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For more than 20 years, Bingham Legal Group has helped individuals and families throughout Metro Detroit devise legal solutions and plan for the future.
Providing Guidance
And Remedies
When You Need It Most
For more than 20 years, Bingham Legal Group has helped individuals and families throughout Metro Detroit devise legal solutions and plan for the future.
Providing Guidance
And Remedies

When You Need It Most

Providing Guidance
And Remedies
When You Need It Most
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  4.  » How essential is a will?

How essential is a will?

On Behalf of | Aug 25, 2021 | Estate Planning

As soon as you turn 18 years old, you are eligible to make out a will. You can then review and revise it as often as necessary to be sure that it is up-to-date and accurately reflects your wishes.

According to CNN Money, a will is one of the most essential documents in your estate plan. Even if you have other estate planning documents, you should still have a will.

Do you need a will if you also have a trust?

Even if you have a trust to set conditions on the distribution of certain assets after you die, it is still useful to have a will. If there are assets that you want to put in the trust but fail to retitle before you die, the will can ensure that your representative carries out your wishes. A will is also helpful if your estate contains property that does not go into the trust. This is a common occurrence because many types of trusts only hold certain assets.

What else can a will do?

If you are a parent with children under the age of 18, you have a responsibility to name a guardian to take care of them if you die. While there may be other ways to accomplish this, a will is the most effective means. A decision this important is not one you want to leave to chance.

What happens if you do not have a will?

Whatever probate property your estate contains when you die becomes the responsibility of the court. A judge distributes it according to the state’s laws of intestacy. Because there is no way of knowing for sure what you would have wanted without a will, this distribution does not take your wishes into consideration.

A will does not have to be your only estate planning document, but in most cases, it is one of the most essential.