Wills Attorney in Northville
Writing a will is the foundation in establishing a proper estate plan. Wills help protect assets and provide comfort for loved ones in case of sudden tragedy or after someone’s natural, inevitable passing. Wills vary in complexity; however, the common theme in each of these documents is planning for the future and legally stating your final wishes.
In order for a will to be valid, it must be signed in the presence of witnesses and certain formalities must be followed. It’s highly recommended to use an experienced estate planning/will attorney to ensure this process is followed.
The estate planning lawyers at Kelly & Kelly have over 30 years’ experience in drafting and executing wills to ensure that your wishes are carried out.
Last Will and Testament
The most common type of will remains the Last Will and Testament which is also referred to as the “Last Will,” or simply “Will” for short. In Michigan a Last Will & Testament provides you the ability to make several decisions about what happens after you pass away.
– First, it allows you to decide who gets your property including cash, personal property, family heirlooms, and real estate.
– Second, a Will permits you to nominate a Personal Representative of your estate – the person who will have the authority to pay your debts, settle any claims, and distribute your assets to the proper beneficiaries.
– Third, if you have minor children, a Will sets forth who you want to take care of your children upon your death.
Pour-Over Will – A Pour-Over Will is a type of Last Will and Testament that is prepared in connection with a trust. A trust can be funded (property transferred into the trust) after death through the use of this document. The trust, which contains the instructions on how you would like the assets it will contain treated, is created and formed while you are alive like any other trust, but is funded by instructions in your will.
Wills v.s Trusts
Other than wills, trusts are another common document involved in an estate plan. There are several misconceptions about wills and trusts. Most notably, that you should choose one or the other. The truth is, although wills & trusts both involve planning for the future, they serve different purposes and each provide their own unique benefits.
For instance, a will provides outright gifts and have no complex provisions in creating future interests or establishing trusts. Although a will is an integral part of almost every estate plan, it alone may not adequately meet your needs. Depending on your needs and wishes, a trust/will combination may be the best course of action. The estate lawyers at Kelly & Kelly P.C. have decades of experience in helping clients with simple or complex estate plans and provide comprehensive guidance in selecting the most suitable plan for your needs.