Having a will is usually a good idea, even if you don’t have a large amount of money or assets to pass down. It’s an especially good idea when you have children though. A Washtenaw County wills attorney from our firm can help you draw up a document that helps you provide for your children and protect their interests after you are gone.
Does a Will Allow Me to Assign a Guardian For My Children?
A will can allow you to assign a guardian for your children if you are currently their only surviving parent. If you do not choose a guardian, the court would have to choose for you after your death and you would not have any input. Your will can name a guardian and even give reasons why, and this could reduce the chances of any infighting among family members too.
You can also assign a financial guardian. This can be the same person as their guardian or you can choose someone else. Maybe the person who you chose as guardian is great with your children, but not the best with finances. That would be a good reason to appoint a separate financial guardian.
Can a Will Help My Children Manage Their Property?
Speaking of financial guardianship, a will gives you a few ways to protect the assets being passed down to your children. In addition to a guardian who can help them manage your finances, you can also set up trusts or put people in charge of managing properties, like homes, that would be passed down. If your children are not old enough to handle such things themselves, a trusted relative, friend, or even a professional trustee like a lawyer or trust company can help safeguard your assets until your kids are old enough to manage everything.
Will My Children Still Receive My Assets If I Don’t Write a Will?
When you don’t have a legally binding will written, your assets go through the probate process. The court tries to figure out who to give your assets to during this process. It can take a while and cost your loved ones a significant sum to iron out everything. ‘
If your children are the obvious heirs, they would probably end up receiving your assets eventually. However, you would not be able to leave each of them specific things or control anything else about how your assets get inherited.
Should I Hire a Lawyer to Plan My Estate?
We do recommend that you talk to a lawyer about writing a will. Our attorneys can also help you if you need to set up trusts or make other arrangements. It’s just easier to handle all of your estate planning needs in one place!
Consult With Our Attorneys
If you have any estate planning questions, we’re ready to answer them. Contact Collis, Griffor & Hendra to schedule a consultation with our legal team. We can help you write a will and handle the rest of your estate planning needs.