Our living trust lawyers are here to help clients in Grand Rapids, MI, make sure that their family members are covered immediately upon their passing without having to go through the probate process. A living trust is a legal construct that gives you access to your money while you live but then transfers that money directly into a trust for your beneficiaries to use. LAH Law PLC understands that the probate period can pose serious issues for your heirs if they do not have the money to pay for things like the utility bills of their newly acquired property. Call us today for help finding a workaround to this problem through a living trust.
Solid trust planning is one of the best ways to ensure your family’s security for years to come. With a solid trust drafted by our firm, you will have a plan for the equitable distribution of your wealth to the people or organizations you name as your beneficiaries. Trusts are highly versatile, capable of being set up to provide long-term financial support to minors and people with physical disabilities. Call today to learn more about the following types of trusts:
Living Revocable Trusts
Medicaid Protection Trusts
Special Needs Trusts
Contact us today to begin planning for the future. We are proud to serve clients throughout Grand Rapids, MI.
A Will is your statement of what you want to happen after your death. It becomes effective upon your death. As a Grand Rapids estate planning lawyer, I can help you tailor your will to your situation by addressing the following:
Guardians – you will nominate the person(s) you would like to care for your minor children (or incapacitated adult children) if you and your spouse are both deceased. This person is called a Guardian. The probate court decides who the guardian will be, but in almost all instances the court will honor the person you nominate in your will.
Conservator – you will nominate the person(s) who you would like to oversee the finances you leave for your minor children (or incapacitated children). This person is called a Conservator. The probate court will make the decision, but most of the time the court will honor the person you nominate in your will.
Personal Representative – you will nominate the person(s) who you would like to close your estate pursuant to the terms of your will. This person is called a Personal Representative. The probate court will make the final decision, but most of the time the court will honor the person you nominate in your will.
Distribution of your Assets – you will list how you want your assets distributed. In this regard, there are two basic types of Wills:
Pour-Over Will; and
Will which creates a trust upon death.
Pour-Over Will: a Pour-Over Will is used when you have a Living Trust. The asset distribution provision in your Will instructs your Personal Representative to transfer all your non-trust assets into your Living Trust (so they are distributed according to the Living Trust distribution provisions). Most of the time, using a Living Trust avoids the delays and cost of probating your estate.
Will with a Trust: a Will with a Trust contains provisions that create a trust upon your death. The Will distributes all of your assets into the Trust. This can be specific amounts, percentages, specific items (heirlooms), etc. This could include distribution to the following:
Family – spouse, children, parents, siblings, etc. (if you don’t have a Living Trust).
Charity – church, ministry, Red Cross, etc.
Other – however you would like.
The weakness of a Will with a Trust is that the Will has to be probated – which takes a minimum of 5 months (and could take up to 3 years) and will likely cost more than using a Living Trust. So, we discourage the use of Wills with a Trust.
As an experienced Grand Rapids estate planning attorney, I welcome the opportunity to help you develop an estate plan crafted just for you.