If you have yet to put an estate plan in place, you are far from alone. According to recent estimates, approximately one-third of Americans have an estate plan in place. There are many reasons that people have not taken the time to create an estate plan, ranging from simple procrastination to the common misconception that estate planning is only for the very wealthy or those who are over the age of retirement. The reality is that even young adults just starting their careers, or young families who have welcomed a new child can benefit considerably from putting a simple estate plan together. It is important to recognize that estate planning encompasses much more than a last will and testament. An estate plan can be customized to accommodate the specific needs of an individual and their family to ensure that their loved ones and legacy remain sufficiently protected in the years to come.
To give you a better idea of how important estate planning is for Michigan residents, it’s helpful to understand what happens if you pass away without a will in place. While your assets will still be handled and distributed among your surviving beneficiaries, the State of Michigan’s plan will guide this process instead of the wishes expressed in a will. When you enlist the guidance and support of a highly qualified and caring Michigan estate planning attorney, you can make informed decisions about your future and your legacy with greater certainty and confidence. Let’s take a closer look at the probate process in Michigan and why focusing on wills and estate planning is a critical step in keeping the future as bright and secure as possible.
Understanding Michigan Intestate Succession
Dying without a will in Michigan is also referred to as dying “intestate.” Instead of the probate court using the will the decedent left behind to ensure that their wishes for asset transfer and distribution are honored, Michigan’s intestate succession laws will govern the probate and estate administration process. Although these laws strive to handle the estate in such a way that most people would find acceptable, there are times when Michigan intestate succession laws differ greatly from how the decedent would have wanted their estate administered. When a Michigan resident passes away without a will, Michigan law determines heirs according to their established intestate succession laws. For instance, the decedent’s spouse will receive the entire estate if the decedent has no children or a surviving parent. Conversely, if the decedent has no spouse but has children, their descendants will inherit the whole of the estate. In instances where the decedent leaves behind a spouse and shared children, the spouse will receive the first $150,000 of the intestate property, plus one half of the balance of the remaining estate, while the children will receive the rest. As you can see, there may be times when the state intestate succession rules conflict with someone’s wishes and preferences. The best way to ensure that your vision for your legacy is known and honored when the time comes is to work with a trusted and experienced Michigan estate planning lawyer to put the necessary protections in place.
Navigating the Michigan Probate Process Without a Will
When someone passes away in Michigan, their estate may be subject to a formal legal process known as probate. There are a few exceptions to probate, such as when the assets were owned under “joint tenancy,” or the decedent has placed assets in a trust (among other exceptions). However, if probate is required, a personal representative must be appointed in order to oversee this process and administer the estate according to the decedent’s will or the state’s intestate succession plan. Without a will in place, the Michigan probate court will appoint a personal representative for the estate. While this individual will uphold their responsibilities and act according to the state’s laws, those wishing to have their personal preferences and vision for their estate carried out can and should do so by putting a will in place before they pass away. Generally speaking, navigating the probate process without a will can take additional time, cost more, and bring more legal complexities than instances where a will is in place to guide the process.
Risks of Not Planning Ahead in Michigan
Procrastination affects all of us in some way. If you have not yet set aside some time to create an estate plan, now’s the time to enlist the help of a dedicated and caring Ann Arbor estate planning attorney who can assess your specific needs and goals. Those who do not put these legal protections in place can face several challenges and risks—and so can their surviving family members. For instance, passing away without a will often leads to delays in asset distribution, as the probate process can take more time to finalize. Additionally, without clear guidance expressed in the will, family disputes can arise. In some cases, these conflicts can escalate to the point of needing formal intervention, such as mediation or even litigation, in order to reach a resolution. Another potential risk of not putting a will in place is giving up control over how your estate is handled once you pass away. When you take the steps to articulate your vision for the future and your loved ones, you can have confidence that your wishes will be known and respected when the time comes.
Learn More About Michigan Estate Distribution Today
As we age, we want to trust that our loved ones will remain secure and stable when we are no longer around to support them. The best way to keep the future bright for ourselves and our loved ones is to work with a highly skilled and empathetic Michigan estate planning lawyer to put a customized estate plan in place that supports our unique needs and wishes.
It’s never too soon to plan for the future. If you are ready to explore your estate planning options in Southeast Michigan, please reach out to the dedicated and highly experienced legal team at Warren & Schairbaum, PLLC, to identify your goals and safeguard your future. We encourage you to contact our Ann Arbor office today at (734) 769-9300 to get started.
