Understanding Wills: A Complete Guide to Protecting Your Legacy
Why You Need a Will
A will is one of the most important legal documents you can create. It ensures your assets are distributed according to your wishes and provides guidance for your loved ones after you're gone. Despite its importance, many people put off writing a will, assuming they don’t need one or that it’s too complicated. However, having a legally sound will in place can save your family from unnecessary stress and legal hurdles.
What Is a Will?
A will is a legal document that outlines how your assets and property should be distributed after your death. It allows you to name beneficiaries, appoint an executor to manage your estate, and, if necessary, designate guardians for minor children. Without a will, state laws will determine how your assets are divided, which may not align with your personal wishes.
Legal Requirements for a Valid Will in Michigan
In Michigan, a will must meet specific legal requirements to be considered valid:
The testator (person making the will) must be at least 18 years old and of sound mind.
The will must be in writing.
The will must be signed by the testator.
Two witnesses must sign the will in the presence of the testator.
Failing to meet these requirements can result in your will being contested or declared invalid in probate court.
Types of Wills
There are several types of wills, and choosing the right one depends on your individual circumstances.
Simple Will
A simple will is the most common type and is best for those with straightforward estate plans. It outlines asset distribution, names beneficiaries, and appoints an executor.
Testamentary Trust Will
This type of will establishes a trust upon your death to manage assets for beneficiaries, such as minor children or individuals with special needs.
Joint Will
A joint will is a single document signed by two people, usually spouses, dictating how assets will be distributed upon both parties' deaths.
Living Will
A living will is different from a traditional will. Instead of addressing asset distribution, it outlines your medical treatment preferences in case you become incapacitated and cannot communicate your wishes.
What Happens If You Die Without a Will?
If you pass away without a will, you are considered to have died "intestate." This means Michigan’s intestate succession laws will determine how your assets are distributed. Generally, assets go to your closest relatives, such as your spouse or children, but this may not align with your wishes. Additionally, if you have minor children, the court will decide their guardian, which may not be the person you would have chosen.
How to Create a Legally Sound Will
Hiring an Attorney vs. DIY Wills
While online templates and DIY wills exist, working with an attorney ensures your will is legally sound and tailored to your unique circumstances. A lawyer can help you:
Avoid common mistakes that could invalidate your will.
Ensure your assets are properly allocated.
Minimize the risk of family disputes.
Common Mistakes to Avoid
Failing to update your will after major life events (marriage, divorce, birth of a child, etc.).
Not naming an alternate executor.
Not clearly identifying beneficiaries.
Forgetting to include digital assets (online accounts, cryptocurrency, etc.).
Choosing an Executor
An executor is the person responsible for carrying out your will's instructions and managing your estate. Their duties include paying debts, handling taxes, and distributing assets to beneficiaries.
Tips for Choosing the Right Executor
Select someone trustworthy and responsible.
Choose someone who is financially savvy and capable of handling complex matters.
Consider naming a backup executor in case your first choice cannot serve.
How Wills Work with Other Estate Planning Tools
A will is just one component of a comprehensive estate plan. Other legal tools may also be necessary to protect your assets and wishes.
Trusts
A trust can help manage your assets during your lifetime and after death. Trusts offer benefits such as avoiding probate and providing greater control over asset distribution.
Power of Attorney
A durable power of attorney allows a trusted individual to handle your financial affairs if you become incapacitated.
Beneficiary Designations
Certain assets, such as life insurance policies and retirement accounts, allow you to name beneficiaries directly. These designations override the instructions in your will, so keeping them updated is essential.
How Harris & Literski Can Help
Estate planning can feel overwhelming, but you don’t have to do it alone. At Harris & Literski, our experienced attorneys can guide you through the process, ensuring your will is legally sound and aligned with your wishes. We offer personalized estate planning services tailored to your unique needs. Whether you're drafting a will for the first time or updating an existing one, we’re here to help.
Final Thoughts
Having a will is one of the most important steps you can take to protect your legacy and provide for your loved ones. Without one, the state decides how your assets are distributed, which may not reflect your wishes. If you’re ready to create or update your will, contact Harris & Literski today. Taking action now gives you peace of mind, knowing your affairs are in order and your family is protected.