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Revocable Trusts
Under Michigan Law, an individual may choose to protect their assets and honor their beneficiaries by establishing a revocable trust.
This legal instrument allows you to transfer your assets without named beneficiaries, including your real estate, into a trust while remaining in complete control until your death or disability.
It allows you to appoint individuals whom you trust to completely carry out your wishes while avoiding the cost and complications of probate court.
Among countless other provisions, you may stagger disbursements to heirs, make specific bequests to charities or religious institutions, arrange for cremation or burial, address distribution to heirs’ descendants should a child predecease you, and nominate individuals whom you may wish to act as guardians in the event of your death if you have minor children.
Since this trust is revocable, you may amend it at any time, or you may choose revocation of the entire instrument.
Wills
Not everyone desires or needs a trust and a will can often be an appropriate solution.
You may nominate an individual to serve as your personal representative who will handle your estate upon your death. With the exception of assets with designated beneficiaries such as a pension, life insurance policy, or 401K, your will is required to be probated.
Should you die without a will or a trust, the state of Michigan will have the ultimate authority to determine who inherits your estate upon your death.
After establishing a will, if you change your mind about specific decisions reflected in the document, you may change the will by executing a codicil. A properly executed will assures that your bequests are honored.
Durable Power of Attorney
Durable power of attorney documents allow you to grant authority over your financial affairs during a period of disability to someone whom you trust. This authority is revoked at the time of your recovery.
Special Needs Trusts
If you have a loved one with physical or mental challenges, you most likely are very concerned about their care and support after you have passed away.
In Michigan, you may establish a special needs trust which allows them to retain your governmental benefits while granting them the ability to use an inheritance for specifically articulated needs created by statute.
This assists in preserving the dignity and respect of your loved one(s) by leveraging federal and state laws to protect their assets.