FAQ
WHAT IS AN ESTATE PLAN AND WHY IS IT IMPORTANT?
An estate plan, in the most simplest terms, is having the appropriate documents prepared to accomplish the distribution of your assets according to your wishes. These documents are important not only after your death, but during your lifetime as well. A typical estate plan includes powers of attorney that ensure your assets and care are managed properly. Without an estate plan, the laws of the State of Michigan will control all decisions regarding your estate.
We at Wieber Pratl Law, PC take pride in offering specialized documents that fit your specific needs. We review and update our documents regularly to make certain they comply with current Michigan law so as to provide our clients with the best service possible.
WHAT IS THE DIFFERENCE BETWEEN A WILL AND A TRUST?
The short answer is, a Will will go through Probate and a Trust will not. This means a Trust is able to administer assets at death without getting the Probate court involved. Without the Probate court involved, nothing becomes public record, which likewise makes a Trust more private. Does this make a Will “bad”? No, not at all. Whichever is the best fit for you is completely dependent on your assets, plans, and preferences.
DO I NEED TO PROVE FAULT IN MICHIGAN TO GET A DIVORCE?
Michigan is a no fault state. This means you do not need to prove “fault” in order to obtain a divorce. However, fault does come into play when divorcing couples are dividing assets or determining spousal support.
WHAT PROPERTY IS DIVIDED IN A DIVORCE AND IS IT DIVIDED EQUALLY?
Property that is subject to division in the event of a divorce is property that is considered “marital.” “Marital Property” is property that was acquired during your marriage. This includes any part of a retirement plan that was accrued during the marriage. That being said, individual property can become “marital property” if it was commingled (not kept separate).
Michigan is what is called an “equitable distribution” state. This means marital property is divided equitably, or fairly. This does not always mean it is divided equally.
WHAT IS THE DIFFERENCE BETWEEN LEGAL AND PHYSICAL CUSTODY?
Legal custody refers to the legal decision making power a parent has over their minor child or children. Having legal custody means parents have the authority to make medical decisions, choices regarding education, and anything else required during a child’s upbringing. If parents have joint legal custody, they must make these decisions together. Physical custody refers to where and with whom the child lives.
WHAT ARE THE BEST INTEREST FACTORS AND WHAT DO THEY HAVE TO DO WITH CUSTODY?
The best interest factors are what the court must consider when making a decision regarding custody and/or parenting time. The court will make a determination with regard to each factor and from those determinations, come to a decision on what it believes is in the child’s best interest. In Michigan, there are 12 factors. The factors can be found here.