Have you recently heard someone mention their will? Maybe a colleague mentions it during some time at the water cooler, or a loved one makes a comment about setting their affairs in order some day. No one wants to think about leaving their family behind, but passing, for better or worse, is an inevitable fact of life.
You may think that having a will, designating a trust, and planning out your estate is something that you can always settle later, especially if you’re young (or young at heart), healthy, and focused on living your best life. The truth, however, is that it is never too early or too late to protect your family’s assets with a will.
Without a will, your estate will go through the intestate probate process, leaving a judge to decide the fair and equitable distribution of assets in court. Not having a will can place your assets in limbo and burden your loved ones during a time of grieving and mourning.
This is why it is so important to settle your affairs and why consulting and retaining the services of a qualified and compassionate estate planning attorney can be crucial to protecting your family, significant other, and all your loved ones. Without a will or a plan for settling your estate, you risk leaving your loved ones with a court system that may make decisions based on arbitrary guidelines and court procedure.
Placing your assets into a trust allows you to control how your assets will be distributed, both now and in the future. Irrevocable and revocable trusts offer many tax advantages for large estates, while helping to prevent disputes among beneficiaries during a difficult time for them. Our Brighton MI estate planning attorneys can explain how the many types of trusts can meet your individual needs.