SUPERIOR LAW PLLC 337 East Ayer Street Ironwood, MI 49938
You may find that over your lifetime you accrued a wide variety of property. This property can include, land, company shares, businesses, cash, bank accounts, stocks, bonds, artwork, jewelry, cars and basically anything else that you own. While you are alive, these things are put to good and enjoyable uses.
However, what happens to them after you die?
Well, that is basically up to you. These items are your property and you decide who gets them upon your death.
A WILL
Many people think that if you have a will, you avoid probate. This is not true!
WHAT IS A WILL?
A will is a document that outlines what your property is and to whom you want your property to go to upon your death. This is a legal document, which will be used in probate to tell the court where your property will go. A will can be made by anybody over the age of eighteen that is of sound mind. Both Michigan and Wisconsin Law determine how many witnesses you need, and you must ensure that the witnesses do not receive anything from the will in any way.
Many people never get around to making a will, and when they die the courts end up dealing with any property, which are then distributed according to the state laws.
EXECUTORS/PERSONAL REPRESENTATIVE
Normally an executor (personal representative) is appointed, and this person will deal with the disbursement of assets under the supervision of the probate court. If there is no executor, the probate court will appoint an estate administrator to deal with the distribution of assets. If you have no beneficiaries or family relations and have not appointed a person in a will, it is possible that all of your assets will be claimed by the state.
WHAT DO YOU NEED TO DO?
When you make a will you should list all of your assets or at least have a good idea what they are. You should also list any outstanding debts that you have. You can then go on to make a list of all people you might want your property to go to, and decide who should receive what. All of the outstanding debts on your will are paid off upon your death, and the remaining property is distributed in accordance to your wishes. If there are any items not specifically listed on your will, they are distributed by the courts in accordance to the law of the state. If you don't wish for this to happen, you should include a clause that leaves the remainder of your estate to a specific person of your choice. You should also list your heirs by full name and relationship to avoid any confusion when it comes to the reading of the will and the disbursement of assets.
Should any circumstance in your life change, such as the birth of a grandchild or child or the acquisition of new assets, you may wish to change your will. It is important that you ensure that your old will is destroyed once you have made up a new document and had it witnessed. Your will is a document that will be of paramount importance after your death, particularly if you have a lot of material assets. It is therefore important that you keep it in a safe place, and let trusted family members know where it can be found.
If you have any property, such as a house with a joint mortgage or a joint bank account or a life insurance policy, these would not be dealt with through a will because they already have a joint owner. However, all other assets should be listed on the will to ensure that they go to the right person after your death.
