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How important is a will to you?

As you have recently begun considering the condition of your estate in Michigan and are assessing your requirements for planning your future, you may have considered getting a will. However, with so many components of an estate plan, is having a will that important? Understanding the value of a will may be helpful as you go forward with planning your estate. 

It is important to note that a will is only a portion of what you may include in your estate plan. However, this critical document is your opportunity to make designations to your beneficiaries and heirs. With detailed clarifications made and finalized by you, you can provide direction for your surviving family members about how you wish for your estate to be distributed, as well as how you intend for any dependents to be cared for. 

According to CNN, if you pass away and do not have a will, any dependents you still have living at home could be placed in the care of the state until it is determined who will be responsible for raising them. Chances are you have preferences about which family members you would rather care for your children and making those designations in your will can guarantee that your wishes are honored. A will also allow you to define how you would like your money to be used after you die, as well as providing you with an opportunity to address tax issues to alleviate some of the stress that your surviving family members may have to deal with after your death. 

The information in this article is intended for educational purposes only and should not be taken as legal advice.  

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