A common question every estate planning lawyer gets is, “How much do you charge for a will?” There is no single answer. A will is not a standardized product. Each will has unique characteristics based on a person’s financial, family, and legal situation.

Estate Planning Is Not Always So Simple

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Speaking in broad terms, estate planning attorneys generally offer simple wills on a flat-fee basis, usually between $500 and $1500 dollars, depending on circumstances such as marital status and property. What do we mean by a “simple will”? A simple will is guidance or advice to the Probate Court directing where you want your assets to go after you’ve died. If you own assets over the minimum level of $22,000 in your own name at the time of your death, your estate will go to probate. The will is a part of that probate process.

But now let’s say you have a lot of assets and multiple heirs. You may need to minimize your potential gift and estate tax liability. A simple will may not be the best tool for the job. In fact, you may want to create a trust or employ other strategies, such as charitable giving, which require more than a boilerplate will. This obviously requires more time and skill on the part of the attorney, which translates into a higher flat fee, or in some cases an hourly billing arrangement.

Keep in mind, your estate planning situation may be more complicated than you initially think. If you are divorced and remarried, your will may need to account for children from different marriages, as well as the terms of your divorce settlement. You may also want to consider the relative financial and personal circumstances of your children or other beneficiaries.

Do Not Do It Yourself

Some people think they can save a few dollars by writing their own will using a preprinted form they buy online or at the office supplies store. This is a bad idea. For one thing, laws governing wills and probate are state-specific. A preprinted form is unlikely to fully incorporate Michigan law. Second, preprinted forms often omit important clauses that can actually undermine the intention of the person making the will. This can lead to confusion and unnecessary litigation after the person dies.

Working with a Portage elder law attorney is never a waste of money. To the contrary, it may be one of the best investments you can make to secure your family’s future. Contact the Law Offices of David L. Carrier, P.C., today to schedule a consultation with an attorney who will help you develop a will specifically tailored to your needs.

Divorce is a complicated process of unwinding not just a marriage, but of property and other legal obligations. There are many legal issues to consider. For example, how does a divorce affect your will or other estate planning documents?

Divorce (Partially) Revokes Your Will

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Married couples typically have language in their wills naming the other spouse as executor or beneficiary of their estate. Michigan law assumes divorced couples intend to revoke such language. Therefore, unless the couple’s divorce settlement (or any related agreement) expressly states otherwise, any gift or appointment made to an ex-spouse under a will is automatically revoked upon divorce.

Let’s say you named your spouse as sole beneficiary and executor under your will. Upon divorce the language benefiting your now-former spouse is revoked. This does not revoke your entire will, only those parts dealing with the former spouse. In practical terms, the probate court would treat your ex-spouse as if he or she died before you.

Michigan’s revocation law does not just apply to wills, but any document naming an ex-spouse to act in a “fiduciary or representative capacity,” such as a conservator, guardian, or trustee.

One thing to keep in mind is Michigan law only revokes language in wills or other documents signed prior to the divorce. You are perfectly free to make a new will post-divorce naming your spouse as executor or beneficiary. The law will not invalidate or otherwise affect such language.

Estate Planning Cannot Override Divorce Terms

As a matter of law, your ex-spouse has no claim on your property after you die except as provided in your divorce settlement. This can still have significant estate planning implications. For example, the division of marital property often requires one former spouse to name the other as beneficiary of a life insurance policy, retirement account, or other annuity. Such required assignments overrule any contrary provision in your estate plan.

Something else to consider: A divorce case may last several months or years depending on the issues involved. But you do not need to wait until a divorce is final to make certain changes to your estate plan, such as making a new will or trust. A qualified Grand Rapids estate planning lawyer can advise you on the best way to protect yourself before, during, and after a divorce. Contact the Law Offices of David L. Carrier, P.C., to schedule a consultation at one of our convenient locations today.

An executor, or personal representative, carries out the terms and provisions of a deceased person’s will. Typically, the creator of the will (also known as the testator) will name an executor who is responsible for closing out the testator’s estate, which means taking care of any remaining financial obligations and ensuring that beneficiaries named in the will receive their assets.

If the testator does not name an executor, Michigan law specifies, in order of priority, who will be appointed as the testator’s personal representative. The surviving spouse has first priority, but only if he or she is a named beneficiary.

It’s important to name an executor who you trust, like a friend or family member, to ensure that your estate is properly taken care of.

Who May Serve As Executor?

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Michigan permits any adult to serve as an executor — except someone who has been convicted of a felony — including adults who live in another state. (Practically, however, it might not be a good idea to name an out-of-state executor.) An adult is anyone who is at least 18 years old. The court is required to appoint your named executor unless someone challenges your selection and presents evidence that the person is incompetent or otherwise unsuitable to serve.

What Are the Executor’s Responsibilities?

The executor’s legal responsibilities include:

  • Initiating probate of the will;
  • Collecting the testator’s assets and taking an inventory;
  • Collecting any debts owed to the testator’s estate;
  • Paying any debts claimed against the estate;
  • Distributing assets among named beneficiaries; and
  • Closing the estate.

Initiating Probate

It’s the executor’s responsibility to open the estate for probate. That involves obtaining a valid death certificate and an original copy of the will, and providing notice to creditors and any other interested parties.

If the executor is not an attorney, he or she should contact an experienced probate attorney to help with the process.

Taking an Inventory of the Testator’s Assets

The executor has to know what the testator owned before he or she can properly distribute the estate. This might involve having items (like jewelry or cars) appraised.

Collecting the Testator’s Debts

One of the first things the executor should do is make sure the testator received all of the salary and benefits owed to him or her. The testator should all inquire into any outstanding debts owed to the estate.

Paying the Testator’s Debts

While some debts die with you, others survive death. For example, the executor must use the estate’s assets to pay any state or federal taxes that the testator might owe.

Distributing Assets

When any creditor claims against the estate have been settled, the executor may distribute assets to beneficiaries named in the will. (This is when the executor may encounter a will contest from someone who claims that he or she should have inherited under the will if not for undue influence, fraud, etc.)

Closing the Estate

Once the claims have been settled and the assets distributed, the estate can be closed. The executor must provide the probate court with evidence that everything has been taken care of.

Contact a Grand Rapids Estate Planning Attorney

If you have been named as the executor of a will, contact one of our experienced Holland probate lawyers today. We can guide you through the probate process. If you are preparing your will, we can also help you choose someone to serve as executor.

Once you’ve created an estate plan, it’s important that you maintain it. For example, there might be additional beneficiaries that you want to add to your will or people that you want to take out of it. Remember, if you don’t keep your will up-to-date then your wishes might not be carried out.

Different Types of Wills

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There are several different types of wills that are legal in Michigan. A holographic will is entirely handwritten by the testator (the creator of the will). It must be signed and dated by the testator.

A self-proving will must be signed by the testator and two witnesses in front of an officer authorized to administer oaths under Michigan law. The witnesses must provide sworn statements.

To create a statutory will, all you need to do is fill out a form. However, you’re limited to the options included on the form. There is no room for creativity, and if you add anything not included on the form then your entire will might be deemed invalid.

We recommend that you contact an experienced estate planning attorney to help you create a formal will that will express your exact wishes and comply with Michigan law.

Why Might I Need to Update My Will?

Life happens, and after you’ve created your will, you might need to make changes. There are various reasons you might update your will, including:

  • You’ve purchased additional property;
  • The value of your current property has increased;
  • A new child was born into your family and you need to add a beneficiary;
  • You’ve adopted a child and need to add a beneficiary;
  • One of your family members died and you need to remove a beneficiary;
  • You’ve decided to remove a beneficiary for other reasons;
  • You’ve remarried or divorced and need to update your beneficiaries; and
  • You want to name a different executor (also known as a personal representative).

How Can I Amend My Will?

A will does not take effect until you die, which means you can modify it at any time without any legal consequences. There are two different ways to change your will:

  1. Start over and write a new will. Be sure to include: “I revoke any prior wills and codicils” at the top. We also recommend destroying the original will and any copies that were made.
  2. You can change your will by adding a codicil (an amendment). A codicil is similar to a will but it changes only certain parts. For example, if you adopted a child and want to add her as a beneficiary you could include that bequest in a codicil, which will then be attached to the will.

Do NOT make changes directly on the will by crossing through certain sections or adding comments in the margin. Doing so might invalidate your entire will.

Contact Experienced Michigan Estate Planning Lawyers Today

Contact our experienced Norton Shores estate planning lawyers today if you need to create a will or make changes to a will that you’ve already created. We will ensure that your will expresses your wishes and complies with Michigan law.

Estate planning is an individual process — what works for one person might not be the best option for distributing your assets. For example, you don’t have to create a will in order to dispose of your assets after death. Another option is creating a trust (however, you can also include a trust in a will).

What Is a Trust?

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A trust is a legal arrangement in which one person (the trustee) holds legal title to property for another person (the beneficiary). The person who creates the trust is called the grantor or settlor.

One of the benefits of creating a trust is that the settlor has multiple options:

  • A revocable trust allows the settlor to alter or even cancel trust provisions during his or her lifetime.
  • Trust property isn’t transferred to the beneficiary until after the settlor’s death.
  • Irrevocable trusts come in many forms. There is a common misconception that an irrevocable trust cannot be amended or cancelled without the beneficiaries consent, but that is not always true. It depends on the exact type of irrevocable trust that you have.
  • A living trust (also called an inter vivos trust) benefits the settlor during his or her lifetime and then transfers assets to a designated beneficiary when the settlor dies. Property put into a living trust is not subject to probate.
  • A testamentary trust does not go into effect until the settlor dies. It is included in the settlor’s will and often is used to benefit minors.

These options might seem confusing, which is why you should contact an experienced estate planning attorney to determine which type of trust is right for you.

Creating a Valid Trust

Your trust will fail if you don’t follow certain requirements:

  1. The settlor has to intend to create a trust. If the wording in the trust is ambiguous and doesn’t establish that the settlor intends to convey his or her property into the trust for the named beneficiary, then the trust will fail. It’s not enough to say that the settlor will create a trust in the future — the settlor must intend to create the trust now.
  2. The settlor must appoint a qualified trustee. A trust cannot exist without a trustee.
  3. If the settlor doesn’t actually transfer assets into the trust, then the trust will fail. The settlor must list the assets in the trust and take steps to change the title of those assets.
  4. The trust will fail if it doesn’t specifically identify the intended beneficiaries. If the beneficiaries can’t be identified or located, then the trust is not valid.

Luckily, there are ways to correct a failed trust. If it is proven by clear and convincing evidence that the settlor’s intent and the terms of the trust were affected by a mistake of fact or law, then a court may reform the terms of the trust.
You can also ask an estate planning attorney to help you modify or terminate your original trust so that it fully complies with Michigan law and properly distributes your assets.

Contact Us Today

Of course, the best way to ensure that your trust doesn’t fail is to seek professional help. Our experienced Michigan family trust attorneys can you help you create a valid, enduring trust. Contact us today for a free consultation.

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