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The Detroit News recently reported that the Estate of Detroit Pistons owner Bill Davidson is in the middle of several legal probate battles. The Detroit News reported that Mr. Davidson had a will but that there were claims made that he had promised money to some charities prior to his death.
Many people are very confused by the term “probate" and are often scared by the thought of their children or heirs having to go through “probate" if they pass away. Probate is just the legal term for the administration of a person’s property through the local county court. When a person passes away and they have property in their own name, sometimes a probate estate is necessary so that the property can be sold or transferred.
It is important to have a Will in place, or even a Trust, so that you can decide today on how you want your property to be distributed when you pass away. Sometimes, with a Trust, you can plan even more carefully so that no probate estate is ever necessary.
Whether you have a modest amount of property or significant assets, it is important to plan ahead and make decisions about how to distribute your property after you have passed on.