What is a Will and Why Should Everyone Have One?
It is recommended that every individual over the age of 18 should possess a will. This legal document allows you to make important decisions regarding your final wishes, as you are the best person to provide direction in such matters.
Have you considered creating a will?
A will outlines how your assets will be distributed after your passing. You can specify if you want your assets to be divided equally among your children or if you prefer one child to receive everything while the others receive nothing. Making these decisions is important to ensure your wishes are carried out after you're gone.
Would you like your assets to be donated to charity after your passing? It's important to outline your final wishes regarding your estate. A will is essential in providing clear instructions, otherwise, your assets may be subjected to the state's laws. In Michigan, if you pass away without a will and have a spouse but no children, your assets will go to your spouse. Having a will is crucial to ensure your desires are carried out.
When you have a spouse and children, the spouse typically receives a portion of your assets, and the rest goes to your children. However, this may not align with your desired outcome. It's crucial to conduct thorough research and seek the guidance of an attorney since not everything is distributed through a will. Creating a will can simplify the process and reduce any potential conflicts among family members.
To minimize conflicts among family members, a will typically includes several key components. This may involve:
Designating an executor to oversee the distribution of assets,
Identifying beneficiaries who will inherit said assets,
And outlining specific instructions for how and when these beneficiaries will receive their inheritance.
Do you need help with the components mentioned above? If you're unsure, start by considering the following: Whom do you trust to execute your will? Who will receive what and how much? When do you want your children to inherit their share? And, who would you entrust to care for your children?
Simply having a will does not safeguard you from the probate court. The reason is that probate is a legal procedure that settles an estate regardless of whether or not there is a will. Furthermore, probate is a public platform, which compromises the privacy of your loved ones. Fortunately, there are methods to bypass probate and guarantee the well-being of your family.
After you have addressed the aforementioned questions, please feel free to reach out to me. The consultation process with Moulden Law is an enjoyable, informative, and enlightening experience. Shall we commence with creating your will? I am prepared and eager to assist. Kindly give me a call.
