+(231) 714-4501Grand Traverse Wills Lawyer
A Will is a basic form of estate planning. A will controls how your probate estate passes upon your death. A common misconception is that your will controls how all of your property passes upon your death. Quite often a will only controls the disposition of a small portion of a persons total assets. Assets passing outside of a will’s control include assets that have beneficiary designations other than to your estate and real property that has a “ladybird” deed. Wills go through probate, which is a court process that involves numerous court forms and processes.
What property is controlled by a will?
A will can only distribute assets within the “probate estate,” which encompasses property solely owned by you during your lifetime and not governed by a beneficiary designation. Jointly owned property automatically transfers to the surviving co-owner(s) upon your death, so your will would not control the disposition of such property. Assets designated to pass via beneficiary designations, such as 401(k)s, IRAs, or through “ladybird” deeds or transfer on death designations, are not part of a person’s probate estate.
Benefits of planning with wills.
- Provide for the care of minor children: You can nominate a guardian and conservator for your minor children if you pass away.
- Prevent unintended results: wills allow you to tell your probate assets where they go after you pass away. If you do not have a will, then the intestacy laws control to whom your assets are distributed.
- Useful for Medicaid Planning: if one spouse is likely to need long-term care in the future, then a testamentary trust in a will can provide resources to benefit that spouse while not interfering with qualification for Medicaid.
Start working with a Grand Traverse Wills Lawyer today.
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