Wills & Trusts

WILLS

  • A Will allows you to control the distribution of your assets versus the Court controlling who receives your assets under Michigan law.
  • A Will allows you to appoint a guardian for your minor children.
  • A Will allows you to designate a Personal Representative who will be in charge of handling your probate estate.
  • A Will does not control the distribution of all of your assets.
  • A Will is required to go through the Probate Court process.
  • A Will does not allow anyone to handle your assets in the event you become incapacitated.
  • A Will does not allow someone to make medical decisions for you in the event you become incapacitated.
  • Since a Will is required to go through the Probate Court process there will be fees involved, you will lose privacy, and there is a time delay, typically from 6 months to a year depending upon the circumstances.

TRUSTS

  • A Trust allows you to control the distribution of your assets without court intervention.
  • A Trust allows you to delay distributions to beneficiaries while providing for their health, education, maintenance, and support.
  • A Trust protects the assets held in trust from the beneficiaries’ creditors, law suits, and divorce settlements.
  • A Trust allows you to control all of your assets under one plan.
  • A Trust allows you to appoint a Trustee who will manage your assets in the event you become incapacitate and after your death.
  • A Trust can help individuals avoid or minimize estate taxes.
  • A Trust can eliminate the Probate Court process funded properly.
  • Since a Trust is not required to go through the Probate Court process, costs can be reduced, privacy is maintained, and there are no time delays.