Your Partner in
Estate Planning
Estate Planning
Frequently Asked Questions
What is the difference between a will and a trust?
A will generally provides instructions for the disposition of property that passes through your probate estate after your death. It can also nominate your personal representative and a guardian for minor children.
A revocable living trust can operate during your lifetime as well as after your death. Assets that are properly held in the trust can generally be managed and distributed according to the trust without going through probate.
One is not automatically better than the other. The right approach depends on your assets, family circumstances, goals, and preferences.
Not necessarily. Trusts can be extremely useful, but they are not appropriate or necessary for everyone. Some people are well served by a carefully prepared will-based estate plan. Others have circumstances in which a revocable living trust offers important advantages. We will explain the differences and help you decide which approach fits your situation.
Estate planning documents work together with Michigan law, the way your assets are titled, and the beneficiary designations on accounts such as life insurance and retirement plans. A document can look perfectly acceptable on paper and still fail to accomplish what someone intended.
An estate planning lawyer can help identify issues you may not have considered, explain your choices, prepare documents that comply with Michigan law, and help make sure the different pieces of your plan work together. Just as importantly, you have someone you can ask questions.
There is no particular age at which estate planning suddenly becomes necessary. Once a person reaches adulthood, it can be helpful to have documents in place authorizing someone to handle financial matters or make healthcare decisions if an unexpected illness or injury occurs.
Estate planning becomes especially important after major life events such as marriage, the birth or adoption of a child, divorce, purchasing a home, starting a business, receiving an inheritance, or experiencing a significant change in family or financial circumstances. You do not have to wait until retirement to create a plan.
A properly executed will does not simply expire with the passage of time, but your estate plan should still be reviewed periodically. Marriage, divorce, births, deaths, changes in relationships, the purchase or sale of property, significant financial changes, or a move to another state are all good reasons to review your documents.
Even when nothing major has changed, an occasional review can help make sure your plan still reflects your wishes and that the people you selected to act for you are still the right choices.
Probate is the legal process through which a probate court oversees certain matters involving a person's estate after death. The process can include appointing a personal representative, addressing creditors and expenses, determining who is entitled to estate property, and ultimately distributing probate assets.
Probate is not necessarily something to fear, and not every estate needs to avoid it. For some families, however, reducing the amount of property that must pass through probate can make administration more private, efficient, or convenient. The goal should not simply be to avoid probate at all costs. The goal is to create an estate plan that makes sense for your circumstances.
Online forms and artificial intelligence can be useful for learning about estate planning and organizing your thoughts. But they may not account for your family circumstances, the way your assets are titled, your beneficiary designations, or Michigan's legal requirements for preparing and signing estate planning documents.
A document can look professional and still be incomplete or poorly suited to your particular situation. A Michigan estate planning attorney can help you understand the choices involved and prepare a plan designed for you.
Our first meeting is a conversation. We will talk about your family, your assets, the people you trust, and what you would like your estate plan to accomplish. We will also discuss any concerns you may have.
You do not need to know legal terminology or arrive knowing whether you need a will or a trust. That is part of what we will help you determine. Our goal is for you to leave the meeting with a clear understanding of your options and what the next steps will be.