Archive for the ‘Wills’ Category

Is a handwritten Will considered valid in Michigan?

Monday, September 28th, 2009

A handwritten Will is called a “holographic Will” and is valid in Michigan as long as it is entirely handwritten. The courts are very strict in determining whether a handwritten Will is valid and whether it will be enforced. Because most handwritten Wills do not cover all the areas that you wish to discuss, and because they are often not
properly written, it is recommended that you use a written, (as opposed to handwritten) Will.

How to Dispose of Your Financial Assets

Monday, September 14th, 2009

If you wish to leave a specific sum of money to someone, you should think about the fact that your estate may increase or decrease in size between the time that you sign your Will and the time of your death. You might want to consider a percentage instead of a dollar amount. For example: Assume your estate is worth $50,000.00 and you wish to leave someone $500.00, or 1% of your estate. If your estate shrinks to $25,000.00 by the time of your death, this bequest of money may be more than you would have intended under the circumstances. However, if you gave the person 1% of your estate, rather than $500, then the gift would shrink to $250, proportionate with the total estate.

Who Should Have a Will?

Wednesday, August 5th, 2009

· A parent with minor children – so he or she can appoint a guardian, appoint a conservator (to manage the minor’s money) and decide at what age(s) the money is released to the child(ren).
· Blended families – to make sure that neither family is disinherited.
· Anyone who is treating his/her children unequally.
· Persons without a spouse or any children.
· Persons who want a particular item to go to a certain person.
· Persons who want to leave some money to a charity.

Read more about estate planning.