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An effective estate plan is vital in protecting your family’s assets in the event of unexpected illness or death. Having properly prepared Wills, Trusts, Powers of Attorney and Medical Powers of Attorney (or living wills) allow your family to keep everything you have spent a lifetime building. Joseph & Associates, PC has been an estate planning leader in Michigan for over 20 years.
“What does it mean when they say that an estate needs to “go through probate?”
The probate system is a method whereby the Probate Court oversees the transfer of
property from the dead to the living. This frequently means that a judge will appoint
your personal representative and that judge will require frequent updates and reports with regard
to the inventory of the estate and the progress being made in wrapping it up.
“I have a will. Does this mean that I am all set?”
Not really. Having a Will is a great first step, but it does not now guarantee that everything
will occur as you plan. A will allows a transfer of belongings at death but does not
allow you to avoid the probate courts, death taxes, or allow you to exercise control over how your
beneficiaries use the money. Further planning is needed to do these things.
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