Estate Planning documents are not just for the deceased. If there are investments or surplus funds that you would like to earmark for your family or perhaps those members with special needs, a trust can allocate assets to them during your lifetime, while also providing for your own needs. Creating joint ownership of assets such as bank accounts, titles and deeds are other ways to accomplish these goals, depending on your circumstances.
As life brings unexpected contingencies, such as divorce, disputes involving creditors, and other legal concerns, these planning vehicles are excellent ways to protect your hard earned assets from being taken or seized. They may also assist during times when you are in a condition compromising your ability to make decisions. Finally, this planning can also ensure the destination for your assets even after you are gone, which helps to eliminate the need for probate court costs.
When we do eventually pass on, the use of a will can add to a trust and further devise assets that will not only ensure your intentions are met, but also minimize probate court involvement.
Kevin Gee is an experienced Michigan attorney ready to assist you with your business and estate planning needs.