New Michigan Laws to the Rescue

Michigan has enacted new laws to streamline the probate process and make it easier to transfer assets outside of probate. These laws include:

• Increased Small Estate Affidavit Threshold: The amount of assets that can be transferred to heirs without formal probate has increased. This means that many smaller estates can now be settled more quickly and affordably.
• Simplified Vehicle Transfer: Michigan has simplified the process of transferring vehicles to heirs, making it easier to avoid probate for vehicle-related assets.

Protecting Your Legacy

To minimize the risk of probate and ensure a smooth estate settlement, consider these tips:

• Regularly Review Your Estate Plan: Schedule periodic reviews with your attorney to assess your estate plan and make necessary adjustments.
• Keep Accurate Records: Maintain detailed records of your assets, liabilities, and beneficiary designations.
• Work with an Experienced Attorney: An experienced estate planning attorney can help you create a comprehensive estate plan that minimizes the risk of probate and protects your legacy.

By understanding these common pitfalls and taking advantage of the new Michigan laws, you can help ensure a smoother and more efficient estate settlement process for your loved ones.

Learn more about the common pitfalls of probate here and how you can protect your assets here.

 

Get Started Today: Schedule Your Consultation

 

If you’re interested in learning more about estate planning, please contact an estate planning attorney in Ann Arbor at 734-665-4441.