Wills & Trusts Now!! Of Royal Oak, MI Has The Expertise You Need!

WHAT IS A WILL?

A will or last will testament is a legal declaration by which a person names one or more persons to manage his or her estate and provides for the distribution of his or her property at death. Basically, it’s a document that states your final wishes which goes into effect after you die but is subject to a probate court approval.

You can also use a will to:

  • Name a personal representative
  • Transfer your assets to beneficiaries after your death
  • Name guardians for your minor children
  • Provide for your pets
  • Decide how debts and taxes will be paid. Wills do not offer your heirs any protection from federal estate taxes or state inheritance taxes.
  • State your intentions but they are subject to a court’s administration of the will and ensures the will is valid and the property gets distributed the way the deceased wanted.
  • Disclose on public record your intensions
  • Cover any property that is only in your name when you die. It does not cover property held in joint tenancy or in a trust.

If you are a parent of under aged children, making a will is the single most important thing you can do to help assure your children are cared for by the people you would choose to be their guardians if anything should happen to you. Your will can designate a legal guardian to care for your children if you die before they reach their age of majority. It is one of the most difficult tasks for parents. Although difficult, it’s the most important thing you can do to ensure the well-being of your children.

Contact Wills & Trusts Now!! For your free consultation