Wills Attorney in Farmington Hills, Michigan
Taking care of your family after you pass away requires making the right choices when it comes to estate planning. It is never too early to establish your estate plan; however, it can be too late. Establishing a legally-enforceable will is key to protecting your legacy and family.
With over 25 years of experience, Steven L. Rotenberg is dedicated to providing strong legal guidance to each of his clients in family law and estate planning matters. He is assertive in his approach and committed to advocating for his clients’ best interests. Steven L. Rotenberg, PLLC proudly represents clients in Bingham Farms, Michigan, as well as Monroe, Pontiac, Mount Clemens, and the metro Detroit area.
Overview of Wills
A will is an essential estate planning tool that allows you to express your wishes regarding who will receive your assets after you pass away. Certain types of wills are legally enforceable in court. A properly-established will allows your beneficiaries to inherit from your estate more efficiently.
There are several types of wills, including holographic wills, statutory wills, self-proved wills, and formal wills. Formal wills are the type that is most likely to be legally enforced by the court. Formal wills are typically drafted with the assistance of an estate planning attorney and signed by a witness.
In your will, you will name your personal representative (also known as the executor of your estate) and explain how you would like your assets to be distributed after your passing. An experienced estate planning attorney can help you navigate the process of choosing an executor and discovering how taxes can affect your estate.
Why Having a Will Is Important
There are two key reasons why having a will is important. Under Michigan law, to die without a will is to die intestate. When you die intestate, the state government decides who will receive your assets after your passing. You will have no control over who will inherit from your estate if you die intestate. Your family will live with the state’s decisions rather than your own. It is important to have a will to prevent this from happening.
Next, if you do not have a will, the probate process will take longer than if you did have a will. It could be months or even years before your family or loved ones will receive any of your assets. All estates must go through probate before the beneficiaries can inherit, but without a will, the probate process takes much longer.
Differences Between a Will and a Trust
You may be interested in establishing a trust instead of a will. The key difference between a will and a trust is that a trust may allow your family to avoid the probate process altogether. Speak with an experienced estate planning attorney to learn more about whether a trust or a will would be more beneficial in your situation.
It is helpful to know that a trust comes into effect during your lifetime, typically immediately after you create it. A trust can allow you to outline your wishes for property distribution and easily transfer assets from you to another person. Establishing a trust is a key step in preparing for the future and protecting your family.
Serving Bingham Farms, Michigan
An experienced estate planning attorney can guide you through the process of creating a will or trust. With over 25 years of experience, Steven L. Rotenberg will work closely with you to find the best estate planning solution to fit your needs. Steven L. Rotenberg, PLLC proudly represents clients in Bingham Farms, Michigan, as well as Monroe, Pontiac, Mount Clemens, and the metro Detroit area. Contact the firm to schedule a consultation today.