informal proceedings filed with the Probate Court. The appointment of Personal Representative and admission of the Will are the first steps in a decedent estate. Probate administration is typically necessary when a decedent has assets in his/her name alone.