Because a will defines what happens to your assets, it leaves your family and loved ones time to spend with each other instead of searching for an attorney and spending time in court. With thoughtful planning a will provides tremendous peace of mind, and should an unexpected event occur. A Will can relieve your loved ones of many emotional and financial burdens.
You can use a will to:
• Define individuals or organizations to receive your property
• Name persons you can trust to become personal guardians to care for your minor children
• Engage a trusted person to manage property left to minor children
• Empower a Personal Representative to make sure that the terms of your will are carried out as planned.
What happens if you die without a will?
In the state of Michigan, if you die without a will, your property will be distributed according to state “intestacy” laws. These laws give your property to your closest relatives, continuing with increasingly distant relatives including siblings, grandparents, aunts and uncles, cousins and spouse’s relatives. If no living relatives by blood or marriage are located or come forward, the state will take your property.
Simply, Wills and Trusts are documents that spell out exactly who will make important decisions for you in the future. Laws do not protect your family, your wishes, nor your finances in the event of an unforeseen tragedy.
But, a Will is a legal document that tells the public and the courts who should receive which of your assets after your death.