Wills and Trust Planning

Wills and Trust Planning

Beneficiary Designation

A Will is a written document that gives you the ability to do the following:

  • Determine who will receive your assets after your debts and expenses are paid;
  • Appoint a personal representative (formerly known as an executor) to administer your estate; and
  • Appoint a guardian and/or conservator for a minor child.

By creating a Will, you control these decisions. If you do not have a Will, the laws of Michigan will determine how your assets will be distributed, who will act as your personal representative, and who will be the guardian and/or conservator for a minor child.

A Trust is a written document that controls the disposition of your assets during your life, as well as after your death. There are many reasons why a Trust is beneficial and we will assist you with this decision. Some of the reasons to create a trust are:

  • Reduction of estate taxes;
  • Avoid probate proceedings;
  • Maintain separate assets in second marriages; and
  • Retain monies in the hands of responsible people when minor beneficiaries are too young to manage money.

You may believe that you do not need a Will or a Trust simply because you have a small estate. You may believe that all of your property held jointly with someone else will be distributed by that joint owner according to your Will. We will educate you on the benefits of having a Will or a Trust and advise you of the risks and benefits of jointly owned property. We are here to prepare an estate plan that accomplishes your goals.

Related Services: Estate Planning;  Durable Power of Attorney; Medical Power of Attorney; Trust and Estate Administration; Premarital / Postmarital Agreements; Business Succession Planning; Estate Inheritance Tax; Special Needs Trusts

Attorneys to Contact