Category Archives: Wills and Trusts Michigan

Testamentary Capacity- Oakland County, MI

Most commonly brought about with minors or the elderly who are preparing a will, testamentary capacity is the legal way of discussing the metal state of the person who is preparing the will.

When charges of testamentary capacity are brought about, it usually means that the person who has prepared a will is being considered mentally unfit to do so. Whether it is that they are not capable of understanding what it is that they are signing, or they do not understand the value of the property or assets of their will. Either way Attorney Michael Colton will help resolve testamentary capacity issues in Oakland County, Michigan.

In order to prove that a person writing their will is loved-onecapable of making decisions, they must:

  1. Know the extent and value of their property stated in the will.
  2. Know the persons who are the natural beneficiaries
  3. Understand the disposition he or she is making
  4. Understand how these elements relate, and be able to form an orderly plan of distribution of their property.

If you are concerned that a loved one is incapable of making the decisions needed to execute a proper will, contact Michael Colton in regards to obtaining a power of attorney to assist with the will preparation process.

Typewritten or Holographic Wills- Royal Oak, MI

When it comes to wills, there are two basic types that you need to know about: There are typed wills and there are handwritten wills. The latter are also known as holographic wills.

You may be wondering, “must a will always be typewritten and signed by two witnesses in order to be valid?” The answer to that is no. Royal Oak or Novi, Michigan residents typing out a typewritten will need it to be signed (or executed). The person that makes the will (the testator) must declare in front of the witnesses that “This is my last will and testament,” and request that those on-hand as witnesses serve as official witnesses during the testator’s official signing. The witnesses sign under penalty of perjury and notarization of the will is not necessary.

Holographic wills, however, have to be completely handwritten, dated, and signed by the testator. Witnesses do not have to be present and the holographic will doesn’t have to be notarized. These wills need to meet minimal requirements in order to be probated in Michigan.

You may need to consult with an estate probate attorney in Novi or Royal Oak MI to gain a clearer understanding of the problems that can arise with holographic or handwritten wills. It can be trying to prove that the testator of a holographic will prepared and signed it on his or her own.

With a typewritten will, the witnesses and the ceremony that comes along with the signature prove that the testator prepared and signed the will. One can’t be so sure with holographic wills, as it can be unclear if the deceased person has provided for an abnormal disposition of his or her property. Handwriting experts may sometimes be called upon to analyze holographic wills to prove the testator did in fact prepare and sign the will. The testator also must be conveying a wish to direct the distribution of his estate to beneficiaries.

It’s clear to see that if you or someone close to you has to choose between one of these two types of basic wills, hiring or consulting with an estate probate lawyer Royal Oak or Novi, MI can make the process a lot easier. It’s not a requirement in any state to hire a lawyer for probate but under some conditions, like proving the validity of a will, it can be very helpful. Contact us today to see what Michael Colton and his probate and estate planning specialists can do for you!

What is a Will?

Many people in Oak Park or Madison Heights, MI have a rough idea of what a will is, but not everyone knows precisely how it works. A will is a written document, sometimes referred to as a “last will and testament,” which serves as a letter of instruction to advise a county court who should receive certain assets once a person has died. The court sees to it that the testator’s (the person who makes up the will) final wishes are carried out.

You probably know that a will leaves instructions such as how property should be distributed, or who will be in charge of caring for minor children, but did you know that when you write out a will in Madison Heights or Oak Park, Michigan it can be designated to take care of a multitude of other matters? Some other uses for a will include:

  • Deciding how debts or taxes should be paid
  • Naming an executor
  • Naming guardians for young children or property
  • Providing for pets
  • Serving as a backup for a living trust

By making up a will, you make yourself solely responsible for how your assets get distributed. A will can crossover to cover business matters as well. If you own a small business or have investments, your assets can be smoothly transitioned to others throughto-sign-a-contract-1-1221950-m a succession plan.

The traditional type of will in which many people are likely familiar with is known as a testamentary will. This is also referred to as a self proving will. Once it is formally prepared, this document gets signed with witnesses present. There are also holographic wills, which don’t need witnesses present at the time of the signing, oral wills, which are spoken testaments, and living wills. Living wills deal with your wishes in accordance to medical care (life support in particular) if you become incapacitated. A probate lawyer in Oak Park or Madison Heights, MI can help residents who are unsure of which type of will they are best suited for.

Wondering what happens if you don’t have a will? In this case, you die intestate. The state then oversees how your assets are distributed. Many people believe the state does not inherit your assets but instead distributes them in accordance to a predetermined formula. Half of your estate goes to your spouse and the other half gets distributed to your kids with this formula. In such an instance, the sale of your family home or other assets can have a negative impact on the surviving spouse. Financial difficulties can arise if your spouse was dependent on the bulk of your assets to maintain the previous standard of living. It can become even more complicated if you have minor children because the court typically appoints a representative to look after the children’s interests.

Colton Probate Law is located in Farmington Hills, Michigan. Michael Colton’s team of estate planning attorneys in Oak Park, Madison Heights or surrounding Michigan cities can help residents with questions or concerns they may have about their will, or lack thereof. Call us today to schedule your free consultation. 248-324-0800.

Estate Planning- Farmington Hills, MI

Are you a Farmington Hills, MI resident thinking that you don’t need estate planning because the value of your estate is not big enough to cause estate taxation? Well, you are wrong! There is more than just writing a will when it comes to estate planning. Organizing your assets can cause fewer arguments with your loved ones and avoid a bulk of your estate from going to the government later on. Estate planning is the development of arranging and preparing for the dispensation of an estate during your life.

Estate planning eliminates confusion over the administration of probate, and expands the worth of the estate by cutting down taxes and other expenses. It involves wills, trusts, powers of appointment, beneficiary designations, property ownership and more. Parents/guardians are often designated for minor children and beneficiaries in incapacity.

Everyone has an estate; even a young child. If you own something of value and would like to pass it on after your departure, you have an estate. A good plan will maintain and boost the financial security of human beings and their families.

Located in Farmington Hills, Michigan, Attorney Michael Colton will help you with your estate planning needs. He can help give you guidance with any questions you may have regarding estate planning. Call 248-324-0800 today for more information of a free consultation.

Attorney Michael Colton reviews

Would you like someone to review your situation and help determine if it is the right time to create your Will? Or have you had a bad experience with probate not being properly handled? Either way, if you need help or believe that something was not handled correctly, Attorney Michael Colton of Farmington Hills Michigan can address any concern you may have.

For many, writing a will is a very troubling time. You may wonder when the time comes, if everything will be settled properly. Don’t wait to take away that worry and weight off your shoulders! When Probate Attorney Michael Colton reviews your existing Will or helps you with your estate planning, you will have that peace of mind you need.