Did you know that trusts are not just for the wealthy?
A trust is a legal document that manages your assets and property in Michigan. This document also ensures that your assets are properly distributed according to your wishes. Successfully setting up a trust will lower your chances of your final wishes not being carried out.
Probate vocabulary that you should know:
Trust: An arrangement that allows a trustee to hold assets on behalf of a beneficiary.
Grantor, Trustor, Settlor: The person who original owned the assets.
Trustee: The person or institution appointed to manage the assets of the Grantor for the benefit of a beneficiary.
It’s always the holidays that brings families together. This is also the time that people think about protecting the ones they love from the unexpected. This is what Michael Colton at Colton Probate Law is here for.
Colton Probate Law in Michigan offers a variety services to put your mind at ease during the holiday season such as:
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 capable of making decisions, they must:
Know the extent and value of their property stated in the will.
Know the persons who are the natural beneficiaries
Understand the disposition he or she is making
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.