Trust vs. Will
Written by Christopher J. Berry, Esq. on July 31, 2008 – 10:46 am -
Common questions my clients have are why are revocable living trust so popular, why do most people choose a revocable livng trust instead of a will for their estate planning needs?
There are a few reasons why the living trust is a powerful and flexible alternative to just a will based estate plan.
First, in Michigan, a living trust avoids the Michigan probate system. A will is probated through the probate court while a trust will avoid probate all together. The trust distributes your assets directly to your chosen beneficiaries.
Next, a will can be inconvenient for your heirs to administer. With a will, your heirs and loved ones, burned with your passing must hire a lawyer to probate your estate since a will does not avoid probate.
Another reason is the administrative cost of a will. A probate in Michigan can be an expensive process eating up three to five percent of any assets. These costs goto attorneys, judges, and other administrative fees.
Additionally, the process can be time consuming. Michigan probate can take six months to years to administer your assets.
Another advantage of a living trust is that your distribution will be confidential. Michigan probate is a public affair, while the administration of a trust is private and confidential.
If you have any questions, contact my office at (248) 865-4700
Posted in Estate Planning, Living Trusts, Michigan Probate, Wills |
