Archive for August 6th, 2008
How to Wrap Up a Trust in Michigan
Written by Christopher J. Berry, Esq. on August 6, 2008 – 8:08 pm -
Our firm assists clients as trustees in administering Michigan Trusts. Some tips for wraping up a trust include the following
- Carefully and accurately read the terms of the trust agreement, as well as the powers and limitations of the trustee’s power.
- File final tax returns.
- Determine the shares for the beneficiaries and heirs after any expenses.
- Prepare any conveyances or liquidate the assets.
- Distribute assets and obtain receipts from the beneficiaries and releases and indemnifications when appropriate.
- Prepare the final report and provide it to any interested persons.
- Get court approval of the final report when it’s appropriate.
If you have any questions or want more information, contact me at (248)-865-4700.
Tags: Estate Planning, Living Trust, Michigan Probate, Trust AdministrationPosted in Estate Planning, Living Trusts, Michigan Probate, Trust Administration | No Comments »
Does a Will in Michigan Avoid Michigan Probate?
Written by Christopher J. Berry, Esq. on August 6, 2008 – 5:11 pm -
No. This is one of the largest misunderstandings clients have who are interested in estate planning in Michigan. Let me say it again so it is clear, a will does NOT avoid the Michigan probate system. I have discussed some of the ways to avoid probate, often the best way is through a properly drafted and funded revocable living trust, but a will does not. Think of your will as your ticket to the Michigan Probate system in all of it’s glory. Sure, the court systems follows your wishes with a properly admitted will, but it does not avoid the process.
Posted in Estate Planning, Living Trusts, Michigan Probate | No Comments »
