Tag Archives: Estate Planning

FAQ of Estate Planning

An Estate Plan can be made for everyone and anyone. To make sure your belongings are distributed the way you want them to be when you die, you need an Estate Plan.

Many people ask why someone may need an estate plan and who needs it the most?

Most common Frequently Asked Questions about Estate Planning:

If you are asking these questions, you should have an Estate Plan;

  • Who will receive your assets and that of, after your death?
  • Who will make health care decisions for you if you cannot?
  • Would you like any of your assets donated to charity?
  • Do you own out of state property?
  • Do you have children that are minors?

These are just a few aspects that tell you, you need an Estate Plan. If you do not have one, the judge will appoint someone to take care of your assets. Your assets have a high possibility they will not be distributed the way you would want them to be. If your heirs are not found in a certain period of time to claim your assets, they are given to the State of Michigan.estate planning faq

An Estate plan assures the right people will get your assets after your death.

Can A Trust help prepare for Estate Planning?

Yes, a Living Trust helps you control your assets before and after your death. A living trust cannot go into probate court so that your trust is private for you and your family. Having a trust will help your family save time and money along with legal fees.

At Colton Probate Law, your local Probate Attorneys specializes in Probate, Estate Planning, Wills and Living Trust; everything you and your family need to be prepared to protect your assets the way you want them to be.

Contact your local Estate Planning Attorney today, check out our Estate Planning Questionnaire to get an idea of what information is needed to start an Estate Plan.

Amending A Will

Codicil is an amendment or change to a current will. A codicil is meant for small changes or additions. A codicil cannot change the meaning or overall purpose of the will. Also, if the codicil requires multiple cancellations ,or multiple addition, it may be easier to make a new will because the intent of the current will can become unclear. If it is unclear, then you are leaving room for it to be challenged by someone.

There are many things that you should consider when adding a codicil before you touch the actual will. On a separate sheet of paper, write down specifically which portions you want to change and how you want to change them in the will. It is also important to state that the new changes from the codicil revoke the previous versions of the will and that it is effective the day that the codicil is signed. Then, contact your probate attorney with this document.

BEFORE attempting to alter a will, you will-ammendmentshould ask a probate lawyer to answer the following questions:

If you previously made a codicil to your will, can you replace it with a new codicil?

Do you have to draft a new will or can you just make a codicil?

How often according to Michigan state law can you make changes to my will?

Michael Colton is your probate lawyer that can answer all of your probate and estate planning needs. With years of experience in building client-attorney relationships based on trust. Contact  Michael Colton  for a free, no obligation consultation.

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.

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Are you in need a an Estate Planning Lawyer, Law attorney serving Michigan, Farmington, Farmington Hills, Oak Park, Southfield Michigan?

Allow Michael Colton Probate Law to answer your questions and concerns. We can assist you in your Estate Planning Question throughout Michigan and the following areas:

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Please Call 248-324-0800 today or use our easy Online Contact Form for a free consultation to get the information you need to make an effective decision concerning your estate planning.