Wills Are Important Piece of the Puzzle for Michigan Business Owners
Statistics indicate that more than 70% of Americans don't have a will. This is an astounding number. A will is the irreplaceable foundation for any estate plan. And any entrepreneur serious about building their business empire should have a comprehensive estate plan. Such a plan will ensure that all of their hard work in building their business will not be lost when they die. I am especially alarmed when new clients come into my office and tell me they have children and do not have a will. A will is the only document by which a parent can designate who will be the guardian of their minor children if both parents die. If a parent doesn't have a will, a court will make that decision.
A will avoids costs and complications for your heirs when you die. Besides providing instructions about gifts of your property—like your home, car, investments and jewelry—your will can provide instructions for payment of your debts, selection of a personal representative for your estate, and appointment of a guardian for your children. Without a will, your property will be distributed according to state law and a court may select an administrator for your estate and a guardian for your minor children.
It is essential that you use a competent Michigan estate planning lawyer to help you prepare a valid will that minimizes taxes and reduces the time and expense of handling your estate.
If you leave no will, you will have given up your right to decide who inherits your property. Your property will be distributed according to state law, which might be quite different from your preferences. And without a will, you can't disinherit heirs. If you leave no will, you also lose the opportunity to select a guardian for any minor children and a personal representative for your estate. Court-appointed administrators and guardians may not be the family member or friend that you would have chosen to handle your affairs.
Dying without a will can be costly and may complicate the transfer of your property to your heirs. For example, the estate may have to pay bond premiums if there is no will stating that you don't require personal representatives and guardians to post a bond. In addition, estate administration proceedings without a will may delay transfer of property to your heirs.
