Wills: What are they? Do I need One?
What is a Will?
In simplest terms, a Will is a recipe. When you pass your recipe tells everyone how you want your property distributed. Your recipe is followed by someone you nominate as your personal representative, who may sometimes be referred to as an Executor.
What can I do with a Will?
Having your own recipe allows you to:
· Tell the world who gets what according to your plan
· Tell the world who you want to be in charge
· Charge/discharge debt
· Create tools that are not in the State’s recipe
o Plan for pets
o Plan for minor children
o Farm/business directions
o Leave a message of values for others
o Give directions concerning your remains
o Identify those personal effects that you wish to give specifically.
o Establish a testamentary trust.
o And more
What happens if you don’t have a recipe?
The State of Michigan has one for you, and everyone is getting bread. The states recipe uses a number of formulas and distributes property to your heirs based on their relation to you.
What if you don’t want bread?
You need your own recipe. An estate planning attorney can help you create your own custom recipe that addresses your particular family situation.
Information in this blog post is not legal advice but general information. Contact an estate planning attorney to implement a plan for you.