Articles - Estate Planning

Ten Reasons Why You Should Have a Will

1. Peace of mind before you rest in peace.
2. Avoid family conflicts. Grandpa would roll over in his grave if he saw how his family was squabbling over his money and/or his possessions.
3. Leave instructions on your wishes for your remains. You always wanted to donate your body to science, but instead you wind up sitting in some urn on someone's mantle.
4. Trust provision for minors and young adults - without one, 18 year old Junior will have a party with his inheritance and dispose of all of his inheritance before turning 19.
5. Guardianship - You name the person you want to raise the kids instead of having a probate judge decide without your input.
6. Property - If you do not decide how to dispose of your property, the state will use intestate succession rules. These rules apply when the decedent leaves no Will, the Will is denied by probate, or the Will fails to dispose of all of the decedent's property.
7. Surviving spouse - Have your surviving spouse inherit all of your assets which you hold in your name only or maybe not. You can limit which assets you hold in your name will pass to your surviving spouse with a properly drafted Will. However, you cannot completely disinherit a spouse because Michigan has an elective share statute giving a surviving spouse the right to elect either the terms of the Will or a share of the estate as determined by statute.
8. Exclusions - Make sure that your spendthrift child, to whom you have already given much of your savings, does not inherit when you die.
9. Charity - Make a contribution to your favorite charity before facing your maker - this will be your last chance to get some points in the plus column.
10. When your brain wave is flat, you want someone to pull the plug; however, because your descendants can't agree, you remain on a ventilator while the hospital bill climbs through the roof and eats up all of your estate.

For more information on Estate Planning, Wills and Trusts, read our article "Do You Know The Difference Between: A Living Trust? A Living Will? A Testamentary Will?"!

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