Wills/Trusts
Wills and trusts are designed to provide for the distribution of estate assets at the time of one’s death. When deciding whether a will or trust best fits your needs depends on your particular circumstances. Revocable trusts are a popular alternative to wills in Michigan because of their ability to avoid probate administration. The importance of regularly reviewing your estate plan cannot be over-stated, especially as it pertains to trusts. An out-dated trust can be worse than having no trust at all because assets one holds may change, relationships with beneficiaries may change, etc.
Some individuals prefer to execute a will instead because they are much less complicated, easier to understand, and are not as expensive to have prepared. Furthermore, wills can successfully stream-line the probate process by providing a road map, or a guideline, as to how one desires to have their estate handled upon death. Thus, having a will can greatly minimize the court’s involvement in determining the handling of the estate of the deceased. On the other hand, a will, unlike a trust, may not adequately address your individualized needs. This is especially true if you are a business owner or if you have minor children. Additionally, if you own real property located in another state a trust may be beneficial in order to avoid ancillary probate in the other state. There are pros and cons to a will versus a trust. This is why it is essential to schedule a consultation with an attorney in order to assess which will best accomplish your objectives.
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Striegle Law
The information contained on this site is not intended to provide legal advice but is for general informational purposes only. You should consult an attorney regarding your unique situation. Please be advised that an attorney – client relationship is not necessarily created by simply contacting us.
Contact Info
400 Ann St. N.W. Suite 211
Grand Rapids, MI 49504
Email: contact@streiglelaw.com
Phone: (616) 253-6688