12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

What is a Last Will and Testament in Detroit, MI

What is a Last Will and Testament in Detroit, MI

A Last Will and Testament is the first building block of a good estate plan. Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death.

Option 1: Will-Based Estate Plan

All essential details of your Last Will and Testament will be outlined in the will-based estate plan. It will provide information including the person to be put in charge of settling your final affairs (the executor), the persons who will inherit your property (beneficiaries), and the provisions on how they will inherit it. Your last will and testament with a will-based estate plan will cover the following:

1. Who will serve as the personal representative/executor

2. What powers your personal representative/executor will have

3. Who will inherit your property

4. How and when your property will ultimately be transferred to your beneficiaries

5. Who will serve as guardian of your minor children until they become adults


Option 2: Trust-Based Estate Plan

In the trust-based estate plan a document called a revocable Living Trust will cover all the important points listed above in the will-based estate plan with one exception: the person in charge of settling your final affairs after you die is called an administrative or successor trustee instead of an executor. If you have a revocable living trust you will still need a Last Will and Testament so. Ideally, you will fund or move your assets into your trust before you die. If you fail to fund even one asset into your trust, then the last will and testament will be the necessary document that will "catch" the unfunded property and transfer it to your trust after you die. The last will and testament in this case will function as a pour over will that will cause the unfunded assets to "pour over" into your trust through a probate process.


A pour over will needs to cover:

1. Who will be in charge of your assets that were not funded into your trust as the personal representative/executor

2. What powers your personal representative/executor will have

3. Who will serve as guardian of your minor children until they become adults

4. What will happen in the absence of a Last Will and Testament?


In order for your property to go to the beneficiary of your choice after you are gone, a Last Will and Testament is recommended.


The absence of a will could result in the state providing a last will and testament on your behalf under the state's intestacy law. The laws of the state that your property is located in will prevail. This can get complicated if you own property in multiple states.

 
Personalize & Print a Free MI Last Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Related Legal Services near Detroit, MI
Wong, Margaret & Associates
11201 Conner St
Detroit, MI 48213
(313) 527-9989
Immigration Law Attorneys, Attorneys
American Immigration Lw Center
719 Griswold St Ste 820
Detroit, MI 48226
(313) 967-9982
General Practice Attorneys, Attorneys
Leija Mary Beth
645 Griswold St
Detroit, MI 48226
(313) 962-9865
Attorneys, Divorce Attorneys, Family Law Attorneys
Grubba Thomas
243 W Congress St
Detroit, MI 48226
(313) 961-9798
Attorneys
Mark Mc Loughlin Law Office
211 W Fort St # 510
Detroit, MI 48226
(313) 962-9798
Attorneys,  Business Bankruptcy Law Attorneys,  General Practice Attorneys,  Bankruptcy Law Attorney
Rosenthal Eric S
211 W Fort St
Detroit, MI 48226
(313) 965-9725
Corporation & Partnership Law Attorneys, Attorneys, Legal Service Plans
Caine Michael
19025 Grand River Ave
Detroit, MI 48223
(313) 838-9711
Attorneys, Legal Service Plans
Demers & Dixon Law Office
500 Griswold St
Detroit, MI 48226
(313) 963-9690
General Practice Attorneys, Attorneys
Total Attorneys - Divorce
PO Box 273857
Detroit, MI 48272
(313) 482-9657
Divorce Attorneys,  Attorneys,  Family Law Attorneys,  Legal Service Plans
Total Attorneys - Divorce
273915 W Fort St
Detroit, MI 48233
(313) 482-9607
Attorneys,  Family Law Attorneys,  Legal Service Plans,  Divorce Attorneys
Total Attorneys - DUI
PO Box 274016
Detroit, MI 48272
(313) 482-9589
Attorneys, Legal Service Plans
Torres Enrique
7452 Asbury Park
Detroit, MI 48228
(313) 216-9561
Immigration Law Attorneys
Linda Bruton Law, PLLC
71 Garfield Street, Suite 140A
Detroit, MI 48201
(734) 576-9547
Attorneys, Entertainment & Sports Law Attorneys, Business Law Attorneys, Contract Law Attorneys, Sch
Total Attorneys - Bankruptcy
PO Box 271785
Detroit, MI 48211
(313) 335-9527
Bankruptcy Law Attorneys,  Attorneys,  Banking & Mortgage Law Attorneys,  Bankruptcy Services,  Lega
Simmons Robert J
65 Cadillac Sq # 3801
Detroit, MI 48226
(313) 965-9510
Attorneys, Legal Service Plans
Bonner Di Salvo PLLC
615 Griswold St
Detroit, MI 48226
(313) 596-9500
Attorneys, Legal Service Plans
Mcguigan Law P
535 Griswold St # 1650
Detroit, MI 48226
(313) 963-9500
Personal Injury Law Attorneys, Attorneys, Social Security & Disability Law Attorneys
Winnpower Group Law Firm PC
15747 Lamphere St
Detroit, MI 48223
(313) 541-9466
Attorneys, General Practice Attorneys
Vivian Vernell Consulting & Project Management Group, LLC
Cadillac Towers, 65 Cadillac Square, Suite 2200
Detroit, MI 48226
(877) 870-9444
Personal Services & Assistants, Paralegals, Business Consultants-Medical Billing Services, Transcrip
Oliver Glenn D
3434 Russell St
Detroit, MI 48207
(313) 833-9434
Attorneys, Legal Service Plans
Steven T Budaj PC
65 Cadillac Sq
Detroit, MI 48226
(313) 963-9330
Attorneys,  Personal Injury Law Attorneys,  Divorce Attorneys,  Accident & Property Damage Attorneys
Ernest & Young
300 Renaissance Ctr
Detroit, MI 48243
(313) 877-9277
Attorneys, Legal Service Plans, Accountants-Certified Public
Kim Ward, PLLC
243 W. Congress, Suite 350
Detroit, MI 48226
(313) 529-9273
Entertainment & Sports Law Attorneys
Daher Rosemary
65 Cadillac Sq # 3305
Detroit, MI 48226
(313) 963-9129
General Practice Attorneys, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US