Estate planning in Michigan addresses a wide range of legal issues like Powers of Attorney, Probate, Absence of will of a deceased, Provision for one’s minor children and Alternative estate planing options other than a will. Pre-planning saves money, confusion and negative feelings among family members.
Rules of Estate planning in Michigan for ‘Absence of will of a deceased’
It may so happen that a deceased person leaves behind an estate but no will. Michigan law terms this as dying “intestate”. As per Michigan law the entire assets of the deceased will be subdivided among his immediate family members. If the case be such that, the deceased is survived by his spouse only and he has no surviving progeny or parents, the spouse is entitled to the entire property of the deceased.
If the case be such that, the deceased leaves behind his spouse and parents but no children the initial $150,000 will go to his spouse. In addition the spouse will receive � th of the estate balance of the deceased. If the deceased leaves behind his spouse and at least one progeny, the spouse will get the initial $150,000 and � of the estate balance of the deceased. The remaining portion will accrue to the surviving children of the deceased.
In case the deceased leaves behind children but no spouse his estate will accrue to his children only. If the deceased leaves behind his parents but no progeny or spouse his estate will accrue to his parents. However, if the parents of the deceased are dead too then the estate in question will accrue to his siblings.
Provision for One’s Minor Children as per Laws pertaining to Estate Planning in Michigan
Provision for one’s minor children as per laws pertaining to Estate Planning in Michigan can be done by setting up trusts. These trusts are meant to look after the needs of one’s minor children in case of the untimely demise of their parent, who was the owner of the estate, until they attain adulthood.
Parents can nominate a trustee for this purpose. They generally look after
- the finances of the estate
- real estate management
- decisions regarding the sale or retention of the property concerned.
The chosen trustee is normally a trusted family friend or even a family member. His remuneration for the services is paid out assets of the trust. Payments can be arranged on a monthly basis or on an hourly basis. Estate Planning in Michigan sets a well defined set of guidelines for all the concerned issues under its scope.
Last Updated on : 30th July 2013