LA GRASSO | ABDO | SILVERI
Oakland and Macomb Will - Trust Attorney
WILLS & TRUSTS
Passing on Your Legacy
You’ve spent your life accumulating assets and trying to build financial security for yourself and your loved ones. Without the proper estate plan in place, the assets you’ve worked so hard to build may fall into the wrong hands or may be distributed to the right people but not in the most effective manner. There are multiple ways to transfer your assets upon your death, including the following:
- Deed Work for Real Property
- Joint Ownership
- Beneficiary Designations
- Last Will & Testament
- Living Trust
The attorneys at La Grasso, Abdo & Silveri, PLLC understand that no single plan fits every client. We aim to work closely with our clients to determine what methods best fit their unique circumstances.
Last Will & Testament
Your Last Will & Testament is just one part of a comprehensive estate plan. While many people believe that this document will keep you out of probate court, this is not true. A Last Will & Testament does not keep your estate out of probate court. Instead, a Last Will and Testament is a set of instructions to the probate court. This set of instructions generally includes the following:
- It establishes the distribution of your assets (i.e., your beneficiaries);
- It nominates a Personal Representative (i.e., Executor) to handle the distribution of your assets; and
- It nominates a Guardian for your minor children.
Should you die without a Last Will & Testament, you are said to have died “intestate” and the default rules found within Michigan’s Estates and Protected Individuals Code would apply. While a Will is a very important document (especially for parents with minor children), it is not the only document that should be considered in a comprehensive estate plan.
Revocable Living Trust
While there are a multitude of different types of trusts, the Revocable Living Trust is primarily used to distribute assets without the need for probate court. Any assets held by the trust are subject to the distribution provisions laid out in the trust. The successor trustee is the person or people you would select to manage your trust assets, pay any debts, and make distributions to the beneficiaries.
A trust is generally preferred to a will. People generally desire to have their assets transfer to their loved ones outside of probate court. While you can avoid probate court by designating beneficiaries on your assets or jointly owning assets, a trust allows you to be more complex with your distribution plan and provides your successor trustee with more control over how assets are managed.
