What is a Will and is it Right for Me?
A Will, also known commonly referred to a Last Will and Testament, is a planning tool that helps dictate where your assets go after death. Additionally, it may provide guidance on how and who you want to care for minor dependents if you are no longer alive. Essentially a will is a guidebook of how you want you want your estate divided after your passing.
Sure, you may be thinking, I’m single, and I don’t have any children. Why do I need a will? But what if the worst happened and you did die suddenly? Someone will have to make decisions about your stuff. No one wants that responsibility. Having a will simplifies everything for your loved ones in a time when they really need simple.
If you are married and have children the need for a will becomes even clearer. It is important that your wishes are laid out for your family and friends and that you have a say in how and who raises your children if you are not able to. Additionally, the loss of a loved one is already an extremely difficult ordeal to go through, a will helps plan and avoid additional stress with the distribution of your property and knowing your wishes.
However, there is a common misconception about wills and that is that many people believe that wills avoid probate. This is NOT the case. In actuality, the use of a will as an estate planning tool is a guide of how probate should proceed. A will acts as the instruction manual for the court to determine how your assets are to be distributed. If you die without a will this is called dying intestate. This means that you have not written testimony about your after-death wishes. So, if there’s not a will, guess who gets to make all the decisions on what happens after death? The government, through intestate state laws! This can cause your family time, money, and sometimes a loss of familial harmony. What the government decides may not be what you would want. A will is a great planning toll to help dictate how you want your assets distributed after death and can allow you to still have a voice about your estate even after you’ve passed.
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803 West Big Beaver Road, Ste 204, Troy, Michigan 48084, United States
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