For many Michigan residents, estate plans may be in the back of their minds. Many people may recognize that it's important to have an estate plan in place, but they never take affirmative action to complete one. However, individuals should know that estate plans are not just important for one person, but they are important for the entire family.
Families that have spent an entire lifetime together can create an estate plan that fits the needs of the entire family. Instead of having individual wills, a joint will can be created for the family. A joint will is a single legal document that is executed by more than one person. Generally, a husband and wife can create this document together so that the will can maximize benefits to surviving family members.
Family members may also consider signing a mutual will. A mutual will is when more than one will is mutually binding on the other. These will help to ensure the property stays in a family when one person passes away.
Michigan residents need to understand their options when it comes to creating a will and comprehensive estate plan. The attorneys at the Prince Law Firm understand Michigan estate law. Our attorneys have many years' worth of experience in dealing with the complexities of estate planning. We have worked in many different probate situations and know how different types of estate planning tools can be used together to try to create the best possible plan for Michigan families.
By working with our firm, people can get a better grasp on their estate planning options. By considering a mutual will or a joint will, spouses can protect themselves and their families well into the future. For more information on our law firm and estate planning in general, please see our website.