You most likely have a good reason if you count yourself among them. Maybe it’s considered rude in your culture to talk about death or even think about creating a will. Maybe you don’t believe you have anything of value to pass on. Perhaps you’ve been meaning to make a will for some time but haven’t gotten around to it. In Michigan, intestate succession dictates that a person’s estate is distributed to their surviving relatives if no other legally valid plans have been established to distribute their assets. This can serve as a will in the absence of a more formal document, but it’s not ideal if there are particular conditions or relatives to whom you want to transfer your possessions.
Making a will is essential for whatever purpose you may have. Understanding why a will is necessary at a certain point in time is equally crucial. This is because not everyone needs a will.
Read on to find out if you should contact a New Jersey estate planning lawyer.
You Are Now Legally Considered An Adult
In most jurisdictions, you must be at least 18 years old to create a will legally. Upon reaching this age, you legally become an adult in most states. You should get on it if you’re an adult and don’t already have a will.
All of your thoughts have been anticipated. I turned eighteen yesterday, and I don’t own anything. For what reason do I need a will?
A will, however, serves more purposes than just outlining your intentions for the disposition of your assets. A living will is an extension of your healthcare directives and other prior directives. If you enter a coma, for example, who will make healthcare decisions for you?
Because of this, even if you have no money, you may still need help from a third party to deal with a medical emergency. A living will is a legal document in which you specify your healthcare wishes. Use a will-making kit to put your affairs in order.
Having Resources Is Something You Can Do
When you hear the word “assets,” what images or ideas go into your head? You might be picturing bank accounts, houses, cars, jewels, shares in a corporation, and other forms of tangible wealth.
There’s nothing wrong with it, but remember that your phone and computer are just two examples of assets. Your wardrobe and library both qualify as valuable possessions. If you need clarification on what does and does not qualify as an asset, an attorney specializing in estate planning can help.
When you have assets, no matter how small, you must make a will outlining your wishes for how you’d like them transferred upon your death. If you die without leaving a will, a judge will decide how your property will be distributed based on state law.
If you pass away without a will, even if you don’t have a large enough estate to go through probate, even something as seemingly insignificant as a computer could end up in possession of someone you wouldn’t want.
You’re Married/You Have Kids
Having a family, and particularly children emphasises the need to have a will drawn up. If you have minor children who pass away or become disabled before they reach adulthood, your will allows you to name a legal guardian to care for them.
Possessing offspring also ensures a steady supply of heirs. While you are still living, a will allows you to disperse your possessions to your heirs.
Recognize The Need For A Will
The absence or presence of a will can cause significant disruption to the distribution of an estate. Most individuals are aware that they should have a will in place, but many are less certain about when exactly that should be. You can now draw a will with confidence knowing when you need to act following this manual’s recommendations.