Well, it’s not THAT simple.
Creating a Will does not automatically result in avoiding Probate Court, but that’s what I’m here for. There are planning tools and strategies I can share so you can limit, or even eliminate, your dealings with the Probate Court and administer your Estate faster. A Will must be admitted and deemed valid under Michigan law if there are assets that require administration through the Probate Court. The Personal Representative named in a Will only has legal authority to act if the Court issues them Letters of Authority and third party financial institutions will require these before assets can be accessed.
How do you create a Will and avoid probate?
Here are 3 Ways:
- Designate beneficiaries on all of your cash and retirement accounts, and life insurance policies.
- Execute a Ladybird Deed for each of your real property interests. A Ladybird Deed is a deed that allows you to name a beneficiary to become the owner of your property when you pass away.
- Sign Financial and Healthcare Powers of Attorney to avoid Probate Guardianships & Conservatorships. Probate administration is really hard on families during an already difficult time. It can cost money meant for loved ones, have an emotional toll if it drags on, and hurt family relationships.
WHY it’s important to avoid Probate Court
According to www.acaadviser.com:
- 3%-8% of assets are spent on the average Probate Administration;
- 6 months to 2 years is the average amount of time it takes to administer a modest estate;
- 35% of Americans have experienced family conflict due to Probate Administration. (We don’t want that! We want everyone to get along!)
Here is a link to some FAQS on my website. If you currently have just a Will, and wish to avoid administration through the Probate Court, please contact me so I can help you. I am happy to help you understand the steps you need to take and hold your hand every step of the way.
Give me a call at (517) 708-2222 or email me at Katrina@CornerstoneLegalPLLC.com.