Tag Archives: wills and trusts Michigan

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.

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.

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.