Have you been delaying a will or a trust because you simply think that you have a lot of time on your hands? While it is great to be optimistic about things in life, you should also learn the consequences that you may face if you pass away without a will. The entire probate process can be quite time-consuming and costly for your family members. So, if you do not want them to struggle after you pass away, you should work with an estate planning attorney Michigan to get the right help and ensure that you distribute your assets according to the laws and regulations. If you fail to do so, they will be distributed based on the laws and not according to what you wish. So, let’s discuss more.
The state will decide who will receive the property
If you pass away without a will, all your property and assets will be distributed based on state laws. In most cases, the property will be distributed between your spouse and children. However, if you do not have a spouse or children, it will be distributed amongst other family members such as your siblings, parents, or other relatives. Even if you were legally separated from your spouse, they will get some portion of your property. Without a will, you cannot transfer your assets to your partner if you are not married.
The state will also distribute your money
You may have certain financial assets as well. In case you die without creating a trust with the best lawyers in Michigan, you will not have any say in your financial assets. So, if you have children from another partner and also have a spouse, or if your spouse has children with another partner, the spouse will only get 25% of the estate. They will also get half of the remaining money. The other half will be divided between the children. If you only have children and no spouse when you die, your children will get the entire estate.
If you have minor children, the state could also decide who the children will live with. To avoid such situations, go for estate planning.
About Castle Wealth Group Legal:
Castle Wealth Group Legal is one of the most reliable legal firms that can provide you with highly skilled Ann Arbor elder law experts. The attorney can work with you to craft an estate plan based on how you want to distribute your assets.
To get estate planning guidance, visit https://michiganestateplanning.com/
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