Royal Oak

Royal Oak Estate Planning Lawyers

We Handle Wills, Living Trusts & More

You care for the people in your life, and you want to make sure that you can continue to care for them when you are gone. At Barron, Rosenberg, Mayoras & Mayoras, we can assist in estate planning today for a brighter tomorrow.

What is an estate? Essentially, an estate is the totality of your property. Anyone who owns anything technically has an estate. When we discuss an estate in legal terms, we tend to refer to the property left over when someone dies.

Estate planning is how you decide what will happen to your assets when you are unable to manage them on your own. There are several strategies you can adopt when estate planning. Our team is here to guide you through the process to help make sure your property goes where it should.

Barron, Rosenberg, Mayoras & Mayoras are your Royal Oak attorneys for estate planning. Our team is standing by to offer you a free, no-risk consultation. Call us at (248) 213-9514 or contact us online.

Trusts vs. Wills: What’s the Difference?

When planning your estate, it’s important to understand the difference between a will and a trust. Both serve to direct what happens to your assets when you pass away, but they operate in different ways and offer distinct benefits. Consulting with Royal Oak estate planning lawyers can help clarify which option is best for you.

Wills and Trusts Comparison

A Will: A will is a legal document that comes into effect after your death. It dictates how your assets should be distributed, names an executor to carry out your wishes, and can appoint guardians for any minor children.

Probate Process: A will typically goes through probate court, where the court ensures the will is valid and assets are distributed according to the deceased's wishes.
Limitations: A will only takes effect once you pass away, and it doesn’t cover assets like life insurance or retirement accounts that have designated beneficiaries.

A Trust: A trust, on the other hand, is a legal arrangement where one party (the trustee) holds assets for the benefit of another party (the beneficiary). A trust can be active during your lifetime and after death.

No Probate: Since a trust is a private agreement and doesn't go through the court system, it avoids the lengthy and public probate process, saving time and legal costs.
Flexible Control: A trust allows you to dictate how assets should be managed during your life and distributed after your death.

Advantages of a Trust

Privacy: Trusts are not part of the public record, unlike a will, so your financial details remain private.
Flexibility: You can modify or revoke a trust during your lifetime. If your circumstances change, such as a marriage or a new child, you can adjust your trust accordingly.
Control Over Distribution: With a trust, you can set specific conditions for your beneficiaries, such as age requirements or milestones to meet before receiving assets. This can be especially useful if you want to ensure that young beneficiaries or those with special needs are provided for in a structured manner.

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The Role of an Executor

An executor is the person named in a will who is responsible for overseeing the distribution of assets and ensuring that the deceased’s wishes are followed.

Executor’s Duties

Asset Distribution: The executor is responsible for ensuring that all assets are located, valued, and distributed according to the deceased’s instructions.
Debt Settlement: They must ensure that all outstanding debts and taxes are paid before assets are distributed to beneficiaries.
Legal Responsibilities: The executor may need to handle legal paperwork, including filing the will with probate court and notifying relevant parties about the death.

Executor’s Responsibilities in Michigan

Unique Requirements: In Michigan, an executor must adhere to state laws regarding probate. The process can be complicated, especially for larger estates, as Michigan probate courts require detailed accounting and verification of assets.
Challenges: The executor may face challenges like disputes among beneficiaries or unpaid debts, making it important to have legal support from Royal Oak estate planning lawyers.
How We Can Help: Our team of estate planning lawyers can guide executors through the probate process, helping them understand their responsibilities and ensuring that everything is handled correctly and efficiently.

By understanding the differences between a will and a trust, and the role of an executor, you can make informed decisions to ensure your estate is managed according to your wishes. Whether you're creating a will or setting up a trust, it’s essential to work with experienced Royal Oak estate planning lawyers who can help you navigate the complexities of estate planning.

We Can Help You Create a Will

We are here to help you craft a will to your unique specifications. Generally, you can use a will to leave any piece of property to anyone. From large sums of money to childhood heirlooms, you can specify exactly who will receive what.

Our legal team wants to help ensure that your wishes are fulfilled. Wills can be challenged, and their executors can be sued. Without rock-solid legal language in place, a predatory source could pick apart a will and try to take advantage of the property distribution. Even when everyone’s intentions are good, a skilled attorney can help curb misreading and misinterpretation of a will.

Our team also has experience in the following areas:

We Know How to Guide You Through a Living Trust

Michigan doesn’t formally recognize living wills. Fortunately, it does allow the existence of a revokable living trust. A revokable living trust acts like a will. It dictates the distribution of property upon death, but it can be controlled and amended while you are still alive. One advantage of a living trust is that it bypasses the probate court. Once the trust’s owner has passed, the property can smoothly change hands.

The ability to alter the trust is what makes it “revokable.” You can determine who receives what now but change your mind later. For example, you could have money that is meant to be divided equally among your relative and their spouse. If they should get divorced, you can divert all those funds to just the relative.

As the trustee, the one who owns the trust, you can contribute money and property to the trust to be divided later. Our team can help you transfer titles, deeds, and other forms of ownership to the trust, helping you make sure your assets are where they belong.

We Know How to Grant Power of Attorney

Power of Attorney is the process whereby one adult takes charge of another adult’s affairs. Medical power of attorney allows someone to make medical decisions for you. This person can talk to doctors, make appointments, schedule surgeries, manage prescriptions, etc. The financial power of attorney pays your bills, buys or sells property in your name, files lawsuits on your behalf, and so forth.

Power of attorney can be granted at any time.

A durable power of attorney can be reserved for tragic circumstances. The language can stipulate that the transfer of power kicks in if you become incapacitated. This is an important step in estate planning. You can make a plan now for how your assets and your health will be managed. This can give you peace of mind, knowing that the state won’t take charge of you.

We have the skills and the know-how to help you design a power of attorney plan to your exact specifications. Our clients’ wishes come first, and we want to assist.

Years of Experience Guiding Executors

In the state of Michigan, probate is the legal process that validates a will. Probate verifies that the person in question is deceased; they created this will; the details are confirmed; and the assets can be distributed.

Through probate, the deceased’s wishes are finalized and carried out by an executor. Probate court can name a close family member of the deceased as an executor. The executor can also be chosen by the deceased when drafting the will.

The executor has a lot of responsibility. They must have the remaining assets appraised, and they need to take care of leftover debt and bills. Their job also involves moving all the paperwork along the correct path, making sure all the steps are covered.

With our experience, we can help guide you along this process. It’s a lot of work, and important components can get lost in the shuffle. Our job is to keep everything on track and back you up when you need a hand.

About the Probate Process

The first step is determining whether or not probate will be necessary. In Michigan, smaller estates go through a simplified process. In fact, an estate worth $15,000 or less can avoid probate altogether. Affidavits can be filed to claim the property, and once they are approved, everything just changes hands. Even in a simplified process, we can help. It’s important to have experienced lawyers double checking everything before papers are signed.

When it becomes necessary to go through the full probate procedure, it can take from seven months to a year to complete. First, the executor must be named. If they are unable or unwilling to take the job, then the courts find someone else. From there, the executor must do the work of getting all the assets valued and debts cleared. Finally, they can execute the deceased’s final wishes.

Frequently Asked Questions (FAQs)

How can I protect my assets from probate?

One of the best ways to protect assets from probate is by establishing a trust. This allows your assets to be managed and distributed without the need for court oversight, offering privacy and quicker distribution.

Can I change my will or trust once it is created?

Yes, you can modify or revoke your will at any time. With a revocable living trust, you can also make changes as long as you are mentally capable. If your circumstances change, it's important to update your estate plan accordingly.

What is a Power of Attorney, and why do I need it?

A Power of Attorney allows someone you trust to make decisions on your behalf if you become incapacitated. This can be for health-related decisions (medical Power of Attorney) or financial decisions (financial Power of Attorney).

We Work for You, the Executor

If you were named the executor of a will, there’s a reason. Either the courts or the deceased, or both, trusted you to do the job. They know you have the ability and can do it right. At Barron, Rosenberg, Mayoras & Mayoras, our job is to catch you if you fall. There are always legal intricacies and complicated language to navigate. Our experience is available to shepherd you and help keep you on schedule. A good law firm should help you along as you do this job, not control the process. This is the assistance we can give.

Our attorneys in Royal Oak offer a number of additional services. We may be able to help you with any of the following:

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Tailored Service, Proven Results

We Stay Small By Choice To Offer The Most Tailored Service For Our Customers

"We are grateful for their guidance and would definitely recommend BRMM."
This firm has taken care of the planning for my husband and I to protect our future heirs. We are grateful for their guidance and would definitely recommend BRMM.

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I have had a relationship with BRM&M for 10 years. Always available, most helpful, and mindful of their responsibilities to me. They provide what I refer to as "peace of mind" and that is priceless!

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Our family can not thank them both enough for their great work. We highly recommend their services for anyone's elderly care needs.

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