Category Archives: Estate Planning Lawyer Michigan

Estate Planning Michigan

Estate Planning Michigan

Looking for estate planning in Southfield, Michigan? You have come to the right place. Southfield estate planning Michael Colton at Colton Probate Law is your trusted Michigan estate planning attorney. He will work with you to create an estate plan that will ensure that your estate is distributed according to your wishes.

Your Michigan Estate Planning Attorney

Are you in Southfield? Don’t delay! Be prepared for the unexpected. Contact us today for a free estate planning Southfield consultation!

Visit us online on Facebook,or  Google+! We would love to hear from you!

 

Estate Planning Services in MI

Michael Colton is your qualified Michigan Probate Lawyer. At Colton Probate Law, we can lay out your estate plan for you. Our Michigan estate planning services have helped many Oakland County families properly plan. It is better to be over prepared than under prepared.

Contact Colton Probate Law today for your:Michigan Estate Planning Services

 

Trusts Aren’t Just For the Wealthy

Did you know that trusts are not just for the wealthy?

A trust is a legal document that manages your assets and property in Michigan. This document also ensures that  your assets are properly distributed according to your wishes. Successfully setting up a trust will lower your chances of your final wishes not being carried out.

Probate vocabulary that you should know:Probate Lawyer Colton

Trust: An arrangement that allows a trustee to hold assets on behalf of a beneficiary.

Grantor, Trustor, Settlor: The person who original owned the assets.

Trustee: The person or institution appointed to manage the assets of the Grantor for the benefit of a beneficiary.

Let Probate Lawyer Michael Colton assist you!

 

Consequences of a Poor Man’s Will

A “Poor Man’s Will” can have many unintended consequences that your family may not be equipped to handle. A poor man’s estate plan is when you simply just add all of your adult children to all of your accounts and property (joint tenancy)  instead of getting a will drawn up. It is called a “Poor Man’s Will” because it doesn’t require hiring a lawyer for your estate planning needs. While it may seem like a good idea at the time, there have been many cases in which this plan has backfired. Without a will , your property is subject to distribution by Michigan’s Intestacy Laws, which means that your property could possibly be passed on to the state of Michigan.

justitia-421805_640

Four incidents where the Poor Man’s Will can been challenged.

Death 

If the person who shares joint tendency dies within 120 hours of the original owner of the property, the inheritance would be distributed according to Michigan’s Intestacy Laws.

Creditors 

Once you add a person on your name and accounts, their creditors now can try to lay a claim to their assets if they carry a lot debt.

Divorce 

When the person in joint tenancy is in the middle of a divorce, the spouse can try to claim the joint assets as apart of their joint estate.

Inheritance 

All of the inheritance will go to the person that shares joint tenancy and this person may not honor your wishes on how to distribute the inheritance among descendants.

It is not advised to attempt to create a will on your own. You need to hire a trusted Probate Lawyer to assist you. Contact Michael Colton at Colton Probate Law for a free consultation.

Amending A Will

Codicil is an amendment or change to a current will. A codicil is meant for small changes or additions. A codicil cannot change the meaning or overall purpose of the will. Also, if the codicil requires multiple cancellations ,or multiple addition, it may be easier to make a new will because the intent of the current will can become unclear. If it is unclear, then you are leaving room for it to be challenged by someone.

There are many things that you should consider when adding a codicil before you touch the actual will. On a separate sheet of paper, write down specifically which portions you want to change and how you want to change them in the will. It is also important to state that the new changes from the codicil revoke the previous versions of the will and that it is effective the day that the codicil is signed. Then, contact your probate attorney with this document.

BEFORE attempting to alter a will, you will-ammendmentshould ask a probate lawyer to answer the following questions:

If you previously made a codicil to your will, can you replace it with a new codicil?

Do you have to draft a new will or can you just make a codicil?

How often according to Michigan state law can you make changes to my will?

Michael Colton is your probate lawyer that can answer all of your probate and estate planning needs. With years of experience in building client-attorney relationships based on trust. Contact  Michael Colton  for a free, no obligation consultation.