Prince Law Firm
Call For A Consultation
Toll Free 866-383-1125
Local 248-419-1968

Posts tagged "wills"

Online wills pose risks

The internet may be an excellent source of information, including forms to assist with estate planning. However, people who download these documents may not know what it is needed to know about Michigan law and estate planning. Do-it-yourself form documents may not address the many complexities surround the planning and drafting of wills and other important documents.

Wills may not be for everyone

A will may be the first thing that people think about when it comes to their estate planning. However, wills have some disadvantages. A will is a public court document that is used in a probate proceeding when a person died with their assets in their name. The probate process determines whether the will is valid and may be expensive and lengthy. Family members may also seek a larger share of the estate by engaging in a will contest, challenging its validity or allocation of assets.

Passing on non-monetary property may be complicated

Passing on money and bonds to heirs may be relatively straight-forward. But, distribution of things like property, art and jewelry require additional estate planning. Determining an object's fair market value is important, regardless of whether the asset or profits from its sale are passed on. This is important because some assets may appreciate over time. Insurance coverage should be updated so that planning decisions are based upon accurate information.

Estate planning is important

The failure to have a will in Michigan is not an absolute disaster, especially when a decedent wanted to have an outright distribution of assets to their children.

Wills have strict requirements

Disposing of property and assets after death must be done following strict legal requirements. To avoid legal disputes, wills must comply with numerous legal requirements. First, rules govern their signature and execution. While these rules may appear unnecessarily formal, any flaw can lead to a will contest or invalidation.

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Our Office

Prince Law Firm
800 W. Long Lake Road, Suite 200
Bloomfield Hills, MI 48302

Fax: 248-865-0640
Bloomfield Hills Law Office Map

Connect with us

  • Facebook
  • Twitter
  • Linkedin
VISA | Master Card | American Express | Discover Network