When many hear about wills, they automatically think two things. First, they think that they’re a document that you only draft when you’re of an advanced age. Second, many believe that they’re only necessary for the wealthy. Neither is a correct assumption though.
While wills are critical for anyone of means to draft, wealth doesn’t discriminate based on age. Additionally, what is of value to one person may not be of value to another. Thus, when it comes to how much wealth a person needs to have accumulated to pass it on to someone else, that’s completely relative.
What’s important to know is that, no matter how small or large your estate is when you pass on, any assets that remain in it will be passed on according to Michigan’s estate planning laws if you don’t state in the will what your personal wishes are.
When you draft your own will as opposed to allowing the state’s intestate succession laws to kick in, it ensures that you will be able to have better control over whose hands your different assets go to.
Take, for example, a life insurance policy. If you’ve been previously married and divorced, it’s possible that your ex could ultimately receive the proceeds from your life insurance policy as opposed to someone far more dear to you under existing intestate succession laws.
For business owners, failing to draft a will that clearly spells out a succession plan for it can prove to be detrimental. If you happen to have business partners, then your shares in the business could be forfeited to them instead of your family members without your will stating otherwise.
If you’ve been dragging your feet in drafting a will because you either think you have too few assets to protect or you’re too young to do so, think again. In learning more about your particular financial and familiar situation, a Trenton estate planning and probate attorney can advise you of the benefits of having one.
Source: CNBC, “Estate planning: Not just for the 1%,” Ivory Johnson, accessed April 20, 2018