One of the most basic estate planning tools is a will. The writing of a will outlines who will be a beneficiary to your assets after you pass away. The document can be used to outline other things too including naming guardians for your children, creating trusts for your assets and designating your wishes for a funeral.
When writing a will, there are a lot of things to consider. As your estate planning attorneys, we will go over all your wishes regarding your property, personal assets or business. The financial assets we will review include bank accounts, investments including savings bonds and stocks and retirement accounts.
We will also help you make plans for any insurance money including personal life insurance along with work or military death benefits.
A will can be updated and changed during your life. If you already have a will written and any circumstances in your life have changed including a divorce or a marriage, the birth or adoption of a child or the death of a beneficiary contact us to help you make updates.
Once you have a child through birth or adoption it is imperative to outline who you want to be his or her guardian if you and the other parent were to pass away. As a parent, planning for the well-being and future of your child is no doubt your number one priority. A will is a great tool to provide you with peace of mind regarding your child’s welfare.
Wills are complicated documents and as your estate planning attorney, we will review all the things you need to consider when making plans for your estate. From outlining debts to listing heirs for pieces of property, we can handle the entire process for you. Our goal is to streamline the development of the document now to ensure problems are avoided when you pass away.
We can help you create a will. Call (888) 211-5798 to get started today.
What Will Happen If I Do Not Have a Will
If you die without a will your assets and property will be distributed to your closest relatives according to succession outlined in state law. Most families are complicated, so it can be hard to understand how your property and assets will be divided up without a will. Our estate planning team can help you make provisions for your children, spouse and other loved ones according to your wishes through the writing of a will.
The amount of money your spouse receives on your death depends on if your parents are living and if you have children or grandchildren.
Here are some of the basic paths of succession in Michigan for your spouse and your children:
- You have children, but no spouse – your children will inherit everything.
- You are married, but do not have any surviving parents or descendants – your spouse will inherit everything.
- You are married, but your parents are still living – your spouse inherits the first $150,000 of your property along with ¾ of the remaining assets. The rest will be inherited by your parents.
- You are married and you have children by your spouse – your spouse inherits the first $150,000 of your property along with ½ of the remaining assets. The rest will be inherited by your descendants.
- You are married, but have children with someone else – your spouse inherits the first $100,000 of your property along with ½ of the remaining assets. The rest will be inherited by your descendants.
If you are estranged from a child, he or she will be able to inherit from your estate without a will. In addition, if your children have a different parent than the person who you are married to at your death how much they receive from your estate could be impacted. Do not leave these decisions up to the state, write your will today.
Even if you have written out your wishes for your estate, it may not be considered legally binding if it does not meet certain requirements under Michigan law.
If you have written out your wishes, do not assume these will be treated the same as a valid will. Contact our Michigan estate planning lawyers today to help you write a legally binding will for your estate.
Different Types of Wills
One of the most basic types of wills you can draft is a statutory will. In order to create one of these wills, you simply fill in the blanks to the basic document provided under Michigan law. When filling out a statutory will, you must have at least two adult witnesses sign the document. The document can be filed with the county probate court and outlines your basic wishes including guardians for your minor children.
Because of the generic nature of a statutory will, we strongly recommend individuals to have a custom will drafted to meet the individual needs of his or her estate. In addition, Statutory Wills are only legally binding for one person’s estate. Therefore, separate documents will need to be drafted for a married couple.
It is vital to make sure a will is being done because you want it made out and not because you are being forced to make it by a family member. As your attorney, we will make sure you understand your rights and can reasonable comprehend the terms of the will.
Once your personalized will is drafted, it will need to be witnessed by at least two people just like with a statutory one. Having a will that clearly outlines your wishes will give you peace of mind knowing your loved ones will be cared for after you are gone.
Write Your Will Today
Do not leave the fate of your estate up to the court system, call our estate planning lawyers today to help you draft your will.
We will go over all the important information you need to consider when outlining your wishes. From naming guardians for your children to deciding how your business will continue once you pass away, a will is a great tool to prevent problems after your death.
Call us for a free quote at (888) 211-5798.