Lender/Financing Delays I have not yet heard of any major disruptions to lenders’ ability to provide financing. However, it’s not out of the realm of reason if companies are requiring their employees to work from home, etc. Further, if there are government employee impacts such as at the...
n. 1) all that one owns in real estate and other assets. 2) commonly, all the possessions of one who has died and are subject to probate (administration supervised by the court) and distribution to heirs and beneficiaries, all the possessions which a guardian manages for a ward (young pe...
Upon your death, your assets will be transferred without requiring probate. You can also name a guardian in your trust. A living will (health directives). Not to be confused with the last will and testament, a living will is a part of an advance directive that allows someone to make ...
If the deceased owned and operated a business, that business interest may become part of the estate, requiring the executor to either ensure the business continues to operate or wrap up the business concern in an appropriate way.[25] For example, where the deceased person owns a sole proprieto...
In this structure, the life insurance proceeds are paid directly to the purchasing shareholders – rather than to the corporation – thereby avoiding the increase in the corporation's value. That said, cross-purchase agreements introduce other complexities, such as requiring each shareholder to obtain...
One method the Legislature has employed to address these competing interests is to limit enforcement of restrictions to 30 years generally and, while freely allowing longer durations, requiring landowners to comply with certain specific steps should they desire to impose restrictions lasting more than ...
One method the Legislature has employed to address these competing interests is to limit enforcement of restrictions to 30 years generally and, while freely allowing longer durations, requiring landowners to comply with certain specific steps should they desire to impose restrictions lasting more than ...
When someone dies without a will, it's called dying “intestate.” When that happens, none of the potential heirs has any say over who gets the estate (the assets and property). When there'sno will, the estate goes into probate. ... Legal fees are paid out of the estate and it oft...
Not every Michigan estate must go into probate. Generally, this depends on the property in the estate as well as the value of the estate. The rule is that an estate must be probated in Michigan if, at the time of death, the deceased owned any real estate in their sole name, or owne...
Partially as a response to the stagnation of wealth movement as a result of inheritance, most governments require those in line for an inheritance to pay aninheritance tax(estate tax) on the estate. This tax can be very large, sometimes requiring the beneficiary to sell some of the inherited...