In the journey of life, one certainty is our eventual departure. Yet, others overlook the significance of planning for this, particularly when it comes to their assets and loved ones. If you are thinking of creating an estate plan, how can a last will and testament help secure your legacy and fulfill your wishes after your death?
Why you need a will
A will is a critical component of estate planning. Without a will, Michigan’s intestate succession laws will decide how to distribute the deceased’s assets. Among the reasons for creating a will include:
- Controlling asset distribution: A will enables you to decide who receives your assets, including family members, loved ones, friends and even charitable organizations.
- Reducing family disputes: A will can also prevent family disputes by clearly outlining your wishes and reducing potential misunderstandings and conflicts.
- Naming a guardian: If you have minor kids, a will allows you to name a guardian. Without the appointment of a guardian, the court will decide who will raise your kids.
Meanwhile, there are several requirements for a valid will. The testator must be at least aged 18 and of sound mind. Further, they must sign the will in the company of two witnesses, who should also sign the will.
Updating your will
In addition, changes in life circumstances necessitate an update to your will. Examples are entering a marriage, getting divorced, having a child or experiencing substantial alterations in assets. By consistently reviewing and updating your will, you can guarantee that it represents your current desires and situation.
Securing your legacy
A will is a powerful tool that provides peace of mind by ensuring the fulfillment of your wishes after your passing. With legal guidance, you may navigate the ongoing process of estate planning because it is not just about distributing assets. It is also about providing for your loved ones and securing the legacy you worked hard for.