Are you prepared for the unexpected? Life is full of surprises, some pleasant and others not so much. But what happens when those surprises leave your loved ones vulnerable and unprotected? That’s where having a will becomes crucial, especially here in Michigan. In this blog post, we’ll explore the importance of establishing a solid estate plan that ensures your assets are distributed according to your wishes and safeguards the future well-being of those you hold dear.
What is a Will?
When you die, your will is a legal document that dictates how your property and assets will be distributed. It also names an executor, who is responsible for carrying out your wishes as outlined in the will. If you die without a will in Michigan, state law will determine how your assets are divided, which may not be in accordance with your wishes.
A will is especially important if you have minor children, as it allows you to name a guardian to care for them in the event of your death. Without a will, the court will decide who gets custody of your children, which may not be your first choice.
Creating a will is relatively simple and inexpensive, and it gives you peace of mind knowing that your loved ones will be taken care of according to your wishes.
What Happens if You Die Without a Will in Michigan?
If you die without a will in Michigan, your property will be distributed according to the state’s intestacy laws. Under these laws, your spouse will inherit all of your property if you have no children. If you have children, your spouse will inherit a portion of your property, and your children will inherit the rest. If you are not married, your property will be inherited by your children or other relatives according to a specific order of precedence set forth in the intestacy laws.
How to Create a Will in Michigan
It is important to have a will in Michigan because state law does not automatically distribute your assets the way you might want.
Creating a will is the best way to ensure that your property goes to the people or causes you care about most. It also allows you to name a guardian for your minor children and make other important decisions about their future.
The process of creating a will is fairly simple, but it’s important to follow the right steps and have the proper legal documents in place. Here’s what you need to do:
- Choose an executor: This person will be responsible for carrying out your wishes after you die. You can name anyone you trust, including a family member, friend, or financial professional.
- Make a list of your assets: Include everything you own, from real estate and investments to personal belongings and insurance policies.
- Decide who gets what: Be as specific as possible when allocating your assets. You can also use your will to set up trusts for minor children or vulnerable adults.
- Find witnesses: In Michigan, two witnesses are required to sign your will in order for it to be valid. These people must be at least 18 years old and cannot be named as beneficiaries in the will.
- Sign and date your will: Once everything is in order, sign and date the document in front of your witnesses. Keep it in a safe place where your executor can access it.
Who Should be Involved in the Will Creation Process
When it comes to creating a will, it’s important to involve those who will be impacted by its contents. This includes your spouse, any children you have, other family members, and close friends. You should also consider involving your financial advisor and/or attorney.
Creating a will is an important step in protecting your loved ones. By including them in the process, you can ensure that your final wishes are carried out according to your wishes.
Contact Our Team of Experienced Wills and Trusts Attorneys
Having a will is one of the most important steps you can take to protect your loved ones in Michigan. It ensures that your wishes are honored and that your assets are distributed according to your desires. Having a will also minimizes the potential for conflict between family members should something unexpected happen. Taking the time to create a well-crafted, legally binding document with all of these components in place means peace of mind now and for years to come—for you and those you love.
Our team of experienced wills and trusts attorneys can help you create a comprehensive plan that takes into account all of your assets and who you want to receive them. We’ll work with you to ensure that your loved ones are taken care of according to your wishes.