Clearing Up the Confusion

Everyone needs a Will, but does everyone need a Living Trust? The answer depends on your goals. Let’s begin with an understanding of the basics:

Definitions
• A Will is a legal document that provides specific instructions to the probate court judge concerning how, when and to whom your assets should be distributed after your death.

• A Living Trust manages your assets during your lifetime, facilitates an effective distribution of your estate after death, and can avoid probate court in many cases.

Benefits of a Will

• Ensures your control over the distribution of your hard-earned assets at the time of death
• Allows you to name the person you want to settle the affairs of your estate
• Enables you to name legal guardians for your minor children
• Lets you decide how and when your children will receive inheritance
• Can make provisions for your stepchildren and others outside the family

Benefits of a Living Trust

• Allows for the transfer of your personal assets during your lifetime, thereby making the document effective prior to your death
• Avoids much of the cost and time delays of probate court
• Provides privacy
• Is less susceptible to challenge by dissatisfied heirs
• Allows for the continuity of family income and business ownership
• Is more flexible than a Will for moving to another state
• Can reduce or eliminate federal estate taxes

Whichever legal document you select, both allow you the opportunity to take care of your loved ones and prearrange charitable gifts to organizations like Right to Life of Michigan. Let us know how we can be of help to you, your family and your professional advisors.

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