Since death can be unpleasant to think about, too many people avoid planning for this inevitable event. It is a common misconception to think that only those who are near death need a will, but this is far from the truth. Here are some reasons why a last will and testament could be the most important document Michigan residents create in their lifetime.
What is a last will and testament?
In its most basic form, a last will and testament (often just called a will) is a legal document that outlines a person’s instructions for how the testator’s property and assets will be distributed upon death. Having a will in place can ensure that assets and precious heirlooms stay in the family and are passed down as intended. With a will, parents can also appoint a guardian for their children in the event that the parents pass away. By creating a last will and testament, loved ones can be spared from having to deal with many if these difficult issues.
Dying without a will
When a person dies without a will or estate plan in place, it is considered dying “instate.” This means that the state will determine how the person’s property and assets are distributed according to applicable laws of distribution. Money and property may not go to the intended people, and items that have been in the family for generations could be lost.
Estate planning help
No one knows what the future holds. The best time to prepare for the future is right now. Those in Michigan who need help or want to learn more about estate planning could benefit by meeting with an experienced legal professional. A knowledgeable attorney can answer questions and help families determine a plan that best suits their specific needs.
