Proper estate planning can grant you peace of mind and save your beneficiaries both time and expense in the event of your death. For estate planning to do this, however, you must have a detailed conversation with your attorney about your current assets, your plans for the future, and your estate goals. With this information in hand, your attorney can give you solid advice on the types of estate planning documents best suited to fit your needs.
Many people are unsure whether they need a will or a living trust. A living trust has a number of advantages over a standard will, including: potential tax savings; a reduced or eliminated need for guardianship in the event you become unable to make your own decisions; asset protection, including the ability to actively dictate when and under what conditions a beneficiary will receive an inheritance; and the avoidance of probate. (For more information on wills and trusts, please see You and Your Will and Estate Planning F.A.Q.)
However, despite the myriad of benefits associated with living trusts, they are not for everyone. In some instances, the expenses associated with establishing and maintaining a living trust may be more than the costs incurred under the traditional probate process.
To determine whether a living trust is right for you, you need the qualified counsel of an experienced Michigan, estate-planning attorney. For assistance with questions regarding your Michigan estate plan, please don’t hesitate to call us. Your initial phone consultation is always free of charge. Contact The Metro Detroit Law Offices of Graham & Hubbert today.