Last Will and Testament - The Facts
May 18, 2016
This article regarding a last will and testament by Michigan lawyer Nicole Wipp and the Family & Aging Law Center PLLC is not, and should not be construed as, legal advice. It is for general informational purposes only. To better understand how this legal concept can be applied to you, consult with an attorney.
Last Will and Testament - What Do You Really Need to Know?
When it comes to wills, people tend to have a lot of misconceptions. What, then, are the facts when it comes to a last will and testament?
LAST WILL AND TESTAMENT -
The Facts...
If you own assets in your name alone, they may pass from you to the people you love, as long as you leave a Will. Without a Will, your assets pass according to the State’s rules, also known as intestacy. The State may not pass your assets to the people you care about. You should be sure.
Also, you should know that...
- A Will must go through probate! Basically, a Will is your ticket into probate court. (Many people do not realize this and mistakenly believe a will helps them avoid probate.)
- Assets will pass through your Will to your loved ones if the Will is written properly.
- You can reduce your estate tax liability by using a trust in a Will.
- You can protect the ones you love by creating a trust in your Will which also can protect that person from creditors.
- You can protect disabled beneficiaries by creating a Supplemental Needs Trust in the will for them, which preserves assets for the family, while keeping their eligibility for public benefits.
- You can name guardians for your minor children in your Will, and you can exclude people you don’t want your children to go to. Failing to do this may result in your children going to people you would never choose.
Knowing the FACTS helps you make the right decisions for you and your family. Don’t listen to even well-meant advice from friends… consult with a qualified elder law attorney to find out what really applies to you.
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