If you’re young, single, and don’t have a large number of assets, you might think that it’s fine to skip having a last will and testament. Far too many family members, however, discover when it’s too late that wills are not just for the rich and famous.
Regardless of how many assets you have, a will ensures that any wishes you do have around your property or guardianship of minor children are indeed heard. Furthermore, if you own a business, a will can help as part of your overall estate plan to transfer those assets.
A will is a must if you have minor children because this ensures that you are able to choose the legal guardian for your children if you were to pass away before them. You are also able to name an executor of your estate in your will. With no executor named, someone will still have to step forward and serve in this important role of personal representative. Having a say over who manages the administration of your estate can give you peace of mind and clarity for your family members over who is responsible.
This person will have the authority to ensure that your wishes are carried out and that all of your affairs have been put in proper order. The stressful and lengthy process of probate can also be avoided by incorporating not just a will but also other elements of an estate plan. Schedule a consultation with an experienced estate planning lawyer in Northern Michigan.