734-359-7018
Now Accepting New Clients!
Blog

Choosing the right executor for an estate


Originally posted on 05/28/2017

An executor goes through a final with with the benefactor, the person who originally holds an estate.When people are thinking about planning their estate, they often think about trying to minimize the estate tax, keeping their will updated, and keeping items out of probate court; however, there is another important issue that people need to think about. Who should be the executor of their will and their estate? This is a tough question to answer and to pick the right executor, people need to think about the responsibilities of the executor of an estate.

The Responsibilities of an Executor

The executor's responsibilities include collecting the assets, calculating the debts, paying the taxes, and distributing the estate. All of these responsibilities must be handled promptly to ensure that all parties are appeased during this detailed process. The executor will also need to handle any claims made against the estate and determine what claims are legitimate and what claims are not. Who is the right person to handle this job?

The Executor's Time Commitment

Asking someone to be an executor of a will or an estate is a time commitment. There is a significant amount of documentation that forms the foundation of a detailed planning process. Furthermore, making sure that the right assets end up in the right person's hands can be a challenge. Therefore, people need to make sure that the person who is picked to be an executor has the time to do this job right.

The Educational Background for a Good Executor

While it isn't necessary to pick an executor with a financial or legal background, it could certainly help. For example, trusts, wills, and estate planning issues have significant financial implications concerning asset distribution. Failing to plan an estate well could cost an estate up to 50 percent of its value in terms of the estate tax. Furthermore, trusts have a significant amount of legal implications in removing assets from the estate calculation and ensuring that the assets in the trust are divided appropriately.

Work with Legal Experts to Take Care of Your Future Estate

Planning for the future of your estate can be a difficult experience. Luckily, an experienced attorney can give you all the insights and assistance you will need to have your plans all legally set down.

The legal experts at Aldrich Legal Services have been helping people plan the future of their finances and possessions for more than 21 years. Give our team a call today.

Three reasons to put a power of attorney in place

Originally posted on 11/08/2016 While no one wants to think of the unfortunate possibility of being incapacitated or of a time when we can't handle our own affairs, this circumstance is a real possibility. If something happens and this...

How to approach parents about estate planning

Originally posted on 12/09/2016 Family forms a strong foundation for many people's first and most intimate community. It is important to strengthen these first relationships so even uncommon questions become natural. For those...

PROBATE 44: Petition for Mental Health Treatment

Michigan’s Mental Health Code governs the civil admission and discharge procedures for a person with a mental illness. Specifically, MCL 330.1434 sets forth the procedure and content requirements for a petition for mental health treatment.

Should you get your criminal record expunged?

Originally posted on 04/12/2017 If you have been convicted of a crime, have served your sentence, and have followed all court recommendations, you should be able to put your past behind you and move on with life. Moving forward is critical...

Understanding how the Miranda warning works

Originally posted on 11/25/2016 Michigan residents who have seen television police shows or movies involving law enforcement have no doubt watched many dramatic scenes with officers quoting something to the effect of, "You have the...

PROBATE 42: Dissolution of professional corporation.

This case involves the estate of a doctor whose professional corporation also had to be dissolved upon his death. The personal representative of the estate sold the company’s assets but did not pay off the company’s debts before transferring the proceeds to the estate and distributing them to the heirs.

A basic introduction to wills

Originally posted on 10/31/2016 It can be difficult to consider the end of our lives when we are in good health. However, lives can change at any moment, so it is wise to be prepared for any situation that may arise. Despite the many...

REAL ESTATE 73: Quiet title action.

This case involves a dispute over real property located in Michigan. W and V who are D’s parents, acquired the property. In 1999, W and V conveyed the property to the Trust, to which W is the sole trustee, via a quit claim deed. At some point...

How Is Alimony Determined In A Michigan Divorce?

Originally posted on 06/22/2018. When filing for divorce in Michigan, you may seek alimony, spousal support, from their spouse whenever they require financial aid. A judge may order your spouse to pay certain alimony. However, it depends...

Is My Conviction Eligible for Expungement?

Originally posted on 10/11/2019. At one point or another, we have all made mistakes. For some people, those mistakes involved breaking the law. Convictions have a large impact on someone’s life. Beyond the sentencing ranging from...

PROBATE 45: The court held that the probate court did not err by granting summary disposition for Plaintiff, or by denying Defendant’s request for an extension of the discovery period, adjournment of mediation, and issuance of subpoenas and by dismi

This case arises out of competing petitions for probate. On November 19, 2018, Defendant initiated this case by filing a petition for probate, attaching Decedent’s death certificate and purported last will and testament, dated March 9, 2007,...

DIVORCE 57: Holding that the trial court’s factual findings were not supported by the record evidence, and thus could not stand, the court reversed, vacated the portion of the Amended Default JOD ordering defendant to pay $3,325 to plaintiff, and re

Plaintiff first testified that she and defendant purchased the marital home in 1995. At the time the first default judgment of divorce was entered in September 2017, plaintiff had the home appraised. The value of the home was determined to be...

Don't let a bad decision, unfair contract, or a messy divorce get in the way of a promising future!
Contact the experienced team at Aldrich Legal Services today to schedule your free initial
consultation
and secure reliable and trustworthy representation today!
Get the Help You Need From a Team You Can Truly Count On: (734) 404-3000
734-237-6482
734-366-4405