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byAlma Abell
If you do not have a will or a trust, the State of Michigan has one for you and you won’t like it. Michigan law provides for the assets of a decedent to be disbursed according to a formula that will leave your spouse with only a fraction of your estate. The rest could be dispersed to some of your relatives by the Probate Court which oversees the distribution of assets which are not covered by a will or a trust.
A will is a very basic document which can specify how you want your valuables and assets distributed. Although wills can provide for the distribution of most of your assets, it doesn’t cover everything. Life insurance proceeds are not covered by a will, and retirement assets are not covered. There are other assets and wishes that cannot be covered by a will. The best way to handle this is to consult with the wills and trusts attorney in jenison MI.
A trust is another estate protection tool which provides more asset protection and greater flexibility in the control and distribution of assets. All of the assets are placed in the trust and a trustee is named to administer the assets upon the death of trustor.
A trust protects against having the estate go through probate and it can also minimize taxes. A trust is a very flexible document allowing very specific instructions on the disposition of assets. A trust can be structured to provide a monthly, quarterly or annual distribution of assets to the heirs. A trustee is named to administer the trust upon the death of the trustor.
There are many types of trusts and many different ways of creating a trust. The best approach to take is to make a list of what you want the trust to accomplish, or make a list of how you would want each of your assets handled including your valuable possessions such as jewelry, antiques, cars, and other items of value or that have sentimental memories associated with them.