Generally probate is only necessary when a person dies leaving property in his or her own name.
Probate is the manner of administering the property (estate) of a decedent (person whom passed) by a personal representative under the jurisdiction of a county probate court.
What is Probate?
When is Probate required?
What is a Living Trust?
A living trust is is the name given to a trust created during an individual's lifetime. It is created for the benefit of the individual during his or her life, and after death allows for the assets to be managed for the benefit of the beneficiaries.
What is Power of Attorney?
A document giving someone authority to act on your behalf in handling your affairs. For example, to sign checks, pay bills, contract medical services or sell property. The authority can be very broad such as allowing the individual to do anything you can do, or very narrow such as only allowing them to sell a certain piece of property.
What is a Durable Power of Attorney?
Written power of attorney which contains the words "this power of attorney shall become effective upon my disability" or similar words. It must be signed by you before any disability to become valid.
Do I need a Durable Power of Attorney even if my spouse and I own everything jointly?
Yes. If you are disabled your spouse can still sign checks and make withdrawals on joint bank accounts, however, your spouse cannot sell anything owned jointly like stocks, your house or a cottage.
What are the advantages of a Durable Power of Attorney?
First, you (not a court) will select your agent. Second, it will give you and your family the peace of mind knowing that you have named someone to handled your affairs. And lastly, it can save time and the expense of a court proceeding.
Estate Planning
Estate Planning
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Daniel Krug & Associates Inc., 8040 Ortonville Rd. Suite D, Clarkston MI 48348 Phone (248) 625-2788 - Toll Free (800) 471-9080 - Fax (248) 625-7432
