Estate administration can be a complex and lengthy legal process. The personal representative of an estate takes on a serious role with numerous responsibilities to the estate and its beneficiaries. Even a relatively small estate requires careful attention.
Under the Michigan Estates and Protected Individuals Code (EPIC), responsibilities of personal representatives include, among others, admitting the will to probate, preparing an inventory of decedent's assets, paying creditors of the estate, and distributing assets to beneficiaries
If you were nominated as personal representative in a will, it is wise to seek the counsel of an experienced estate planning attorney. O'Reilly Rancilio can answer your questions and provide the guidance you need.
Enacted in 2010, the Michigan Trust Code sets forth certain requirements for trustees, including extensive accounting requirements. Trustees also have the responsibility of preparing an inventory of trust property, paying creditors of the trust, and managing any real property or other assets that are owned by the trust.
A trustee is a fiduciary, meaning that he or she has the responsibility to act in the best interests of the trust. Fulfilling all trustee duties can be a daunting task. Without proper guidance, it is very easy to unintentionally overlook something. Any oversight or mistake in trust management by a trustee can result in litigation that could quickly deplete trust assets.
With more than 30 years of experience guiding Southeast Michigan clients through the legal process, the Macomb County estate planning attorneys of O'Reilly Rancilio are prepared to represent personal representatives and trustees no matter the complexity of the estate.