Most Popular Estate Planning Tools

When people think about leaving their money and property behind for their loved ones, they often think about writing a last will and testament.

Because of the familiarity people have with wills, it’s no wonder why they are some of the most popular estate planning tools that individuals use to pass their legacy on to their loved ones.

But beyond just familiarity, there are real tangible benefits that make these types of documents incredibly popular. This article will highlight some of them.

Estate Plan To Prevent Family Infighting Over Assets

It is not uncommon for family members to fight over assets after a loved one has passed away if there was no will in place. Without a will, the probate court will decide who receives what.

This can create tension in your family and can result in court battles to get access to your money and property.

This is a real concern for most people who choose to write a will. A last will and testament in Michigan allows you to specify who will receive your home, property, money, or other assets after your pass.

It also allows you to outline the percentage each beneficiary should receive.

As a result, when your will is probated, your personal representative will follow your wishes and distribute your assets to your beneficiaries.

Protect Minor Children with Estate Planning in Michigan

We never know what can happen tomorrow, which is why it is so important to put a plan in place today.

This is even more important if you have young children under the age of 18.

If you were to pass away suddenly, who would you want to take care of them? Maybe you have family members that under no circumstances would you want taking care of your kids.

Without having guardians expressly stated in a legal document, it’s possible that the care of your kids would be given to someone that you didn’t want. A situation that is not ideal for anyone.

A last will and testament can prevent this because it allows you to name legal guardians for your minor children so you can make sure the people you trust to raise your kids will have a loving home.

Name Someone You Trust To Execute Your Wishes

As we stated earlier, the probate court will decide who gets what if you do not have your wishes expressed in a legally valid last will and testament.

Another benefit of this document is that you name someone you trust as your personal representative.

Your personal representative is the person who takes care of probating your will and ensuring that your wishes are carried out the way you intended.

This makes sure that the right beneficiaries get what you wanted them to have, making the transfer of your assets and legacy much more seamless.

Conclusion

Having a plan in place to pass your legacy and assets is very important. One of the most popular methods of doing this in Michigan is a last will and testament.

Having a will in place can prevent family infighting, protect children under the age of 18, and allow you to name someone you trust to make sure your loved ones get the money and assets you wanted them to have.

When drafting a will, you need to make sure it is done right so that it is legally valid. That’s why it’s best to consult with a will lawyer.

They can answer all of your questions and ensure that the information you are receiving is specific to your unique situation.

Additionally, they will make sure that your document is drafted properly and legally binding to make sure that it performs the way it is supposed to after you pass away.