The Definition of Estate Planning and Why Trust a Trust?

The definition of estate planning at my firm is:

I want to control my property while I am alive.
I want to take care of myself and my loved ones if I become disabled.
I want to give what I have to whom I want, the way I want, and when I want.
If I can, I want to save every last tax dollar, professional fee, and court cost possible.

Here are a few reasons why a revocable living trust is the only estate planning vehicle that satisfies our definition of estate planning.The first reason is control. This is the most important benefit of proper estate planning and why almost every client contacts an estate planning lawyer in the first place. If you do not properly plan then you give up control to the Michigan probate system. If you uzilize only a will in Michigan, then you establish a little more control, but still you are leaving your property outright to your beneficiaries unless a trust is utizlized. Therefore, the best way to establish control over your property and estate in Michigan is through a revocable living trust drafted by a Michigan lawyer.

The second reason to look at a trust for your Michigan estate planning is because of the incapacity planning available by using a trust. With the trust, you can control how you are cared for during incapacity and also provide for how you and your family are provided for with your money and property during incapacity in Michigan.

The third reason to use a trust for your estate planning needs is the ability to give property to who you want when you want. By establishing a revocable living trust there is an amazing amount of latitude and flexibility afforded to revocable trusts.

The fourth reason, the one most people already know, is that trust planning can save on taxes and expenses. You are able to save on both Michigan probate costs by using a trust in addition to planning for Federal Estate Taxes if that is an issue.

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