Wills Attorney in Farmington Hills, Michigan
At the Law Office of Blake P. Lipman, Attorney Blake P. Lipman has spent over 20 years assisting clients with their estate planning needs. One of the foundational elements of any comprehensive estate plan is a will. In Michigan, having a will is crucial for confirming that a person's assets are distributed according to their wishes after death. Without a will, the estate will be governed by the state’s intestacy laws, which may not align with the individual's personal intentions.
The Importance of a Will
A will is a legal document that specifies how an individual wants their assets to be distributed after death. It also allows them to appoint guardians for minor children, designate an executor to manage the estate, and specify how debts and taxes should be handled. In Michigan, a will gives individuals control over their estate, guaranteeing that their assets go to the people or organizations that matter most to them.
Without a will, Michigan’s intestacy laws will determine how the estate is divided. These laws prioritize spouses, children, and other close relatives, which may not reflect the individual's personal preferences.
For example, if a person is unmarried and has no children, their estate could pass to distant relatives instead of close friends or charitable organizations they wish to support. A will confirms that specific wishes are honored and that the individual's legacy is preserved.
Legal Requirements for a Valid Will in Michigan
To create a valid will in Michigan, several legal requirements must be met. Firstly, the individual must be at least 18 years old and of sound mind when creating the document. This means they must understand the nature of their assets, the impact of creating a will, and the identity of those who will inherit the estate.
The will must be in writing, signed by the testator (the person making the will) or by another person at the testator’s direction and in their presence. Additionally, the will must be witnessed by at least two individuals who are present at the time the testator signs the will. These witnesses shouldn't be beneficiaries under the will, as their inheritance could be challenged if they stand to benefit from the will they're witnessing.
The Role of an Executor in Michigan
An executor is an individual appointed in the will to administer the estate after the testator's death. This role includes gathering and managing assets, paying debts and taxes, and distributing the remaining assets according to the will. Choosing the right executor is critical, as they'll have significant responsibilities and authority over the estate.
In Michigan, the executor must file the will with the probate court in the county where the testator lived at the time of death. They must then obtain letters of authority, which give them the legal power to act on behalf of the estate. The executor’s duties also include notifying beneficiaries, managing estate assets, settling debts, and confirming that the assets are distributed according to the terms of the will.
Wills and Broader Estate Planning
While a will is a critical component of any estate plan, it's often just one piece of a broader strategy. Other estate planning tools, such as trusts, can complement a will and provide additional benefits, such as avoiding probate, minimizing estate taxes, and providing for beneficiaries with special needs.
For example, a revocable living trust can be used alongside a will to manage and distribute assets during the individual’s lifetime and after their death. Unlike a will, a trust doesn't go through probate, which can save time and reduce legal costs. Trusts also offer greater privacy, as they aren't part of the public record like wills.
Common Mistakes to Avoid When Creating a Will
When drafting a will, it’s important to avoid common mistakes that could invalidate the document or lead to unintended consequences. One of the most common errors is failing to update the will after significant life events, such as marriage, divorce, the birth of a child, or the acquisition of substantial assets. Regularly reviewing and updating the will confirms that it accurately reflects the individual's current wishes and circumstances.
Another mistake isn't considering the impact of estate taxes. In Michigan, while there's no state estate tax, federal estate taxes may apply to estates exceeding a certain threshold. Proper estate planning, including the use of trusts and other strategies, can help minimize the tax burden on the estate and maximize the inheritance for beneficiaries.
Contested Wills in Michigan
Even with careful planning, wills can be contested in court if someone believes that the document is invalid or unfair. Common grounds for contesting a will in Michigan include claims that the testator lacked the mental capacity to create a will, was under undue influence, or that the will wasn't executed according to legal requirements.
If a will is contested, the probate court will hold a hearing to determine its validity. This process can be time-consuming and costly, potentially delaying the distribution of the estate. To reduce the likelihood of a contested will, it’s essential to work with an experienced estate planning attorney who can help draft a clear and legally sound document.
The Role of Estate Planning Attorneys
Estate planning is a complicated and deeply personal process that requires careful consideration and experience. At the Law Office of Blake P. Lipman, the firm understands the importance of creating a will that accurately reflects the individual's wishes and protects their loved ones.
With over 20 years of experience guiding clients through the estate planning process, the firm is committed to making sure that all legal requirements are met and that the estate plan is tailored to the client’s unique needs.
The attorneys at the Law Office of Blake P. Lipman can help clients draft wills, establish trusts, and explore other estate planning strategies to achieve their goals. Whether someone is just beginning to think about an estate plan or needs to update an existing one, the firm is ready to provide the necessary guidance and support.
Updating a Will: A Continuous Process
Creating a will is a significant first step in estate planning, but it’s not a one-time task. Life circumstances change, and the will should reflect those changes to make sure it accurately represents the individual’s wishes.
For example, if a person experiences the birth of a child, a marriage, a divorce, or the acquisition of significant assets, the will should be updated accordingly. Failing to update the will can result in unintended consequences, such as assets being distributed to individuals the testator no longer wishes to benefit.
At the Law Office of Blake P. Lipman, the recommendation is to review the will every few years or after any major life event. This proactive approach helps to prevent disputes among beneficiaries and guarantees the estate is managed according to the testator’s current wishes. The firm can assist clients in revising their wills and offering advice on how to incorporate new assets or changes in family dynamics.