Estate planning services are available to help you protect your estate and by explaining the benefits and requirements of a living trust or a will.
No matter what size estate you have, small or large, it is important to make sure you have taken the proper steps to create a legal document that will guarantee your wishes will be carried out in the event of your death. If you have not taken the time to meet with an estate planning attorney to create a living trust or a will, now is the time.
What are the ways you can designate your wishes regarding your estate?
Two different ways you can manage your estate include creating a living trust or a will. Both documents will protect your estate and help designate the people you want to manage and inherit your property.
What is a living trust?
A living trust is a written agreement that names a person responsible for managing your estate and property. This document is established and in effect while you are still living and, usually, becomes irrevocable upon your death. However, a living trust can be changed or dissolved at any time while you are alive as long as you are mentally competent. The creator of a living trust can name themselves and/or their spouse as the trustees so they can manage the assets within the trust. A living trust also includes information regarding beneficiaries and the terms surrounding their inheritance and access to the trust.
What is a will?
A will is a legal document that dictates specific wishes on the part of the creator regarding their estate and other important concerns following their death. A will goes into effect upon the creator’s death and may include information regarding the inheritance of an estate and assets. If the person has minor children at the time of their death, a will may also include information about the person(s) they wish to become the legal guardian and/or conservator for the children.
What is the benefit of a living trust?
There are many benefits to a living trust, and it is up to you to counsel with your lawyer to determine which route is best to take regarding the protection and management of your estate. Some benefits of a living trust include:
- A living trust may be preferred by those who wish to keep their affairs and records private. Standard probate records are treated as public records and can be available to anyone. The details of a living trust, however, are not public record and can be kept private.
- A living trust also provides for your wishes in the event you become unable to manage your estate due to health or other emergencies.
- Assets in a living trust does not have to pass through probate court.
- A living trust can be created in a way that helps reduce state and federal estate tax obligations.
To learn more about the benefits of a living trust, consult a professional estate lawyer. An attorney can explain the requirements of a living trust and create the documents in a way that is most favorable for your financial situation and personal wishes.
Michigan Legal Solutions
Our experienced attorneys are committed to providing our clients with the guidance and support that they need to resolve their estate planning issues. With over five decades of serving clients in Southeastern Michigan, the attorneys of Michigan Legal Solutions (Seglund Gabe Quinn Elowsky & Pawlak, PLC) have the knowledge and resources to resolve your issues.
No two families are alike and our attorneys are qualified to handle every type of estate planning situation, no matter how confusing or complex it may seem. We stay up to date on state and federal laws concerning estate planning and the latest laws regarding Medicare changes, Medicaid changes or nursing home issues. Our attorneys will provide you with the guidance you need and the service you expect so that you and your family get the result you want and the protection that you deserve.
Michigan Legal Solutions
28345 Beck Road, Suite 401
Wixom, MI 48393
Phone: (248) 869-0030
Fax: (248) 869-0039