I frequently get asked the question, if I have a simple Will that identifies a Personal Representative and beneficiaries, does that protect my assets from going through probate? The simple answer is probably not. A simple Will is merely a directional guide for the Probate Court to know who you want to serve as you executor and how you want your assets to pass at the time of death. However, the Will only controls those assets owned in your name, individually. If assets are owned jointly or if assets have designated a beneficiary, not only do the assets avoid probate, but the assets owned with another person or with a beneficiary are not governed by the terms of your Will.
A Last Will and Testament only governs individually owned assets or assets owned by the individual that has died. If your intent is to avoid probate, you need to consider setting up a living Trust. Joint ownership is not always the best answer as it may protect the assets from going through probate at the death of the first joint owner, but the assets may end up in probate at the second death.
My mother recently died and we moved my father (age 92) from Michigan to Colorado where we live. We want to put his Michigan home into a revocable living trust. Under Michigan law can we simply set up the trust in Colorado and transfer the Michigan property into the trust?