Article here (sorry, via Foxnews).
Scary stuff!
Abraham Lincoln
Martin Luther King, Jr.
Jimi Hendrix
Howard Hughes
Bob Marley
Kurt Cobain
Amy Winehouse
Sonny Bono
Pablo Picasso
Barry White
Tuesday, May 10, 2016
Don't all rich people have wills? No: Prince didn't
Prince left behind no known will when he died April 21, and the work of
settling his multimillion-dollar estate is being carried out behind
closed doors by tight-lipped lawyers. Estate attorneys unconnected to
the case say they have a pretty good idea what's happening, starting
with a careful accounting of the megastar's assets, debts and whether
any unknown heirs exist.
Article here (sorry, via Foxnews).
Scary stuff!
Aside: lots of famous people have not planned for their eventual demise. In my family, it seems that the adults think once they make a will, they've told the man upstairs that they are ready to go. But here's a short list of other famous people who died with no will.
Abraham Lincoln
Martin Luther King, Jr.
Jimi Hendrix
Howard Hughes
Bob Marley
Kurt Cobain
Amy Winehouse
Sonny Bono
Pablo Picasso
Barry White
Article here (sorry, via Foxnews).
Scary stuff!
Abraham Lincoln
Martin Luther King, Jr.
Jimi Hendrix
Howard Hughes
Bob Marley
Kurt Cobain
Amy Winehouse
Sonny Bono
Pablo Picasso
Barry White
Q & A: I'm creating my will. I think my parents will inherit since I have no heirs. Can I put conditions on how they use my estate?
Q: I decided to write my will. I currently have no children, and I am an only child. Does this mean my parents will inherit? They are not good with money, can I make it so that if they do inherit my estate, they have to pay it to my nephews?
A: Congratulations on moving forward with your estate plan. The thing is, a person can have all the intentions in the world of what to do with his or her money, but until those intentions are written down (with the proper formality) they don't mean a thing.
Your questions center on Estate Planning, or wills and trusts.
1. The will. A will is a set of instructions you want to have followed when you die. At a minimum it should identify a personal representative (formerly called an executor), and identify potential heirs. A will can also indicate specific gifts of money or property, if the testator desires.
2. The heirs. Here's a novel thought: no one knows who might inherit until that will needs to be carried out. For example, in your hypothetical, you mention that your parents are your heirs. Actually, they aren't your heirs -- yet-- since your situation might change before you die. You could adopt a child, get married, or your parents might die.
3. Conditions on gifts. It's understood that you'd like your parents to handle money better. But attaching a condition to a gift in a will will probably not do what you want to have it do. Imagine if you will that you are the parent of a rebellious teenager. She wants to be independent, and claims she is an atheist. You however, are a lifelong Catholic. You want to make sure that she can inherit your estate, but only if she marries someone who's a practicing Catholic.
A court who looks at that will eventually will decide to give the inheritance to the daughter, and ignore the condition attached to it. So in other words the sentence "my daughter to inherit the residue of my estate provided that she marries a practicing Catholic," will be read as "my daughter to inherit the residue of my estate."
So in your situation, it's nice that you want to also provide for your nephews, through your parents. But instead of attaching a condition that will be ignored eventually, why not provide a specific gift to the nephews as well? That would achieve both goals: parents inherit, and nephews inherit = problem solved.
A: Congratulations on moving forward with your estate plan. The thing is, a person can have all the intentions in the world of what to do with his or her money, but until those intentions are written down (with the proper formality) they don't mean a thing.
Your questions center on Estate Planning, or wills and trusts.
1. The will. A will is a set of instructions you want to have followed when you die. At a minimum it should identify a personal representative (formerly called an executor), and identify potential heirs. A will can also indicate specific gifts of money or property, if the testator desires.
2. The heirs. Here's a novel thought: no one knows who might inherit until that will needs to be carried out. For example, in your hypothetical, you mention that your parents are your heirs. Actually, they aren't your heirs -- yet-- since your situation might change before you die. You could adopt a child, get married, or your parents might die.
3. Conditions on gifts. It's understood that you'd like your parents to handle money better. But attaching a condition to a gift in a will will probably not do what you want to have it do. Imagine if you will that you are the parent of a rebellious teenager. She wants to be independent, and claims she is an atheist. You however, are a lifelong Catholic. You want to make sure that she can inherit your estate, but only if she marries someone who's a practicing Catholic.
A court who looks at that will eventually will decide to give the inheritance to the daughter, and ignore the condition attached to it. So in other words the sentence "my daughter to inherit the residue of my estate provided that she marries a practicing Catholic," will be read as "my daughter to inherit the residue of my estate."
So in your situation, it's nice that you want to also provide for your nephews, through your parents. But instead of attaching a condition that will be ignored eventually, why not provide a specific gift to the nephews as well? That would achieve both goals: parents inherit, and nephews inherit = problem solved.
Wednesday, April 13, 2016
The rights of a non-married partner to inherit in Michigan
Common law marriages in Michigan (Novel notes in the law, part 42)
A: No, you are wrong. Your niece's situation presents three issues in three areas of law: 1. Family law 2. Probate Law and 3. Landlord/tenant law.
1. Family Law.
It's a myth that there is any common law marriage in Michigan. It has not been a part of Michigan law for decades. As of 2011, there are only 16 states which recognize common law marriage. Michigan has not recognized common law marriage since 1957, so unless your niece has been with her boyfriend since then (7 years = no), or had the common law marriage recognized in a state which does allow common law, then this relationship will not give her status as next of kin, spouse, etc, as far as having any rights to the estate, or the house, etc.
But: Had the niece actually gotten married to the boyfriend this situation would be totally reversed, as she would most likely inherit the property, have the right to stay in the property, and share in his estate as spouse.
2. Probate Law / Estate Planning.
Telling someone that he wants to "take care of her" when he is gone is not the same as having created a valid will or trust in Michigan which benefited your niece. The only way to make sure that someone is provided for out of the estate is to place those intentions IN WRITING (I can't emphasize that strongly enough), and observe the proper formalities of writing a will in Michigan (signed by the testator while in the presence of two witnesses). A verbal expression to anyone about how one's assets should be distributed means nothing, I am sorry to say.
3. Landlord/Tenant Law.
I imagine that there was no lease from the owner of the property to the niece. In that situation, the law would treat the niece most likely as a month-to-month tenant. In that case, the family of the deceased should treat her as if they were the landlord, and give her proper notice as to when she should vacate the premises. This is done under the Summary Proceedings Act, which is designed to quickly restore the property to those who have rightful ownership (more information can be found here ). Most likely, the family of the deceased will need to give a 30-day Notice to Quit to your niece).
Monday, January 4, 2016
If you've resolved to provide for your family, you need an estate plan. (Or: a short guide to Michigan's intestacy laws)
New Year's Day, and the season in general, is full of reflection on how to live a better life. This leads to the tradition of making resolutions.
One resolution many adults should have is to plan for the future, and if one thing in the future is certain, it is that either you will read my obituary, or I will read yours. (Sorry, but the old adage of "death and taxes" is true, sadly.) It's better to face facts, be prepared, and let your intentions get carried out after death. Otherwise, the state of Michigan will do your planning for you, through its laws of intestacy. (Intestacy means dying without a will).
Q: I don't have a lot of things to pass to other people, or much money to pay an attorney. But what if I care about a few important things?
A: Michigan's probate code (also called EPIC, the Estate and Protected Individuals Code) can be found at MCL 700.2101 (or find it here).
The intestacy portion begins with "any portion not disposed of by will . . . " This means that Michigan allows for a partial will. In other words, if you have a piece of property (real property- like the family cottage, or personal property -- an heirloom, or your speedboat) you can write a will to dispose of those "things," and leave the rest to be sorted out by a probate case after you die.
As far as the cost for an attorney to write your will, the costs can reflect how simple (or complicated) your issues might be.
Q: I have siblings that I don't get along with. Will they inherit from my estate?
A: It depends. If you have a spouse or children who live after your death (or "survive you" as it is legally termed), they will inherit first.
This assumes, of course, that you will have something for them to inherit after debts from your estate are left, as EPIC insists that costs, such as funeral expenses, be paid first.
If you have no spouse or kids when you die, your parents will inherit from your estate, if they survive you. Only once these potential heirs have inherited, will other descendants of your parents inherit.
However, it could possibly be that you die with your spouse, or shortly after, and that your parents are already deceased. The better thing to do, instead of leaving it to chance, is to write a will or partial will, that makes your intentions clear that your sibling (or whomever) will not inherit from your estate.
One resolution many adults should have is to plan for the future, and if one thing in the future is certain, it is that either you will read my obituary, or I will read yours. (Sorry, but the old adage of "death and taxes" is true, sadly.) It's better to face facts, be prepared, and let your intentions get carried out after death. Otherwise, the state of Michigan will do your planning for you, through its laws of intestacy. (Intestacy means dying without a will).
Q: I don't have a lot of things to pass to other people, or much money to pay an attorney. But what if I care about a few important things?
A: Michigan's probate code (also called EPIC, the Estate and Protected Individuals Code) can be found at MCL 700.2101 (or find it here).
The intestacy portion begins with "any portion not disposed of by will . . . " This means that Michigan allows for a partial will. In other words, if you have a piece of property (real property- like the family cottage, or personal property -- an heirloom, or your speedboat) you can write a will to dispose of those "things," and leave the rest to be sorted out by a probate case after you die.
As far as the cost for an attorney to write your will, the costs can reflect how simple (or complicated) your issues might be.
Q: I have siblings that I don't get along with. Will they inherit from my estate?
A: It depends. If you have a spouse or children who live after your death (or "survive you" as it is legally termed), they will inherit first.
This assumes, of course, that you will have something for them to inherit after debts from your estate are left, as EPIC insists that costs, such as funeral expenses, be paid first.
If you have no spouse or kids when you die, your parents will inherit from your estate, if they survive you. Only once these potential heirs have inherited, will other descendants of your parents inherit.
However, it could possibly be that you die with your spouse, or shortly after, and that your parents are already deceased. The better thing to do, instead of leaving it to chance, is to write a will or partial will, that makes your intentions clear that your sibling (or whomever) will not inherit from your estate.
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