Our Livingston County Estate Planning Lawyers Explain Key Provisions to Include in Your Michigan Will
Thinking about drafting a will can stir up a mix of emotions. It may be hard for you to confront the reality of planning for a time when you won't be around. But taking this step is crucial to give you and your loved ones the peace of mind you need.
At Estate Planning & Elder Care Firm of Michigan, our experienced Livingston County estate planning lawyers know how difficult writing your will can be. We're here to help make it as smooth and stress-free as possible. Our attorneys will work with you to create a will that honors your intentions, protects your family's future, and helps avoid having your will contested when it’s time to distribute your assets.
Requirements to Draft a Will in Michigan
It is important to write a will to ensure that your wishes for transferring your home, savings, vehicle, and other assets are honored after you're gone. If you don't have a will or trust in Michigan, after your death your property will be transferred to a surviving spouse, children, stepchildren, and possibly other family members according to Michigan intestate succession laws, which may not be what you want.
Specific requirements must be met in Michigan in order to draft a valid will. The requirements to legally draft a will in Michigan are as follows:
- Eighteen years of age or older: You must be at least 18 years old to draft a will.
- Sufficient mental capacity: You must have sufficient mental capacity to draft a will.
Under Mich. Comp. Laws § 700.2501, you would be considered to have the mental capacity to write a will if all of the following are true:
- You understand that you are creating a document that will determine how your property is transferred after your death.
- You comprehend the nature and extent of your property.
- You know who your closest relatives are.
- You understand what it generally means to sign a will.
Essential Provisions You Should Include in Your Michigan Will
Drafting a will involves more than just deciding who gets what after you die, which is an important reason why it’s not advisable to write your own will without the help of a Livingston County estate planning attorney. At Estate Planning & Elder Care Firm of Michigan, our lawyers will draft your will and other critical estate planning documents that clearly state your wishes and allow for a smooth probate process.
Several critical elements must be included to make your will comprehensive and enforceable. Key provisions that our legal team recommends you include in your will include:
Name a Personal Representative
Name a person you trust to administer your estate who will follow your wishes in your will. This individual, also known as an executor or personal representative, will handle everything involved in probating your estate, from distributing assets to paying debts.
Specify Beneficiaries
Clearly name the individuals or organizations you wish to inherit your assets. This helps avoid confusion or disputes among your loved ones regarding your intentions.
Clarify Asset Distribution
Specify how you want your assets, including your home, other real estate, bank accounts, motor vehicles, investments, and personal belongings, divided. Be specific in the percentage or property each heir will receive. Our knowledgeable estate planning attorneys will discuss your wishes with you and clearly draft this provision in your will to prevent legal battles among your heirs.
Appoint a Guardian for Your Minor Children
If you have minor children, you should appoint a guardian who will take care of them if you die before they are adults. This provision is essential to give you the peace of mind of knowing that someone you trust will be caring for your children if you are no longer here to do so.
Establish a Trust
We recommend you consider setting up a trust to manage your assets for beneficiaries if they are minors or have special needs. Establishing a trust can give you more control over how and when your assets are distributed to these individuals. If you decide to set up a trust through your will, you must appoint a trustee to manage your assets for these beneficiaries.
Provide Instructions for Debts and Taxes
Your will should include instructions for paying your debts and taxes. If you don't include this provision, your beneficiaries could face unexpected financial burdens during an already difficult time when they are grappling with the pain and grief of losing you.
Name Contingent Beneficiaries
You should name alternate beneficiaries in case your primary beneficiaries predecease you or cannot inherit your property for some reason. By including a contingent beneficiary clause, you may avoid the need to draft a new will if circumstances change.
Clarify Any Disinherited Individuals
If you decide to exclude someone from your will, be sure to state this in your will specifically. This can avoid potential legal challenges from disgruntled family members or other parties who wrongly believed they would receive an inheritance from you.
Specify Funeral and Burial Provisions
You can provide specific instructions for your funeral and burial arrangements in your will. However, you need to keep in mind that your loved ones may not read your will until after your funeral or memorial service. Our estate planning lawyers recommend that you also discuss your desires with close family members while you are alive to be sure your wishes are honored.