Top Three Will-Related Myths

1. I don't have enough assets to need a Will.

Even if you don't have many assets, it is probable that you still need a Will. A Will is an important estate planning document that appoints a person to act as your executor/personal representative upon your death and ensures your assets are divided according to your wishes. It also establishes a guardian for any minor children. If you die without a valid Will, the court will appoint a personal representative for you and state law will dictate how your assets are divided among those you leave behind.

2. If I have a Will, I can avoid Probate.

Having a valid Will does not mean your estate can skip Probate. Upon your death, your Will must be filed with the probate court. Probate is an administrative process that appoints a Personal Representative to ensure your assets are gathered, all your debts are paid, and your remaining assets are distributed to your beneficiaries. Without written approval from the court, your personal representative will not have the power to act on behalf of your estate.

3. Establishing a Trust is better than having a Will.

While there are many benefits to establishing a Trust (including: potential tax savings and the avoidance of probate), doing so may not be suitable in all cases. Setting up and maintaining a Trust can be time consuming and may be more expensive than the traditional probate process. A qualified estate planning attorney can discuss the benefits and costs associated with a trust and help you decide whether one is right for you.

For additional information regarding Wills or Probate, contact the Michigan estate planning and elder law attorneys at Keusch, Flintoft & Conlin, P.C. today.