Birmingham Estate Planning Lawyers Helping Families Reduce the Impact of Probate
Although the probate process sounds relatively straightforward in theory, it can be very time-consuming and expensive. In Michigan, probate can be supervised by the Probate Court or unsupervised, depending on the nature of the estate and whether beneficiaries have concerns about the process. When probate is supervised by the court, it can take months or even years for an estate to go through the process. While an estate is in probate, the intended beneficiaries will not be able to access the estate's assets.
Minimizing the impact of probate on your estate is a worthy goal. The question then becomes: how do you achieve this goal? An experienced estate planning attorney can show you the way. The Law Offices of Jeffrey S. Freeman helps individuals and families across Michigan develop strategies to reduce the impact of probate, or even avoid probate altogether.
There are a number of estate planning instruments that are useful to avoid probate: Some of them are as follows:
- Trusts: Placing assets in trusts is one of the main ways to avoid probate. Any assets placed in a trust are not owned by the trust grantor. Therefore, these assets are not subject to probate. Our lawyers will advise you as to whether establishing a trust is appropriate for your situation. If a trust is right for your situation, we can prepare and take the appropriate steps to help you fund your trust.
- Life insurance: The proceeds from a life insurance policy are not subject to probate
- Gifts: Recent changes in federal law have made gifting a much more attractive option for individuals who want to reduce the impact of probate or estate taxes.
- Joint tenancy: For couples, establishing joint tenancy with the right of survivorship can keep certain assets out of probate.
Our lawyers will carefully explain the advantages and potential drawbacks of each option, and will work closely with you to help you accomplish your objectives.
Contact the Detroit Probate Lawyers at the Law Offices of Jeffrey S. Freeman
To learn more about our firm's approach, call us at 1-866-236-4TAX or contact us by e-mail.
