Rochester Hills Living Trust Lawyer: Most people understand the basics of a will. A will is a written, signed, and witnessed document that lays out how your property will be passed down after your death. A living trust outlines provisions for a trustee to manage your estate (anything you designate as trust property) during and after your life. The key advantage of a living trust is that it allows your successors to avoid the time and expense of probate, minimize attorney fees and taxes paid upon death.
You Don’t Need to Be a Millionaire to Benefit from a Living Trust
I often hear from my clients, “I don’t have enough money to need a trust.” That’s because we associate trust funds with the ultra-rich. Phrases like “trust fund baby” in the news, films, and television have fed into this perception.
But if you have a house with equity in it (it’s worth more than you owe), a holiday property, or even some investments, a living trust can not only help you pass those assets along more easily, it can help keep your private business out of court.
Which is Better – A Living Trust or a Will?
There’s no right answer to this question. Your life is unique, and your end-of-life decisions and needs will be as well.
A will is simpler and less expensive to prepare than a living trust. But there are limitations on what a will can prescribe. A will help you designate who gets what upon your death. You can also use it to appoint a guardian for your children.
A living trust gives you more power to designate where, when, and how you wish your property to be handled. It is also ideal for people who are expecting to need help in their older age, whether because of physical or mental decline. Because a living trust can be enacted while you are still alive.
Ask a qualified wills and living trust lawyer to advise you on what might be best for your situation…and your future.
A Living Trust Can Help Your Children Care For You When You Need It Most
Should you become incapacitated mentally or physically, a properly-drafted living trust can help your trustee care for you during your life with minimal legal fuss. They simply take over the property as you’ve designated in your trust, and can use it to help care for you or carry out your wishes.
How Much Does it Cost to Set Up a Will or Trust?
Again, there’s no simple answer to this question. A will is less expensive than a trust up front, but a will can also cost your heirs much more in taxes, court fees, and legal expenses after your death.
Setting up a trust can be more expensive, but depending on the amount of property and complexity of your estate, it may be the smarter financial solution in the long run.
Avoid “One-Size-Fits-All” Will and Trust Solutions
No book, software program, online will, or website can possibly account for any one person’s unique situation and needs. Avoid estate planning seminars and free lunches that give you a hard sales pitch. They’re usually offering templated solutions that may not be right for you.
Likewise, don’t simply choose any attorney (or the cheapest attorney!) to draw up your will or trust. Most professional lawyers will offer a no-charge consultation. Bring them the details of your case, listen to what they have to say, then decide if they are the best trust attorney for you.
Contact Rochester Hills Living Trust Lawyer Stephanie Krane-Boehmer for a No-Obligation Consultation
Stephanie Krane-Boehmer has years of experience creating wills, estate plans and living trusts for her clients. She is warm, welcoming, and passionate about protecting your rights. Whether you wish to create a new will, or review an existing will or estate plan, Stephanie is happy to consult with you. Schedule an appointment today, free of charge, to meet with Stephanie to review your options.