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A will (often called a Last Will and Testament) is a set of instructions that allow you to distribute your assets upon your death. You can also set up guardianship for your minor children. Once the instructions in the will have been carried out, the will ceases to exist. A trust is a fiduciary relationship with respect to property in…
Yes, if certain requirements are met. In order to be valid, a handwritten, or holographic, will, must meet the following criteria: the material (i.e. important) provisions must be in the testator’s handwriting. The testator is the person making the will; the holographic will must be signed in the testator’s handwriting; and the holographic will must be dated. Although handwritten, or…
Your attorney advised you well. A joint will is one document that distributes the assets of both husband and wife. When the first spouse dies, the will is taken through probate for that spouse, and then when the second spouse dies, the will is taken through probate for the second spouse. The drawbacks of a joint will far outweigh the…
As difficult as it may be to think about someone else raising your child, choosing a guardian for your child is an invaluable gift. By selecting a guardian with the same values, morals, religious beliefs, and commitment to education that you have, you will ensure that your child will grow up to be the person you want him or her…
When I meet with a potential new Estate Planning client, one of the first questions I hear is, “Do I really need a will?” That question is usually followed by comments such as, “I don’t have tons of money,” or “If I die, my spouse will just get everything,” or “If my spouse and I both die, my parents will…
Michigan law starts with the premise that both parents have an obligation to support their children financially. Michigan uses the “Income Shares Model,” which requires child support to be paid based on the needs of the children and the financial resources of the parents. From that baseline, the amount of support can be modified based on several factors, including but not limited to the parenting…
A person who dies without a will is said to have died intestate. If you die intestate, your estate will be distributed according to state law, not according to your wishes. With very few exceptions, only family members will inherit your estate if you die intestate. If you want to leave money to a close friend, church, or charity, for…
Have you ever considered what will happen to your assets — your house, the contents of your bank account, etc. — after you’ve passed? Many of my clients say they’d like their assets to be split between their children or to see certain funds go to charitable organizations. The only way to guarantee that your assets are distributed as you…
While there are many factors to explore when chosing a guardian, I advise my clients to consider the following: Values and Morals: Does the potential guardian have the same sense of right and wrong that you do? Will that person be able to teach your child those values? Parenting Style: How does the potential guardian handle discipline? Will they be…
Although each situation varies, and there are many factors to consider, you may want to set up a special needs trust to provide for your child. A special needs trust may be a useful tool for a disabled individual who is receiving, or will receive, government benefits. The special needs trust allows money to be set aside for the disabled…