If you have assets such as real estate, a car, bank accounts, jewelry or life insurance, your heirs can benefit from your Michigan will. Although you may dread dealing with finances, a will removes the guesswork and can avoid your estate going to probate after your death. At Bingham Legal Group PC, we often help clients create an estate plan that includes a will, trusts and other financial tools.
According to Kiplinger, a will enables you to appoint a person to manage your estate, handle debts and ensure beneficiaries receive your assets as you wish. It is a live document that changes over time. Updating your will after life evens such as a birth, death, divorce or marriage can ensure it is ready should you pass away unexpectedly.
Married couples should have separate wills, which allows you to each leave property to different beneficiaries. This is useful as you can take heirs from a previous marriage and other personal circumstances into consideration. You can also leave funds to charitable causes and create trusts as you see fit. Include the names of your beneficiaries, their inheritance and any additional information, such as bank account numbers and insurance policies. By providing as much information as possible, you can make it easy for your executor to make the proper disbursements.
In addition to a traditional will, you may also create a social media will. Many networks, including Facebook, allow you to designate a person to manage your profile upon your death. You may also prepare an emotional will. Although not legally binding, it allows you to share memories, thoughts and hopes for your loved ones. Visit our webpage for more information on this topic.