Michigan residents should be aware that the creation of a will is an important step in securing the financial security for their loved ones and their families. However, there are a number of different types of wills, each of which works best with particular sets of circumstances. Choosing the wrong type of will could have severe repercussions. One expert, who provides wills for those who are over 50 years old, outlined the different types of wills available.
One type of will, called a single will, is a document that deals with a single individual, regardless of his or her relationship to the beneficiary. A mirror will is similar to a single will with the exception that it is meant for couples who have similar wishes. Usually, this will leaves the estate to the surviving spouse. Once the surviving spouse dies, the estate is then inherited by the beneficiaries.
An asset protection will, which may also have several other names, puts the estate into a trust in order to protect its value for the beneficiaries. This is recommended for those who fear that the estate may be used for other purposes, such as paying home care fees for the surviving spouse. A discretionary trust will leaves the property and financial split up to the trustees of the will, which is recommended if the beneficiary is not mentally or physically capable of making the decisions.
A living will specifies the individual's wishes regarding any medical treatment should he or she lose the capacity to make decisions. Finally, a lasting power of attorney, or LPA, legally gives another individual the power to deal with legal and financial matters on behalf of the individual.
Drafting a will can be difficult. An experienced Michigan attorney may be able to assist a client in deciding on the right type of will for his or her circumstances in order to protect the client's property and finances.
Source: YourMoney.com, "A grave issue: which will is right for you?", July 30, 2013