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Michigan Estate Planning - Wills and Trusts

Estate planning generally has either one or two options. The first option is setting up a will and corresponding documents related to an individual or a spouse's incapacity or disability. The second option is setting up a trust and corresponding documents related to an individual or a spouse's incapacity or disability. The will or trust is a vehicle for assets to be distributed after one passes away. The difference between the first and second option is how one's assets are distributed after death. A trust is a more comprehensive option for estate planning because it allows one to direct where the assets are to be distributed and how items will be administered. Assets not placed in a Trust may have to pass through probate court based on beneficiary designations. The probate proceedings will insure a greater expense to the estate and open the doors to potential litigation amongst heirs. That is why a trust is important to protect business interests and family assets. Further, the ancillary documents, which accompany these packages, include directives such as a health care power of attorney, and HIPPA authorizations. These documents are proven to work and allow a client to know that authorized fiduciaries are directed to act on one's behalf if the necessity arises. A main goal in estate planning is to know where one's assets are going after passing, and how all of one's interests will be administered.

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