Legal Question in Wills and Trusts in Michigan
My dad is in the later stages of dementia, and i anticipate he will need to be placed in a nursing home, or at the very least have some home nursing care within the year. He lives in Michigan, he is a retired teacher and draws his teaching pension along with social security. My mom is currently caring for him and she is in excellent shape. my dad is 83, my mom is 80. the have a significant amount of money in savings, approx. 1.1 million. they own there home, valued at around 200k. the remainder of their assets are minimal. the do not have a will, and their home is in their names. they have told me that our names (the 4 children) - are on the bank accounts, and according to my dad, if something would happen to he and my mom, all we would need to do is prove our identity and we are entitled to 25% of what is left. i know he needs to see a probate lawyer and or a financial advisor, but in his current state of mind he won't commit to even a meeting. my mother would like to get things in order, but it is difficult for her to leave without him, he can't be left alone. i live in colorado so i don't have the immediate ability to get things rolling. my brother lives in the same town as my mom and dad, and he can do whatever needs to be done. my advice to my folks was that they need a basic will, a power of attorney, and just some advice on how best to handle "end of life" care. my dad is in denial, my mother is just very frustrated. we would obviously like to help our parents protect their assets, since we have a vested interest, but our number one concern is taking care of our father right now, and making sure our mom is taken care of financially as well. help
2 Answers from Attorneys
If your father is in that condition, it is too late to make out a will. If your father is not too far gone mentally, then he can do a will. He does not have the mental capacity required to make a will. Therefore, the best you can do at this stage is visit various assisted living facilities and pick out one that suits your needs. They are expensive. However, the information you were given is correct, in that if both of your parents die, then the money in the joint accounts will be paid to the surviving children, thereby by-passing probate. However, the house would still have to be run through probate in order to transfer the deed.
I am sorry to hear about your father's condition. It's a very difficult task for your mother to take on the caregiver role and also worry about the finances, protecting assets, etc.
Your question raises many different issues -- financial, estate planning, asset protection, caregiving . . . Of course, the most important issue right now is taking care of your father, all of the other issues follow. I suggest that your mother sit down with an experienced estate planning and elder law attorney -- I offer a free consultation, and many other attorneys offer the same. After the consultation, your mother will have several different options to choose from -- I have found that this helps not only from a legal standpoint, but also from an emotional standpoint because when your mother has some answers she won't feel so overwhelmed.
Regarding estate planning, it is correct that joint accounts will pass to the co-owners, but there are also several drawbacks to having them titled this way. And as the other attorney pointed out, the house will still need to go through the probate court process.
I would be glad to talk with you at your convenience if you would like to call (toll free number is 888-487-6150). Depending on where your mother is located, I have several offices in Michigan and would be glad to sit down with her and talk.
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