Taking care of one’s family is perhaps at the top of the list of important things that individuals throughout Michigan are concerned about. On a daily basis, one makes sure that the children and other family members are taken care of, important matters around the house are dealt with and any pressing matters are addressed. Yet, all too many individuals fail to realize the importance of wills in taking care of one’s family.
By creating a will, the individual takes charge of his or her estate. The individual makes the decisions regarding who will receive which assets and who will act as executor of the estate. Thus, the individual can ensure that loved ones are appropriately taken care of.
Parents typically are very particular regarding who takes care of their children even on a temporary basis. Babysitters are screened, day care centers are checked out and certain family members are excluded from caring for the children. With a properly drafted will, a parent can also dictate who will take care of minor children if such action becomes necessary. Without a will, this decision will be left up to the Michigan courts.
Finally, wills speed up the probate process and can minimize estate taxes. Without a will, a Michigan court will have to determine how one’s estate should be divided. This can delay the process and result in unintentional beneficiaries. Additionally, a will allows the value of items inherited by family members or given to charity to be deducted prior to valuing the estate for tax purposes. An experienced estate planning attorney can assist one in drafting a will that meets the needs of the individual and loved ones.
Source: estate.findlaw.com, “Top Ten Reasons to Have a Will“, Oct. 25, 2017