How to Avoid Michigan Probate
Written by Christopher J. Berry, Esq. on July 23, 2008 – 1:38 pm -
A common desire of our clients is to avoid the Michigan probate system. There are a few ways to do this, typically the most organized way is through a well funded living trust. However, there are other strategies, which are not mutually exclusive, and should be used in addition to a well funded revocable living trust. The other strategies are:
- Joint Tenancy Bank Accounts
- Pay on Death Beneficiary Designations on Bank Accounts
- Beneficiary Designations on Annuities
- Beneficiary Designations on Savings Bonds
- Beneficiary Designations on Life Insurance
- Beneficiary Designations on Pension Accounts
There are pitfalls to be wary of when using these strategies, for example you do not want to create a taxable event or open yourself up to liability of creditors and predators by sharing ownership of any accounts. These are issues we cover with our clients during our planning meetings.
Posted in Estate Planning, Financial Planning, Living Trusts, Michigan Probate |
