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Michigan Estate Planning Options
June 28, 2011
Filed under: Estate Planning,Life Insurance,Living Trust,Probate — Christopher J. Berry | Estate & Elder Law Attorney @ 1:15 am
As a Michigan estate planning lawyer, I like to stay up on top of what other people are saying about Michigan estate planning. I stumbled upon a blog that discussed estate planning options in Michigan.
The estate planning blog discussed how each estate plan is unique for the person and family it is created for. The blog then goes on to talk about three methods on how property is distributed to heirs.
Well, in actuallity, there are four ways that assets are passed out of a deceased person’s name.
The first way is through joint ownership. Most married couples hold most of their property jointly, so that if one person passes away, the asset passes directly to the survivor.
The second way that assets passes out of a deceased person’s name would be beneficiary designation. For example, you name a beneficiary of your life insurance policy.
The third way, and the way most of our clients pass their property is through a trust based estate plan. Through a trust based estate plan a settlor can control the distirbution of their estate, plan for Federal Estate Taxes, and avoid probate.
Which brings us to the last way that an asset passes out of a decedant’s name and that would be through the Michigan probate process.
So, which is the right process for you or your family?
Attorney Christopher J. Berry is a Metro Detroit estate planning and elder law lawyer who helps families, seniors, veterans and business owners with their important legal needs. Oakland County estate planning lawyer, Christopher Berry is a partner in the Bloomfield Hills law firm of Witzke Berry PLLC. Mr. Berry practices in the areas of estate planning, business, probate, veterans benefits & Medicaid planning.