The Ultimate How-To Guide for Acting as a Beneficiary
The legal process of asset distribution is known as probate, and each state’s probate laws vary. Should an individual pass in another state, the probate laws are likely to be different. Still, for our purposes, we will focus specifically on Michigan probate law and how to act as a beneficiary to a recently deceased person in Michigan.
There are four steps in Michigan probate law, beginning with the appointment of a personal representative, assembling assets, paying off bills, debts, and taxes, and finally, distributing the remaining assets to the correct beneficiaries.
Acting as a Beneficiary
During this final stage of the process, individuals under the age of 25 will become advised of their trust, and adults over the age of 25 will receive their inheritance, as per the deceased individual’s will.
If you are over the age of 25, you will likely inherit assets directly. This inheritance is a beautiful gift that should be celebrated even in the midst of loss. If you have been named as a beneficiary in someone’s last will and testament, it may have come as a surprise to you. Still, planners typically advise individuals to let their beneficiaries know that they have been listed to avoid complications ahead of time.
Pain and Grief During the Probate Process
A complete, comprehensive explanation of what constitutes a beneficiary can be found on this official excerpt of the Estates and Protected Individuals Code, an essential piece of legal information for those who wish to be well informed.
It is always a wise idea to understand the probate process. However, following the death of a loved one, complicated documentation might not be your preferred resource. A family law attorney can help you sort through the complex details and ease the stress associated with the probate process.