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For a formal, typed, will (called an “attested” will), there are three requirements that must be met for the will to be valid and enforceable: the testator must have intended to create a will (this is usually only an issue if there are questions about mental competency); the will must be signed (although it can be signed by proxy); and…
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…
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…
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…
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…
Legal custody pertains to your right as a parent to make important life decisions for your children. These decisions can include medical treatment, choice of religion, and choice of schools. Physical custody pertains to your right to have your children physically reside with you. The parent with whom the child is residing with on any particular day makes basic day-to-day…
Major problems can arise when a small business owner dies without a plan in place. This is especially true with an LLC (Limited Liability Company) that has more than one owner. This is because in an LLC, each owner – referred to as a member – owns a percentage of the business. Before we dive into why this can present…