Wills and Trusts

Farmington Hills Wills and Trusts Lawyers

Detroit, Michigan, Wills and Trusts Attorneys

Have you Taken Necessary Steps to Protect You and Your Family?

It may be difficult, especially for healthy individuals, young adults and parents of young children, to discuss the need for a Will and/or Trust. These essential legal planning tools, however, may be necessary to help protect your family and give you peace of mind.

At Mall Malisow & Cooney, P.C., our attorneys consider essential legal planning an ongoing process. If you would like to meet with one of our lawyers to find out if you are comfortable with our firm, contact our Farmington Hills office and make arrangements for a consultation.

Your Will

Every person eighteen or over should consider writing a Will, which should be reviewed and updated as necessary. This simple document, through the designation of your assets and responsibilities, makes powerful statements to those you love:

  • Even if you have little money, your Will is a way to distribute mementos and personal property to those you care about.
  • If you are a parent, it is in your Will that you appoint a Guardian to look after the physical well-being of your child in the event of your death, and a Conservator to manage the child's assets.
  • In your Will you entrust a personal representative with the administration of your affairs in the event of your death.
  • You can use your Will to gift assets before estate taxes are assessed.

Trusts

Even people with modest incomes may have an estate that will benefit from a Trust. At our firm, we offer skilled advice in the selection of a plan, and careful drafting of Trusts so your intentions are carried out. Trusts provide privacy by transferring assets upon death without the need to go through probate court, and may also provide tax saving. Trusts may also provide continued management and administration of Trust assets for the benefit of loved ones after your death.

A Living Trust (Inter-Vivos Trust) is established during your lifetime. If you established a Self-Trusteed Living Trust, you manage the Trust for your benefit until your death or incapacitation. During your incapacity, you can appoint a Successor Trustee to manage your trust assets for your benefit and thereby avoiding the need to go to Probate Court for a Conservator. A "Pour-Over Will is used together with a Trust to help ensure that any assets not properly funded into the Trust "pour-over" after death.

There are also some benefits to establishing an Irrevocable Trust. Irrevocable Trusts generally cannot be changed without a Probate Court Order – however, such Trusts can be used to greatly reduce taxes or plan for a loved one with disabilities. It is common for Life Insurance Trusts and Special Needs Trusts to be irrevocable. To learn more about Irrevocable Life Insurance Trusts and other tax planning trusts, please contact the estate planning attorneys at Mall Malisow & Cooney, P.C..

Your estate plan should also include a Durable Power of Attorney and Medical Power of Attorney or Living Will / Advance Directive.