Wills and trusts provide for an orderly distribution of your assets. These legal instruments provide the opportunity for you to be specific about the distribution of your assets. You can use either of these legal documents to dispose of your assets without worrying about arguments in the family over your assets.
The Will is a document which will give you the power to name recepients of anything you own. However, anything which is not held jointly with the rights of survivorship will have to be probated. This is a process whereby the appointed administrator of your will takes the will to Probate Court. There, he petitions the Court to formally appoint him to act on behalf of the affairs of your estate. This means he will execute the provisions of your will. He will have the power to manage the distribution of your cash and pay non-liquid assets like stocks. If your home has a designated beneficiary and the deed is not structured accordingly, then he will get a new deed issued in the name of the person you have designated to receive the home. The administrator is responsible to the court for being prudent with your asset distribution. A final accounting will be required. For more information, consult a Wills and Trusts Attorney in Jenison MI.
A Trust is a structured disposal of your assets created by you before you death. A Trust enables you to be very specific about who receives each asset. This prevents arguments. It may not prevent anger from erupting, but death can often be a contentious event in family life. However, if the Trust upsets a family member, then they have a problem that cannot be fixed. You probably haven’t made every person happy while you are alive, and this won’t change after your death.
The value of a trust is every asset you own can be put in the name of the trust and there is no requirement for probate. All assets are usually transferable by filing a document drafted by your attorney and then used to transfer the assets. This will apply to nearly everything you own. Consult a wills and trusts attorney in Jenison MI.
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