It’s important to have a will to make sure your wishes are carried out, especially if you wish to leave your assets to those not immediately recognized under the law (significant others, friends, stepchildren or godchildren).
3 things to think about…
1. Having a will is important if you have kids to designate a guardian.
2. You can create a legacy and give to your favorite charities.
3. You can change your mind and amend your will.
There are other tools to help you ensure that your heirs go through less legal hurdles through probate. Depending on your circumstances, you may also want to create a trust, in addition to your will.
What is the difference between a will and a trust?
A will “specifies the beneficiaries who are to inherit the testator’s assets and naming a representative to administer the estate and be responsible for distributing the assets to the beneficiaries.” (American Bar Association, Glossary of Estate Planning Terms)
A trust is, “an arrangement whereby property is legally owned and managed by an individual or corporate fiduciary as trustee for the benefit of another, called a beneficiary, who is the equitable owner of the property.” (American Bar Association, Glossary of Estate Planning Terms)
Don’t wait to get your affairs in order, and ensure that your estate – no matter how big or small – is managed the way you want. Call us for a free consultation Tecumseh – (517) 227-5958, Ann Arbor – (734) 548-9898 and put your mind at ease.