Planning for one’s estate can be a daunting task. But, it is also one of the most important things you can do for your future and your family. One way to plan ahead is to create a will. Read on and speak with our Michigan estate planning attorneys to learn about the importance of a will in Michigan and how you can go about creating one.
What is a Will?
A will is a legal document that declares your wishes regarding your estate after your passing. Knowing that your estate will be handled the way you want can give you great peace of mind. Additionally, it will save your loved ones from any undue stress or tension regarding your estate since everything will be taken care of ahead of time.
Do I Need a Will?
A will is a good idea for anyone. Regardless of your age or financial status, it is always important to plan for the future. In a will, you can include real estate, bank accounts and other assets. You can also include items of sentimental value. For example, if you want to write a letter to a family member to be read after your passing, or you want to gift your friend that painting they complimented whenever they came over to your house, you can designate these wishes in your will. A will is a way to plan for your future, something which we should all consider.
How do I Create a Will?
In Michigan, you must be 18 years or older, and have sufficient mental capacity. Sufficient mental capacity is defined as:
- The person creating a will understands that a will determines how their assets will be distributed upon their death.
- They know what property they own.
- They know who their close relatives are, including spouses, children, etc.
- They have a general understanding of what they are signing.
A statutory will is a type of will that only Michigan residents are permitted to use. It entails using a fill-in-the-blank format, making the process quicker and easier. Statutory wills are only valid once they have been signed by yourself and two witnesses. This type of will is especially beneficial to those who do not have many assets or who do not have a complex family situation. People with larger assets or complicated family dynamics should enlist the help of an experienced legal team. Regardless of the type of will you create, you should always have a skilled attorney look it over. A lot can go wrong if your will is not created and validated properly.
Contact our Firm
Sometimes, divorce, family, and estate matters are difficult to navigate. Fortunately, they do not have to be with the assistance of a compassionate, knowledgeable attorney who is willing to guide you every step of the way. If you need a seasoned firm to help you with any divorce, family or estate-related matter, please do not hesitate to contact Collis & Griffor today to schedule a consultation.