Category Archives: Estate Planning Michigan

Consequences of a Poor Man’s Will

A “Poor Man’s Will” can have many unintended consequences that your family may not be equipped to handle. A poor man’s estate plan is when you simply just add all of your adult children to all of your accounts and property (joint tenancy)  instead of getting a will drawn up. It is called a “Poor Man’s Will” because it doesn’t require hiring a lawyer for your estate planning needs. While it may seem like a good idea at the time, there have been many cases in which this plan has backfired. Without a will , your property is subject to distribution by Michigan’s Intestacy Laws, which means that your property could possibly be passed on to the state of Michigan.

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Four incidents where the Poor Man’s Will can been challenged.

Death 

If the person who shares joint tendency dies within 120 hours of the original owner of the property, the inheritance would be distributed according to Michigan’s Intestacy Laws.

Creditors 

Once you add a person on your name and accounts, their creditors now can try to lay a claim to their assets if they carry a lot debt.

Divorce 

When the person in joint tenancy is in the middle of a divorce, the spouse can try to claim the joint assets as apart of their joint estate.

Inheritance 

All of the inheritance will go to the person that shares joint tenancy and this person may not honor your wishes on how to distribute the inheritance among descendants.

It is not advised to attempt to create a will on your own. You need to hire a trusted Probate Lawyer to assist you. Contact Michael Colton at Colton Probate Law for a free consultation.

Predisposing Factors Contributing to Undue Influence

In probate law, “undue influence” is the most common ground for will contests. Undue influence is defined as influence by which a person is induced to act otherwise than by their own free will or without adequate attention to the consequences. Furthermore, “undue influence” is only an issue when the advisor is directly benefiting from the will. If the advisor is getting a benefit from someone else then it is considered fraud. Three classes of variables can contribute to Undue Influence which are predisposing factors, vulnerability enhancers , and execution variables. This blog post is only focusing on predisposing factors in Michigan.

Predisposing factors are certain characteristics that make an individual susceptible to being manipulated.

Some predisposing factors are:

Diminished Mental Capacity

A diminished mental capacity can occur when mental functions deteriorate in effectiveness. Someone who is having trouble recalling information must depend on someone else’s memory. This puts the person with a diminished mental capacity at risk for being exploited.

Depression

During depression people experience intense negative feelings and poor mental functioning. This includes having problems with concentration, attention, memory, and other cognitive functions. The other symptoms of depression such as lack of energy, social withdrawal, sleep disturbance , and apathy make the depressed people more susceptible to abandon things that require significant thought or effort.

Dependency

People depend on other people for a variety of reasons. People can depend on others for the following reasons including physical assistance, psychological needs, emotional attachment, mental stimulation and social connectivity.

Other predisposing factors are death of a spouse , social attention, undetected pathology , isolation and anxiousness. Do you believe your love one was a victim of predisposing factors that lead to undue influence? Contact Colton Probate Law today to request an appointment. 

Getting Affairs In Order Before Death and Probate Law

Before your done skydiving, traveling Europe and swimming with sharks, consider getting the more important things together before your time passes. No one wants to think about their death or what will happen after they die but it will give your loved ones and friends more understanding about your personal things so there is less to handle after your death and with in probate law, allowing you to leave with peace of mind.

 A few things you want to do to get your affairs in order before Probate Law:

1. Up to date Will: Make sure you have a will and it is up to date. If someone dies without a will, Michigan law has rules for what will happen with that persons property. This is called a person dies intestate, Probate courts in Michigan establish a probate estate where the probate court determines who will acts at the deceased representative and who will receive any assets that were left.

2. You want to appoint someone to manage your affairs, Power of Attorney: If you become sick and unable to take care of yourself or if something were you happen to you someone has to be responsible to pay your bills, deposit your money and manage your financial affairs.

3. Name a guardian: If you have children that are dependent you need to appoint a guardian to take care of them if you are not able to or pass away. Note: If you have a disabled child, find a specialist who knows the laws and benefits under Medicare and Medicaid and can coordinate asset planning. If everything is left to a disabled child they will not be able eligible for aid. Also known as special-needs planning.

Some people write a will to avoid probate laws but probate court has been simplified and Micheal Colton Probate Law attorneys in Farmington MI cater to Oakland County residents and are here to help you and your family with their probate planning. Contact Our Law Office today to talk to our probate planning attorneys and specialists to receive a no-obligation consultation about: Estate Planning, Probate Court, Probate Law, Wills and Trusts, Living Wills, Michigan law, Power of Attorneys.

Power of Attorney- Assets of the Deceased

A power of attorney can be a very crucial document for residents of Southfield or Farmington Hills, Michigan but one thing a power of attorney cannot do is take a person’s assets once they are deceased.

When the grantor (someone who conveys or transfers ownership of property) of the power of attorney passes on, the power of attorney document becomes invalid. Any separate powers of attorney that the decedent (the person who dies) may have implemented concerning financial matters, such as bank accounts, also become ineffective when the decedent dies.

Any time assets and heirs come into play, family members and loved ones of the decedent will need to consult a probate lawyer in Southfield or Farmington Hills, Michigan as the probate process is nearly inevitable. Assets owned solely by the decedent must go through the probate process, either according to the decedent’s will or the intestacy laws, which apply if no will exists.

Any and all assets owned by the decedent freeze upon their death until an executor of his or her estate is named. There are some exceptions, like if an estate is desperately in need of funds and there is no time to wait for an executor to be selected.

Those who are estate planning in Farmington Hills or Southfield, MI should know that the future executor of the estate and anyone who had power of attorney while the decedent was still alive cannot access the assets of that person; they remain frozen under all circumstances. The only way they can be unfrozen is when an estate executor is appointed.

Michael Colton, an experienced estate planning attorney in Southfield or Farmington Hills, Michigan, would like to help guide those going through the probate or estate planning process in Michigan. To receive a free, no-obligation consultation, contact us now. Or, if you have any legal questions for our probate or estate planning specialists in Southfield or Farmington, Hills Michigan, give us a call at 248-324-0800!

Managing Deceased Estates in Oak Park, Michigan

Oak Park residents, do you know how a person is picked to manage the estate of someone who passes on? Most of the time this is decided through someone’s will. The person nominated by the maker of the will to carry out the directions of that will is known as an executor.

Those tinkering with their will and estate planning in Michigan will obviously want to select someone they trust with their assets and finances. On the flip side, those selected to become the executor of the will inherit a number of responsibilities, including:

  • Collecting property
  • Finding the beneficiaries
  • Helping to arrange the funeral
  • Paying off debts and outstanding bills
  • Securing Assets
  • Settling feuds between other family members or beneficiaries in the will

But what if there is no will left behind? Well, if a probate court proceeding is deemed necessary, the spouse or registered domestic partner of the deceased will almost always have first priority under law, depending on the state. If there is no spouse, it would be the child of the deceased. If there happens to be more than one child, they would all stand in equal position. If there is no agreement made by the interested partners, a judge will appoint a person to manage the deceased’s estate.

Handling tasks and sorting through the details can be overwhelming. That’s why it’s important to get consultation from an experienced estate planning attorney in Oak Park, Michigan to help walk you through the intestate succession laws, which sort out the inheritance of property if no will exists.

To learn more about managing the estate of the deceased Oak Park properly and professionally, contact Michael Colton, an estate planning specialists, at Colton Probate Law. A trusted estate planning lawyer in Oak Park Michigan for over 30 years, Michael Colton can help you through any issues you’re having as executor of a will, or constructing a will. Call today for more information or to receive a free consultation. 248-324-0800.