Estate planning is a task that many don’t like to think about. Why think of a future that seems so far away? But you never know what life will throw at you. It is essential to plan the appropriation of your estate by crafting a will or trust because the consequences will affect your loved ones. If you pass away without a will or trust, then your legacy will be at the mercy of estate law in Ann Arbor.
If you have already decided to create a will or trust, be sure to have a lawyer at your side. The key to passing on your legacy is to have a valid will or trust. In short, if your will or trust does not adhere to Michigan estate laws, then the assets and property that belong to your loved ones will be distributed based on Michigan intestate law instead of your wishes.
So here’s the question: how do Michigan intestate laws determine who gets what? The primary goal of probate courts in Ann Arbor is to ensure that your loved ones all get a fair portion of the assets and property. If your spouse and children are alive at the time of your passing, then your spouse will inherit the first $150,000 of the estate and then half of the balance of assets and property left. Your children will get the remaining half. Regarding the assets and property divided among the children, it’s appropriation will depend on how many children you have. Eligible children can include: adopted children, children that you have had with people other than your spouse, children that you conceived with your spouse but have not been born yet, etc. This is where intestate law can get complicated and frustrating for your loved ones. Although your spouse has rights to attain a significant portion of your assets and property, your children will come into conflict with one another over which asset belongs to whom.
Of course, crafting a will or trust will avoid all these complexities. In hiring an estate planning lawyer to help draft a will or trust, your legacy will be protected for your loved ones.