Trusts may seem like complicated estate planning tools, but, with the right help and a trustworthy legal counselor, a Michigan resident can confidently execute this important testamentary device. There are many different types of trusts that individuals can use to meet their estate planning goals. One popular form of trust is the AB trust, which is often used by married couples.
The estate planning process is designed to create protections for the future. Depending on the needs and wishes of an individual, an estate plan can include various documents.
Pets are a beloved member of 68 percent of American households and rising because many couples without children have pets and the use of comfort and emotional support animals is growing. Leaving pets out of estate planning, however, could lead to the unintended euthanizing of the pet or its placement into a shelter. Pet trusts are an effective measure to help assure the pet's future well-being.
Creating an estate plan requires formal legal documents, such as a trust, power of attorney, health care proxy and living will. However, effective trust planning should also include a letter of instruction containing information or guidance.