When you contact an attorney to have a will prepared an experienced attorney will generally review your entire situation with you and explore other options available for distributing property outside of probate. Those assets which are not distributed outside of probate are subject to being included in a probate estate governed by the terms of your will. If you do not have a will your property which is subject to probate will be distributed by the State according to the laws of intestacy. There are many advantages to having a will.
To begin with you can make sure that your property, which is subject to probate, is distributed in a manner you so desire.
You may be able to save your estate costs and expenses by opting for independent probate administration and by empowering your personal representative to take certain action without prior court approval.
The first step for having a will prepared is to list all of your property. The second step is to determine who you would like to serve as your personal representative. You should list more than one choice in case the person who is your first selection is unable to serve in that capacity.
An attorney should be contacted and an appointment should be scheduled to discuss, not only the preparation of a Will, but to also discuss estate planning so that you can maximize savings and costs in the future.
If you have a question regarding a legal matter
in the state of
Michigan contact AAAA Legal Center by Phone or E-Mail
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The issue of custody of your children cannot be decided by a clause in your will. However, a clause in your Will as to who you wish to have guardianship of your children may provide some direction to a court which must ultimately make the decision.
A will is also useful in determining when and in what amounts your children will receive certain assets. If you were to die prior to your children obtaining the age of majority, you may wish to establish a trust for the children which will provide that they will receive periodic payments as they reach certain ages. You may also appoint a trustee to oversee the administration of the trust funds. By taking these actions it is possible to protect against the children receiving the money at an early age and squandering it.
If you have a question regarding a legal matter
in the state of
Michigan contact AAAA Legal Center by Phone or E-Mail
MAIL US
(E-Mail transmissions are not confidential)
Many elderly and disabled persons find it useful to have their affairs conducted by someone they trust. This can be accomplished by use of a Power of Attorney. A Power of Attorney empowers another individual to act on your behalf to take care of necessary business matters.
A Power of Attorney can be specifically tailored to meet your specific needs. Specific powers can be granted as well as very broad powers depending upon your needs.
If you have a question regarding a legal matter
in the state of
Michigan contact AAAA Legal Center by Phone or E-Mail
MAIL US
(E-Mail transmissions are not confidential)