Whether you’ve had the unfortunate experience of being a beneficiary or a family member to a loved one who didn’t have estate planning or you simply know this is part of the process of being an adult, estate planning helps you to determine the most important things to do to protect your rights and ensure that your beneficiaries receive the assets you want.
The two most common methods for distributing assets to your beneficiaries are wills and trusts. Everyone has most likely heard of a will at some point in their life but wills are not one size fit all and should always be personalized to your specific intentions.
One of the problems with a will is that everything distributed in the will should go through the probate process, which can be time intensive and costly for your loved ones. This is why many people turn to the purposes of a trust for distribution of assets.
Trusts are a popular and effective strategy for disposing of your property in a way that is less burdensome on family members and more cost effective. These outline all of your desires and wishes regarding property distribution, but a standard trust does not always have to wait until the individual passes away.
Once it has been properly funded, in fact, the trust can go into effect. It is very important to understand the rules required in executing a trust and scheduling a consultation with a knowledgeable estate planning attorney in Michigan is one of the first and most important steps that you can take.