Michigan adults can benefit from having a will as part of their estate plan. It’s important to understand the role of a will and why you need one.
What is a will?
A will is a legal document that allows you to specify how you want things to be handled after your death. It can provide peace of mind and make the probate process faster and easier.
Why should you have a will?
Including a will in your estate plan can give you peace of mind that your wishes will be carried out after you die. It allows you to lay out exactly which of your beneficiaries should inherit which of your assets. For example, you might decide to leave an antique piece of furniture that’s a family heirloom to one of your children. You may also want to leave a different item to another child. With a will, you can determine who gets what.
A will allows you to name guardians for your children if you pass away while they are minors. This can ensure that the people you trust the most to raise your children will get to do so. A guardian can also manage the property and assets you leave your minor children and ensure that they receive their inheritance once they reach the age of 18 or whatever adult age you have chosen.
You can also name an executor for your estate in your will. The executor is the person who handles all matters related to your estate such as paying all bills and taxes.
If you need to disinherit a family member, a will allows you to do that. That person will not receive an inheritance where they might have otherwise if you didn’t have a will.