Taking the time to create a will in Michigan does not indicate a morbid fascination with death. It enables you to provide for your family and loved ones in the manner you wish, after your death. At Hubbard Snitchler & Parzianello PLC, we often assist our clients with their estate planning, including trusts, wills and powers of attorney.
CNBC reports that, contrary to popular belief, you do not need to be rich for estate planning. If you have a car, savings or checking account, 401k, house or any other everyday item, a will is a must. Should you die without an official document designating your heirs, the state determines asset distribution via intestate succession.
A will is for the loved ones you leave behind. It should change and evolve throughout your life. Review and update it periodically, taking life changes and circumstances into consideration. Children grow to majority, legacy planning for special needs in the form of a trust, and updating marital status are among the most common reasons for updates.
If you are in your 20s or 30s, a will can designate someone to make medical decisions in the event you cannot. You can name a guardian for your small children if you die unexpectedly and set up a trust that provides for them financially, if necessary.
By the time you are thinking about retirement, chances are you experienced many changes in your life and accumulated an array of creature comforts. A will can ensure the distribution of these belongings according to your wishes. Not only can you designate funds for charities, but you can also name a financial power of attorney if you become unable to make the decisions. Visit our webpage for more information on this topic.