Your will is your formal legal document that names your intentions for your assets after you pass away, but it can also cover other important aspects of estate planning. Finding an estate planning lawyer in your region to sit down with you and walk through a comprehensive plan structure is beneficial since you may not realize other benefits associated with estate planning tools like trusts.
At its most basic level, a will details what happens to your belongings after you pass away, but three components should be included in every will.
- An executor who is the person who is in charge of carrying out your will
- Your beneficiaries, who are the people that you are naming to inherit money or items inside your estate
- Guardians for minor children, if this applies to you
Your will has no effect until you pass away, but you should set up this document to help avoid problems if you were to pass away unexpectedly. If you have not chosen an executor, for example, one must come forward and be appointed by the court. This may not be the person that you intended to take care of your estate administration matters. If they are not prepared for the role, they may be uncomfortable serving in it or find it overwhelming and stressful.
A great deal of advanced planning can make things easier for your loved ones as well as your chosen beneficiaries and executor. Communicate with an estate planning lawyer in Michigan today to get a jumpstart on your planning process.