The Benefit of Creating Wills and Trusts in Michigan

Get the Final Say with Wills and Trusts in Michigan

Estate planning is when you arrange for what happens to your assets after you pass away. You might think estate planning is only for people with extreme wealth. However, the truth is just about anyone can benefit from estate planning.

The Law Offices of Barton Morris can help you learn more about estate planning, which includes wills and trusts in Michigan. This is about more than just your finances. You’ll also make plans concerning your belongings, healthcare decisions, and guardianship if you have minor children. Most importantly, estate planning gives you control over your final wishes.

Understanding Wills and Trusts

Let us explain how wills and trusts in Michigan are beneficial. A will is a legally binding document that gives instructions on handling your belongings after you pass away. Your belongings are things such as your money and property. You can also include instructions about who will handle responsibilities once you’re gone.

A trust is a legally binding arrangement that deals with the distribution and management of your assets. You create the trust and then transfer ownership of your assets into the trust. The trustee is the person or organization that manages the trust. Things you can put into a trust include bank accounts, real estate, and other valuables.

The Barton Morris team can help with wills and trusts during your estate planning. We recommend this process because it benefits you in several ways. Let’s look at some of the many benefits you’ll receive.

Provide Protection for Your Loved Ones

Estate planning gives you the chance to select your beneficiaries. Your beneficiaries will receive something from you after you pass away. For example, you might list your spouse as a beneficiary on your life insurance.

Anyone you name as a beneficiary will get the assets you leave them. The distribution of your assets isn’t left to chance. This means your loved ones don’t have to worry about losing what’s rightfully theirs.

Planning can also help prevent arguments and disputes among family members. The Barton Morris team has seen family members fight over assets after a loved one dies without leaving instructions. Your final wishes are clear to everyone when you have a plan.

Take Care of Minor Children

What happens to your minor children if you pass away? Any child under the age of 18 will need a legal guardian. Estate planning allows you to choose a guardian to care for your minor children once you’re gone. This means someone who you trust will get custody of your children. If there’s no other parent and you fail to appoint a guardian, the court will step in and make the decision.

Gives You a Voice When You’re Unable to Speak for Yourself

In the event of an injury or illness, you might become unable to speak for yourself. A healthcare directive in your estate plan allows you to specify your medical treatment wishes. For example, you can choose someone to make decisions on your behalf.

Learn More About Wills, Trusts, and Estate Planning

Schedule a consultation with Barton Morris to learn more about the benefits of estate planning. We can discuss wills and trusts in Michigan, plus much more. Regardless of your wealth, planning for your future benefits you and your loved ones.