What are wills and trusts?
Both Wills and Trusts are uses to provide for the distribution of your estate upon death. Deciding whether a Will or a Trust best fits your needs depends on your circumstances. A living Trust is a popular alternative to the traditional Will, but you should weigh the advantages and disadvantages of each before deciding on one form or the other.
What will a Will do?
A Will is the legal document that allows you to distribute your property to those you choose. A Will allows you to designate beneficiaries to receive specific items from your estate, and other beneficiaries to receive anything else. For example, if you want your house, your car, or your money to go to a certain person or organization, you designate that person or organization as the beneficiary.
What will a Living Trust do?
A Living Trust will be used to manage your property before and after your death, as well as provide how those assets, and the income earned by the trust, are distributed after your death. If you should become incapacitated or disabled, the trust is in place to manage your financial affairs, usually by a successor trustee, if you were serving as trustee. A living trust is not subject to probate, and therefore, all provisions of the trust will remain private.
At Colton Probate Law, allows us the opportunity to handle your wills and trusts needs. We service all of Michigan as well as the following areas:
- Wills and trusts Michigan
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- Wills and trusts Southfield Michigan
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- Wills estate planning Farmington Michigan
- Wills estate planning Farmington Hills Michigan
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