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Young or old, rich or poor: Why everyone needs a will

On Behalf of | Mar 2, 2018 | estate planning and probate, Firm News | 0 comments

When it comes to wills, there are two common misconceptions about them. One is that many think that they’re only important for older people or the rich and famous to have. Another is that you write it once and you never need to look at it again. Neither one of these is correct though.

Wills should be drafted by all individuals, even if all you have to your name is a checking account or a car. If you don’t draft a will, then the state has rules of intestate succession in place by which it will divvy up what you leave behind.

It’s in part because of this that you should also regularly review and update your will. A good rule of thumb is to revisit your will every couple of years to add any new assets you may have acquired or to ensure it best reflects the stage of life you’re in. When you’re going over it, you’ll want to check your list of beneficiaries out to make sure that you’re still comfortable with them inheriting your money or assets as well.

Even if you’re young and single, many legal experts note that it’s still important for you to draft a will. In this case, you may wish to focus more on drafting a living will whereby you highlight what medical decisions you’d want to be made for you if you were unable to do so yourself.

If you remarry, you may also want to draft a will that protects the interests of kids that were born out of a prior marriage. And, if you have kids, then you may want to use the will to appoint a guardian for your kids. You may also highlight the age intervals at which you’d want them to receive access to their inheritance.

State laws regarding how assets are passed down after their death are constantly changing. This is one of the many reasons you may benefit from the guidance that a Trenton, Michigan, attorney can provide you before drafting your will.