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Few people like to think about passing away or becoming severely ill, but without a detailed plan, your surviving heirs may not know what to do with your possessions, assets, debts, and other obligations if you pass away.
An estate planning attorney from Murphy & Spagnuolo P.C. can assist you in creating a last will and testament that will provide guidance for your heirs when you die. A will is one of the most crucial documents at the core of estate planning and is indispensable when planning for the disposition of your assets.
Contact us today to speak to a last will and testament attorney in Michigan.
What Does a Will Do?
A will is an official document that explicitly outlines your desires and wishes concerning your estate when you pass away. A will can enumerate your estate’s assets and provide a detailed directive that dictates how to dispose of them after your death. Essentially, a will indicates who gets what when you die.
The point of a will is to avoid confusion and conflict regarding your estate after you pass. If you die without a will, the state will appoint an executor to handle your estate’s affairs on your behalf. This person will be bound by the laws of intestacy in Michigan, and they may be required to distribute your assets in ways that are not in agreement with your desires, ideals, and life philosophy. Additionally, a will can help avoid conflict between heirs concerning the inheritance of assets. In the absence of a will, your heirs may fight over who gets what, which can result in a great deal of familial conflict and cost either in time or expense.
What Are the Most Important Parts of a Will?
The exact contents of your will are your decision and will vary depending on the size, nature, and complexity of your estate. Most wills, however, will include the following elements.
- Declaration. A declaration is the first part of the will and defines the intent and purpose of the document. It also confirms that you are mentally sound and recognize you are creating a legally-binding document.
- Personal Representative. The personal representative (sometimes called “Executor”) is the person you name to be in charge of your affairs. It’s the Personal Representative’s responsibility to carry out your will according to its terms.
- Beneficiaries. Beneficiaries are the individuals or groups that you intend to leave your possessions and assets to. Beneficiaries typically include spouses, children, parents, siblings, grandparents, close friends, and organizations.
- Distribution of Assets. This section of your will describes in detail which beneficiaries receive which parts of your estate in the event of your death. Your estate can include bank accounts, retirement accounts, real estate, securities, vehicles, and any personal possessions of financial or sentimental value.
- Guardianship Provisions. Your will may also contain instructions on who should assume guardianship of your minor children or any other dependents. Guardianship could pass to another family member or a trusted friend. Your will is the place to name those people. Be sure you discuss their willingness to become a guardian with them before you name them.
What Happens If I Die Without a Will in Michigan?
In Michigan, if you have a will when you die, the probate court will verify the will and may supervise the executor’s actions in distributing your assets according to the will’s instructions. If you pass away without a will in Michigan, the probate court will appoint a personal representative for your estate. The personal representative, with oversight from the probate court, will inventory your assets, have them valued, pay any debts and taxes your estate owes, and then distribute the remainder of the assets according to the state’s laws of intestate succession.
State law specifies who gets the deceased’s assets if there is no will. If there are no descendants or parents of the decedent, then generally the spouse gets the entire estate. In most other cases, the spouse gets the first $150,000 plus a percentage of the rest of the estate if there are descendants or parents.
Any jointly-owned property and instruments with named beneficiaries, such as insurance policies or real property with transfer on death deeds, will pass directly to co-owners and account beneficiaries without going through probate.
What Are the Requirements of a Valid Will in Michigan?
In Michigan, only individuals aged 18 or older can create a legally binding will. According to MCL 700.2502, a will is valid in Michigan if and only if:
- The will is in writing.
- The testator (person who created the will) signed the document, or someone signed it on their behalf while the testator was present.
- At least two witnesses sign the will after observing the testator sign it.
Michigan does allow handwritten wills, or holographic wills, as long as they are in the testator’s handwriting and have their signature. Michigan generally does not recognize oral wills as valid. A person can also revoke a current will by providing a new version with modifications or performing a revocatory act on the old will, which could include ripping, tearing, or otherwise destroying it.
What Happens If I Have an Invalid Will?
If your will is not valid, the state may either default to a previous version of the document or look to Michigan’s laws of intestate succession. Certain parties can also file a motion to challenge a will as invalid if they believe that it does not accurately reflect the testator’s last wishes.
Why Choose Murphy & Spagnuolo P.C. for Your Will and Last Testament
Many people think that only wealthy people need a will, but that couldn’t be further from the truth. This attitude and anxieties about the cost of drafting a will may make people attempt do-it-yourself wills online with boilerplate templates. The problem with these types of online DIY wills is that, although they claim to be state-specific, they can often leave out key details that could affect the validity of the document. Moreover, the document is not tailored to your specific circumstances and finances.
The attorneys at Murphy & Spagnuolo P.C. have years of experience working with the residents of our Michigan communities and have an established reputation as problem solvers who can use our experience and legal skills to our clients’ benefit. We understand the intricacies of writing an effective will that covers all your assets and leaves as few things open to interpretation as possible. We can also help with various other aspects of estate planning, such as establishing trusts and other estate planning. Proper planning is crucial to safeguard your loved ones in the future, so we stay on top of Michigan’s ever-changing estate laws to give our clients every possible advantage.
Estate Planning and Will Attorneys Serving Michigan
Confronting the possibility of death or illness can be anxiety-inducing, but leaving your loved ones without a plan can have detrimental consequences on their financial security and well-being. A will is one of the best ways to provide guidance for those you leave behind so they can enact your last wishes the way you intend.
Contact Murphy & Spagnuolo P.C. online or reach out by phone to speak to an estate planning lawyer in Michigan.