Estate Planning - Wills & Trusts

Understanding wills AND Trusts

What is a Will?
A will, often called a Last Will and Testament, is a legal document that directs what you want to happen to your estate assets after you die. It can also name a guardian to take care of your minor children.

● A Will allows you to direct the distribution of your assets versus Michigan law dictating who receives your assets.

● 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 are fees, a loss of privacy, and time delays, typically from 6 months to a year depending upon your circumstances.

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What is a Trust?
A trust is a special way to manage your assets. You can put your money, property, and other valuables into a trust. This can help avoid probate, which is the court process of distributing your assets. Trusts can also allow for the management of your assets if you become unable to do so.

● A Trust allows you to control the distribution of your assets without court intervention.

● A Trust allows you to delay distributions to beneficiaries who may be minors, have special needs, or other personal issues, while providing for their health, education, maintenance, and support.

● A Trust may be able to protect the assets held in trust for a beneficiary from the beneficiary’s creditors, lawsuits, and divorce settlements.

● A Trust allows you to control your assets under one plan.

● A Trust allows you to appoint a Trustee who will manage your assets in the event you become incapacitated and after your death.

● A Trust can eliminate the Probate Court process if funded properly.

● A Trust can help reduce estate taxes.

● Since a Trust is not required to go through the Probate Court process, costs can be reduced, privacy is maintained, and typically there are no time delays.

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Summary: Benefits of Wills and Trusts

Having a Will is better than having no plan at all. It will give you some control over the disposition of your assets after your death. It also allows you to designate the individual(s) who will handle your affairs. While it may still require administering your estate through probate court, the process may be streamlined.
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A Trust on the other hand is going to give you more control, even after your death, and it can avoid probate court altogether if drafted and funded properly.”

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For a free initial consultation about your Estate Planning needs, call (586) 803-8430 or use our contact form to arrange a meeting.

CALL 586-803-8430

Testimonials

“I have had the privilege of working with Jennifer in a professional capacity with shared probate clients, as well as being a client myself. Her knowledge and professionalism are exception. Her ability to help navigate and defend her clients during challenging familial situations in probate is impressive. She has personally helped my husband and I plan for our children through a living trust. It is a sensitive and difficult process, but she patiently and compassionately helped us tackle the tough decisions. We are at peace knowing our children will be protected in the event of tragedy. I recommend her for estate planning and probate situations and look forward to maintaining a long lasting professional relationship with her and her team.”
—Melissa M. ReMax First

“For the past five years, we have discussed the importance of developing an Estate Plan. We listened to our friends and family as they discussed the process. We were not looking forward to it. Then, we spoke with our accountant who gave us the best tip ever. Meet with Jennifer Sadecki Parison and she will make the experience painless. Wow, how true! We were thrilled with the professional, efficient and detailed Estate Plan that was designed for us by Jennifer. In three meetings, with the price given to us at the first meeting, we completed the process. It was thought provoking and comforting to know that our family’s best interests were met in our Estate Plan. Jennifer is so very knowledgeable, trustworthy and listened to our concerns. She also gave us time to think about areas that we had really never considered. This professionalism, coupled by Jennifer’s legal background, made for a wonderful experience. Thank you, Jennifer. We feel fortunate to have worked with you.” —Steve and Gloria S.

“Jennifer Sadecki Parison has been our Attorney for several years now. She has represented us on a level unlike any lawyer we’ve used before. What we admire about Jennifer is everything she represents as a person and an attorney. She is extremely personable and easy to talk to, therefore has the ability to put you at ease immediately. She can also explain either a confusing document or a potential situation in layman terms which is unbelievably beneficial to those of us that don’t have a degree. Everything that Jennifer has done for us has been above reproach and always exceeds our expectations. She has a perfect balance of tenacity, professionalism and compassion. What wonderful qualities to have wrapped up in one attorney!! I’ve often told her, “You were made for this job!!!” Jennifer, thanks for just being you and all that you’ve done for us… you’re truly the BEST!!!!!”
—Andrew and Michelle S.

“Nearly five years ago, I accepted the position of Durable Power of Attorney for two elderly sisters who were friends of our family. They each had numerous assets compiled of many different types of investments. I had no experience in that role so Jennifer said she would help me learn and carry out my responsibilities. She did an amazing job teaching and helping me every step of the way. After both sisters passed, I then took on the new role of Successor Trustee with the responsibility to convert all assets to cash and distribute it to the various recipients per each sister's Trust. Again, Jennifer and her assistant, Maureen, were invaluable, helping me through the entire process. If you ever find yourself in a similar situation, I highly recommend Jennifer and Maureen. They are extremely knowledgeable, compassionate, and patient. I was so impressed with the whole process that my wife and I are using them to update our Trust. I wouldn’t even consider using anyone else!”
—Tom M.

“Working with Jennifer to update our trust was such a wonderful and informative experience for us. Jennifer is so knowledgeable and professional in everything she does. Could not have asked for a better Attorney and Counselor at Law. Thank you!”
—John and Linda M.

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