An estate plan is important for every Michigan resident. However, how that estate plan looks will vary depending on the individual circumstances of each resident. Often, an estate plan includes a will along with other estate planning documents. These documents may help to explain how a person wants to distribute the person's assets following the person's death.
If an estate plan is not in place, a person's assets will be distributed according to state law. This may not be ideal for many reasons. One, it does not necessarily allow individuals to take advantage of tax breaks that may be available under other estate planning tools. Also, it does not allow individuals to expressly state their intentions on how they want their property to be distributed.
However, estate plans can go well beyond just a simple will. For many people, trusts are an important part of their estate plans. A trust allows an individual to have some control over how assets will be used in the future.
There are many different types of trusts that can be incorporated into a Michigan estate plan. The exact type of trust will depend on what a person wants to accomplish and the types of assets that the person has.
It can be difficult to figure out what is the best type of trust in every situation. The attorneys at our law firm have experience helping people get to the bottom of these issues. With proper legal advice, people can successfully develop their estate plans and execute them effectively. For more information about our firm and setting up trusts, please see our trusts webpage.