The loss of a loved one, especially a spouse can be a devastating, emotional experience. Added to the stresses at the time are the estate administration legal aspects of what needs to be done. Unfortunately, avoiding costly Michigan estate administration mistakes needs to be addressed at this time as well. Sitting down with a caring and compassionate Michigan estate planning attorney is important to protect the surviving spouse and to ensure that the surviving spouse protects his or her assets for his or her enjoyment.
When sitting down to handle the administration of the deceased's assets, one area that needs to be addressed immediately is "disclaimers". Should the surviving spouse disclaim any property so that it flows through to the next beneficiary. There can be huge tax implications to this. Additionally, we need to check to see how any trusts are funded, especially if the initial estate plan contemplated planning for the Federal Estate Tax.
Next property issues must be analyzed. How were the deceased's spouses assets owned? Will their have to be a probate, or were assets jointly owned or in trust? Hiring an estate planning or Michigan estate administration lawyer can help you walk through these important questions in a timely manner.
After a period of time, one of the issues that pops up for a surviving spouse is remarriage. Remarriage can have drastic effects on the distribution of assets to children. This is one the most common reasons that children are "accidentally" disinherited.
Christopher J. Berry, Esq., A Michigan Elder Law Lawyer, is a Partner with Witzke Berry PLLC, which practices in the areas of Estate Planning, Elder Law, Michgian Probate.
