Avoiding Probate Headaches in Michigan
What is Probate?
Probate is the legal process that takes place after someone passes away. It allows a court to make sure that a person's debts are paid and that their remaining property is distributed to the right people.
While probate serves an important purpose, it can also be time-consuming, expensive, and public. In Michigan, the probate process can take several months-or even longer-depending on the size and complexity of the estate.
Why People Want to Avoid Probate
Most families prefer to avoid probate if possible, and for good reason:
- Time: The process can take months before assets are released to beneficiaries.
- Cost: Court filing fees and attorney fees can add up quickly.
- Privacy: Probate files are public, which means anyone can see what assets you owned and who inherited them.
Avoiding probate helps your family handle your affairs more efficiently, privately, and with less stress during an already difficult time.
How to Avoid Probate in Michigan
Fortunately, there are several ways to reduce-or even eliminate-the need for probate:
Create a Trust
A revocable living trust allows you to transfer assets into the trust during your lifetime. After you pass, your trustee can distribute those assets directly to your beneficiaries-without court involvement.
Use Beneficiary Designations
Accounts, such as life insurance policies, retirement accounts, and bank accounts, allow you to name beneficiaries who will receive the funds directly after your death.
Add Transfer on Death (TOD) or Payable on Death (POD) Designations
Certain Michigan accounts can include transfer on death (TOD) or payable on death (POD) designations, which transfer assets automatically upon your passing.
Joint Ownership
Owning property jointly with rights of survivorship allows it to pass directly to the surviving owner. However, this strategy isn't right for everyone-so it's best to discuss it with an estate planning attorney before deciding.
Probate Isn't Always a Bad Word
In some cases, probate can't be completely avoided-and that's okay. What matters most is having clear, organized documents that make the process easier for your loved ones. A thoughtful estate plan can simplify or shorten the probate process dramatically.
Take the First Step Today
If you want to make things easier for your family, now is the time to plan ahead. Small steps today can prevent big headaches later.
At Fries Legal Services, PLLC, I help Michigan individuals and families create wills, trusts, and other estate planning documents to protect what matters most.
If you have questions about what is right for you and your wishes, I would be honored to talk about a plan that is right for you.
