Last Will and Testament
If you own assets in your name alone, they may pass from you to the people you love, as long as you leave a Will. Without a Will, your assets pass according to the State’s rules, also known as intestacy. The State may not pass your assets to the people you care about.
Also, you should know that…
- Assets will pass through your Will to your loved ones if the Will is written properly.
- You can reduce your estate tax liability by using a trust in a Will.
- You can protect the ones you love by creating a trust in your Will which can protect that person from creditors.
- You can protect your children from divorce, or you may protect your children who are not good with money or who have other problems, such as addiction or mental illness.
- It is important that you give your family the tools to help you if you cannot help yourself.
- You can protect disabled beneficiaries by creating a Supplemental Needs Trust for them, which preserves assets for the family while keeping their eligibility for public benefits.
- Your Will must go through probate – using the courts to divide your property.
A Will is just instructions to the Probate Court on how to distribute your assets… And an opportunity for attorney’s to charge you more money. Consider that there may be a better way to do things! Come to a LifePlan™ workshop and learn how to Avoid Probate.
The Benefits of Estate Planning
Planning for your estate is a smart idea; if you do not make a plan for what will happen to your estate – another word for your assets and property – then the future of your estate will be uncertain. While Michigan law will still allow your estate to go to your closest relatives, who gets what will be out of your control.
In addition to making it clear how your assets will be distributed upon your death, estate planning also allows you to ensure that your loved ones are provided for, including a spouse, minor children, grandchildren, or disabled family members. An estate plan can also minimize the stress experienced by family members when you die, and avoid the tedious probate process. An estate plan that is well-devised can also minimize tax liabilities, too.
All individuals who own assets should consider an estate plan; for those with significant wealth, an estate plan is a necessity.
Our Estate Planning Attorneys are Ready to Serve You!
Do not put your future at risk; if you do not have an estate plan already, the time to create one is now. We can help – contact us today!
(616) 361-8400
Preserve what you own. Protect what you value.
Reserve Your Seat today for one of our Grand Rapids Free LIFEPLAN™ Workshops!