Why Everyone Needs a Will

Although Michna Law Group primarily handles real estate closings, our firm also is known for practicing law pertaining to wills and trusts. Today, we'd like to discuss the former and why setting up a will is so important.

First, Merriam-Webster defines a "will" as "a written instrument legally executed by which a person makes disposition of his or her estate to take effect after death".

When many think of a "will", our thoughts immediately tend to head towards the morbid side of things with that final word: "death". However, similar to insurance (life, health, car, etc.), wills are better thought for their primary purpose: To protect your assets and ensure that your wishes are followed.

With that said, here are a few good reasons to create a will:

1) To appoint a legal guardian for your children.

2) To declare who will receive your assets and how they will be divided.

3) To pass on an economic interest, such as a business or stocks.

4) To donate money to your favorite charity.

5) To ease the burden for your loved ones during a surely difficult time.

All of these reasons are viable reasons to create a will, especially with the last one having the added benefit of preemptive planning. Many are of the mindset that wills are only something that people in their middle age can or should form. However, it's important to note that a will can be formed by anyone of legal age, which in most states, is 18.

For additional questions pertaining to wills, contact Michna Law Group by phone at 847.446.4600 or by email at BJM@MichnaLaw.com.