Will Vs. Trust In Michigan: Which One Is Right For You?

In this article, you can discover…

• The differences between a will and a trust for your loved ones.
• What happens when you pass away without a will or a trust in Michigan.
• How an attorney can help blended families navigate estate planning.

What Are The Main Differences Between A Will And A Trust For My Heirs?

A will requires your loved ones to go through the probate process once you pass away. For example, if you have a will and real estate is included in that will, a probate case must be opened to legally transfer that property to an heir.

However, a trust helps prevent your assets from going through that process. This is especially helpful if you have real estate (such as a house or land) to pass on to heirs. Having a trust in place can save your loved ones considerable time and money, as probate can take six to 12 months to resolve, and the expenses of hiring a probate attorney can be considerable.

What Are The Cost Differences Between Drafting A Will Vs. Establishing A Trust?

Most clients begin with a will, but tailor this will to transfer their assets to a trust upon their death, saving their loved ones probate. While a trust can cost as much as $500 more than a will to establish, helping your loved ones avoid probate will save them many times more in the long run.

Attorney Vincent Carlson is a practiced, caring estate planning attorney serving Michigan. For over 15 years, he's helped clients just like you understand the differences between wills and trusts and make estate planning choices that both reflect their wishes and save their families valuable time and money.

Have questions, or in need of legal guidance? Reach out to Vincent E. Carlson & Associates, PLC for an initial consultation today.

What Happens Under Michigan Probate Law If I Pass Away Without A Will Or Trust In Place?

If you pass away without a will or trust, your estate is now “intestate”, and the State of Michigan will decide who receives your assets. In such a situation, a law called E.P.I.C. (Estates, Protected Individuals, and Codes) determines who is prioritized to receive your assets.

According to this law, your assets are generally first left to a surviving spouse if you have one. If not, your assets would then pass on to children, parents, or siblings, depending on who in your family is left to inherit your assets.

Without a will in place, you are essentially leaving the future of your assets up to the government. This may cause your assets to pass on to wealthy loved ones who don’t really need them or to an irresponsible or unwell person who may squander anything they receive.

To avoid this, it is much better to have estate planning documents in place to tailor who receives your money, belongings, and property once you pass away.

Can You Help Me Estate Plan In Light Of A Blended Family Or Complicated Relationships?

Yes, an estate planning attorney can help you tailor your plans to reflect even complex family histories. Many clients have a specific person or persons in mind to whom they would hesitate to leave their assets. Damaged relationships, family members who have not contacted you in years, and complex dynamics with step-children can all impact where you would like your assets to go.

An attorney can help you map out these relationships, tailor your estate plan accordingly, and review your estate planning documents at least once a year to make sure they still reflect your wishes.

Still Have Questions? Ready To Get Started?

For more information on Wills vs. trusts in Michigan, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (231) 726-4357 today.