To learn more about what to include in your will, reach out to a skilled Washtenaw County wills attorney today.
What is a will in Michigan?
The purpose of a last will and testament is to ensure that surviving family members and friends can follow your wishes when it comes time to distribute your assets. Not only does a will name who gets your assets but also who is in control of them. The last will and testament only control assets that are owned individually and do not have a beneficiary assignment.
If an individual passes away without a will, it is known as dying “intestate.” This indicates that there is no plan for your assets. Because of this, your assets will be acquired and distributed by the state of Michigan, rather than how you would like them to be allocated. While this may not appear to be a big deal in the present, you will want to realize that it can cause a number of different issues for your loved ones down the line. For instance, your loved ones may have to go through the lengthy and costly process of litigation. This can be incredibly stressful, especially during a time of mourning. In order to avoid this, you will want to have an experienced attorney on your side that can help ensure that you and your loved ones’ futures are protected.
Who is named in a will?
After you have crafted a will, your assets will pass to your loved ones after you pass. If they name someone to inherit a part of their estates, for example, an asset or possession, this individual is referred to as a beneficiary. There can be a number of beneficiaries in an estate. An executor is another individual that is named in the will. The executor refers to the person who is in charge of administering the estate among the beneficiaries as is outlined in the document. These individuals have the legal obligation to take care of the deceased person’s leftover financial obligations. They may be named in the will expressly or appointed by the court. Some of their duties include supplying accounting to the court, paying outstanding debts and taxes, and collecting, protecting, and distributing assets according to the will’s specifications. This is an essential role to take on due to the needed obligations. They may also have to meet with professionals, like accountants, lawyers, or other individuals to manage the estate. If an executor fails to carry out their required duties, they can be dismissed from this position. The other beneficiaries of the estate can file a motion with the court. The court can take into consideration all the factors of the situation and make their final decision. They have the ability to appoint a new executor for the estate.
Do not hesitate to reach out to our firm today to speak with a skilled Washtenaw County estate planning attorney to discuss your legal options.
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Sometimes, divorce, family, and estate matters are difficult to navigate. Fortunately, they do not have to be with the assistance of a compassionate, knowledgeable attorney who is willing to guide you every step of the way. If you need a seasoned firm to help you with any divorce, family, or estate-related matter, please do not hesitate to contact Collis, Griffor & Hendra today to schedule a consultation.