Wills are legal documents protecting a person’s ultimate wishes about how his/her personal property would be distributed after death and are common affairs in the legal procedure. However, when question comes about financial planning as well as personal finance, individuals ought to forget this important aspect. Though wills won’t help you in reaching financial aims directly yet it is one of the essential factors of personal finance and need to b area of the financial planning. Issues relating to the wills are complicated and therefore, a Wills Attorney in Novi, MI should be consulted.
How do wills work?
As previously mentioned, a will is a legal declaration stating the distribution of an individual’s property as per his/her wishes. With the help of a will, you can distribute particular assets and items of the estate to your beneficiaries and leave remaining for others. You can designate either organizations or persons as your beneficiaries. As guardian, you can make use of a will for setting up arrangements for future for your minor child/children.
Nomination made by you either for your children or others would only be approved once it (will) has been finalized by the court. Here lies the significance of a Wills Attorney in Novi, MI who can guide you throughout the entire procedure leading towards success. Therefore, it is advised to seek help of a wills attorney as the person is responsible for dealing with claims and creditors, contacting all the heirs as per the will representing your property legally.
Who are the essential parties in a will?
A will comes into action after death of the will maker and can be subjected for probation of proceedings further wherein validity of his/her will gets approved or replaced by an executor who would be responsible for adjudicating claims. Thus, an executor has important role to play after your death for implementation of several things. Generally, there are two essential parties in case of a will, which are given below in brief:
An executor is the individual whom you have selected for execution of your wishes after your death. An executor, as stated above, has an important part to play as the person is responsible to ensure that your bills and taxes as well are being paid on time. Even the executor sees to it that execution of your will is done as desired. In fact, it is stated the percentage of your property to be paid to him/her.
Beneficiary can be considered as the party who would receive some parts in your assets. In your will, you are ought to have number of beneficiaries at a time. It should be noted that beneficiary and executor can be same person. However, it is advised to avoid and give the authority to different persons as there is an issue of potential fight of interests.
It is recommended to make a will even if you do not possess lots of assets and is required to be updated annually or as per change in circumstances. There can be lawsuits as well as family disputes and can be prevented only if there is a will updated in place. Thus, seeking help of a Wills Attorney in Novi, MI is utmost important.