FIVE REASONS WHY YOU NEED A WILL

1. To Select Your Heirs
   • The intestate succession laws of the State of Michigan will determine how your property will be distributed after death in the absence of a valid Will.
   • Failing to prepare a Will allows the state to select the beneficiaries.
   • A Will allows you to determine who will receive the property and how much each of your beneficiaries will receive.
2. To Minimize Taxes
   • Hidden resources, such as life insurance policies naming you as the insured, qualified retirement plan benefits and IRA's, may balloon your estate and subject it to federal estate tax.
   • Michigan inheritance tax will apply to your estate if it exceeds certain limits. A Will, properly prepared, can alleviate the tax burden for many estates.
3. To Appoint a Guardian
   • A Will can be used to name a guardian for minor children in the event of the death of you and your spouse.
   • A guardian named does not bind the guardian nor the court, it does indicate the decedent's wishes, which the probate court will generally try to accommodate.
4. To Name an Executor
   • Without a Will, you cannot choose someone whom you trust to carry out the administration of the estate.
   • If you do not specifically name an executor in your Will, the court will appoint an administrator.
5. To Establish Domicile
   • You may want to establish domicile in Michigan, for tax or other reasons.
   • If you move frequently, or have homes in more than one state, each state in which you reside could claim your state of domicile upon your death. Estates subject to multiple probate proceedings and overlapping claims for state death or inheritance taxes will put less money in the hands of your heirs.