Do I Need to Have a Will?

Do I Need to Have a Will

Far too many people assume that wills are only for wealthy people and that the appropriate loved one automatically will receive their assets when they pass away. However, nothing is farther from the truth. If you want certain family members to receive certain items of personal property, such as jewelry or antiques, or the proceeds of your bank accounts or retirement plans, then you must have a will in place to ensure that your wishes are carried out. If you don’t have a will in place, then the laws of the state of Michigan will dictate how your property is distributed.

A will, or a last will and testament, is the most basic form of estate planning that benefits everyone, no matter how few or how many assets you may own. There are three main functions of a will. One function of a will is to tell your family who gets what, or how you want to have your property distributed. The second function is to name an individual to act as your personal representative for your estate. You should choose someone whom you trust to handle your property and financial affairs according to the terms of your will. He or she can work closely with your Michigan estate attorney in order to pay outstanding debts and distribute remaining items of property.

For some families, the third function of a will is reason enough to have a will in place. A will allows you to appoint a guardian for your minor children in the event that you pass away. While this prospect may seem grim, it is an important function of a will that makes a will essential for anyone who has minor children.

Estate planning is one of the most effective ways that you can preserve your hard-earned assets for the benefit of your family. We are here to ensure that your estate plan meets all of your needs. The Michigan elder law attorneys of the Legacy Law Center have helped countless individuals set up individualized estate plans and secure their family’s financial future. Contact our office and set up an appointment with one of our experienced elder law attorneys today.