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Manage and Protect Life’s Treasures

Manage and Protect Life’s Treasures

Estate Planning and How it Can Affect Your Family.

What is Probate?

  • Probate is a legal process
  • A Will still passes through probate
  • The historical purpose of probate court
  • Your family has no control

What causes Probate?

  • Probate is a Latin derivative that means “to prove.”
  • A will must be proven before the court.
  • The existence of a will requires probate court.

The Probate Challenge

  • Time: During the entire probate process your estate and its assets are frozen.
    • The average length of a probate proceeding is 6 months to 18 months.
    • The cost to maintain the property and pay court fees are passed on to your family.
  • Contestability: Every estate probated in Michigan is required by state law to be open for creditors for a mandatory period of six months.
    • During that time any person may file a claim for assets in the estate. This causes a delay of closing the probate estate
    • A claim leaves your family with two options:
      • Pay the claim
      • Pay an attorney to fight it
    • Also encourages ugly disputes amongst heirs contesting what “you really wanted to have happened.”
  • Loss of Privacy: Probate will cause your estate to have a public record that anyone can access or copy by going to the county courthouse, or possibly via the Internet.
    • What you are worth, to whom you gave your money and property, and how you distributed your legacy is now public knowledge.
  • Fees: The average cost of probate is about 5% to 10% of the value of your estate.
    • This includes filing, and legal and inventory fees based on the gross value of the estate.

How Probate Will Affect You

  • Loss of:
    • Money
    • Time
    • Control
    • Privacy
  • A Process that will be costly
  • A probate judge will determine how your legacy is passed on to your heirs

What is Living Probate?

  • What is a guardian?  A guardian is a person appointed by the probate court and given the power to make some or all decisions about the care of another person.
  • What is a conservator?  A conservator is a person or corporation appointed by the probate court to manage another person’s property and financial affairs.

The Value of Your Estate

  • Home
  • Vacation or rental property
  • Investments
  • Bank Accounts
  • Savings Accounts
  • Personal Property
  • Collections (Guns, antiques, Cars, etc.)

Revocable Living Trust

  • Holds title of your property
  • You are the primary trustee
  • You retain control of all your assets
  • You determine how your assets will be distributed.

Advantages of a Revocable Living Trust

  • Bypass the Probate Court Process
  • Estates in Trusts can be settled quickly
  • Saves time, probate costs, and legal fees

Why People Get Trusts

  • 6 Major Reasons for creating a Trust
    • Maintain control
    • Flexibility
    • Privacy
    • Quick transition
    • Preserve estate value
    • Peace of mind

Customizing Your Trust

  • You maintain control
  • A Trust is flexible
  • Easy to set up and maintain
  • Provides for minor children

Who Is Involved With Your Trust

  • Settlor: You
  • Trustee: Controls the trust (You)
  • Beneficiary: Who the trust benefits
  • Successor Trustee: Whomever you choose
    • Must follow your wishes
    • Trust becomes “Irrevocable”

What’s Placed in Your Trust?

  • Real estate and financial assets
  • You have total control over these assets
  • Our experienced team will help
  • Placing assets in your trust is vital to avoid the probate court process

Beyond A Living Trust

  • A comprehensive Estate Plan includes:
    • Certificate of trust & notarized summary
    • Durable Power of Attorney for Financial
    • Durable Power of Attorney for Health Care
    • H.I.P.A.A Medical Information Release Form
    • A pour-over Will
    • Final Funeral Instructions
    • Transferring assets into the trust (funding)
    • Life Insurance and Financial Investments assessment

How A Trust Will Help You

  • Allows you to maintain control
  • Designed to fit your specific needs
  • Maintains privacy
  • Saves your family time and money during an emotionally difficult time
  • Avoids legal expenses
  • Peace of mind for you & your family

Creating Your Personal Estate Plan

  • Complete attorney retainer agreement and client information sheet
  • List people who will be involved with your trust
  • List real estate, financial investments and personal valuables
  • Sign the documents and submit a deposit
  • Schedule trust delivery & review
  • Friends & family who may need estate planning help

How To Take The Next Step

  • Will a Trust preserve your estate?
  • Is a Trust affordable vs. Probate Court?
  • Do you understand how a trust works?
  • Any questions or concerns.

Here Are Your Options

  • A Will / No Plan
  • Cost of Probate and Attorney Fees
  • Long Probate Delays (6 to 18 months)
  • No Privacy: Public
  • Less Control: Courts Have Control
  • No Guardianship
  • A Revocable Trust
    • Funding Assistance
    • Estate Settlement Assistance
    • No Probate Delays
    • Completely Private
    • No Executor Fees
    • No Probate Fees
    • Complete Control
    • Guardianship Included

Dedicated to Protecting and Preserving Your Life’s Legacy

Dedicated to Protecting and Preserving Your Life's Legacy

Why is there a need for Estate Planning?

By developing an Estate Plan, you can control your assets and save your heirs from the lengthy, costly and emotionally draining process of going through the probate court system. You have worked hard for your assets and it only makes sense to preserve as much of it as possible for your heirs to receive.

In addition to peace of mind, there are six major reasons why people of modest to substantial means should establish and Estate Plan:

  • Privacy for self and family
  • Substantial cost savings
  • Great control
  • Quick and easy transition to loved ones
  • Flexibility and the ability to make changes
  • Clarification of wishes for end-of-life medical decisions

How will establishing a “Trust” help?

If your assets are not in a revocable living Trust, they will pass through the probate court system. By using a Trust, you can arrange for the management of your assets after death or during incapacity and can avoid the probate court system. Having a Trust alleviates the burden of dealing with complex administrative, legal, and financial issues during an already difficult time. A Trust has several advantages, including avoiding the delays and expense of probate, maintaining privacy, and ensuring that assets continue to be managed properly.

Is it expensive to set up an Estate Plan?

Estate Planning can be very inexpensive, especially when compared to the thousands of dollars and many hours of time that may be spent during the probate process.

Making Sure Your Heirs Get What You Intend

Making Sure Your Heirs Get What You Intend

The article, which was written with physicians in mind but still applies for all types of estates, proposes two scenarios which can lead to beneficiaries not receiving what you intend them to. The first is for those estate plans that are made after attending a seminar that’s entire reason for existing is to sell their attendees the idea of working with them and not necessarily explaining all of the minutia. The other is through the hiring of an estate lawyer after certain life changes, specifically a new spouse. Both note that the discussion of beneficiaries is often left out, which can throw a wrench into the entire process.

For most families, there are children, spouses, and other family members to consider, and one wants to be equitable with regards to how an estate is divided – though not always. Even so, by ignoring the important ‘elephant in the room,’ an all-out fight can occur after you have gone, and your estate plan is set in motion. Who receives money from which accounts, who will inherit the house if not your spouse, and what type of issues can occur from a seminar that is only intent on selling you the fairy tale version of things? This article explores several points in an effort to offer an unbiased accounting of how to plan an estate out, including how to handle beneficiaries.

Read the full article.

Your Mid-Year Estate Planning Checklist

Your Mid-Year Estate Planning Checklist

Where funding a trust is important, and this article reiterates that point, it is also imperative – as the article notes – to review it. The article explains that, over time, things can change, such as your job or overall financial situation, for the better or for the worse. When changes happen, big or small, the article explains that it is important to update or alter your will or trust to reflect these changes. This is because if they are not reflected than they will not be counted in existing documentation which can lead to probate court.

Some points that the article identifies are to review title documentation, such as life insurance policies (and beneficiaries), investments that you may have made, changes in income tax laws, and to further your own education on the subject. The laws regarding estates, such as taxes and exemptions and which documents are needed change, not often, but they do. By reviewing your estate plan, you can prepare for, and anticipate, how these changes can and will affect your estate.

Read the full article here.

Estate Planning: Don’t Forget to Fund the Trust

Estate Planning: Don’t forget to fund the trust

This article begins with a question and an answer, regarding the funding of a trust and what that means. It uses the analogy of a box that, while functional on its own it is only truly useful when something is put into it. The article explains that trusts are similar, a trust can exist without anything in it, and some people believe its existence is simply enough, but this is simply not so. Real estate, bank accounts, stocks, and cars all have documentation that anoints an owner, generally the person who purchased the item in question, and if ownership is not transferred than it is not in the trust.

The biggest issue people face when deciding to create a trust is what they can put into it and what they should put into it. The article notes that while the items with true value, such as bank accounts and real property, are fairly obvious candidates, it goes on to explore things that many don’t consider. An example used in the article is furniture, which does not necessarily have a document stating who owns it, but that does not prevent any piece of furniture – or all of it – from being placed into a trust. Funding a trust is the second step to creating the trust, and it is what gives the trust value, meaning, and purpose.

Read the full article here.

6 Common Myths About Estate Planning

6 Common Myths About Estate Planning

This article admits that there are numerous myths surrounding estate planning, chief among them that we have the time to make one later. That is one of the six myths the article works to dismiss in order to help readers understand the important role a timely, well-thought out estate plan plays, especially if an accident were to happen. The article quickly notes that one key reason people avoid discussing an estate plan is that death is an uncomfortable subject, and it laments that because of this, many families are left in dire straits and long, drawn out legal issues that are completely unnecessary.

Yes, the article acknowledges how difficult death is to discuss and to process, it also explains myths related to the process of planning out an estate plan. One myth that it debunks is that an estate plan is final once it is drafted, as this would mean that one’s change in income or assets would be left out of a will or trust that was written years, months, or even minutes beforehand. These myths that the article explores and clarifies are some of the many reasons people give to not create an estate plan, which is why the article focuses on them.

Read the full article here.

Defusing the Time Bombs in Your Estate

Defusing the Time Bombs in Your Estate

This article, written for Forbes, discusses the importance of the people who will make the decisions for an estate once somebody has died – or in some cases, while they are still living. It refers to them as ‘time bombs,’ as they can make or break how one’s estate is handled. The article does not beat around the bush – when people are involved in personal decisions that they are not necessarily prepared for, or intimately involved with, how they handle the estate and the beneficiaries of said estate, it can be awkward and difficult.

The article lays out the various roles that many people can have in the handling of an estate, from the trustee, to the executor of a will, to the person who oversees financial accounts. It notes that, while in certain situations, two people can oversee the same facet of an estate, but that they should be aware of this fact. Many estates accidentally appoint numerous people to roles that overlap, due to estates being planned out and changed over the course of a lifetime. The article examines numerous points and tips that an individual can take when drawing up a trust or a will, in order to make the process as smooth and as efficient as possible.

Read the full article here.

To Will or to Trust

To Will or to Trust

The law can change, quickly, and it is important to keep up with these changes – whether you are using a living will or a living trust. It lays out, first, the key difference between a living trust and a living will – the former is a private document and can’t be scrutinized by the public. A living will can, and most likely will, be “hashed out” in probate court, for all of the world to see. A living trust, on the other hand, is not handled in a public setting, and so the affairs of you and your family are not available for public consumption.

An attorney used as a source in the article explains that too many people think their affairs are in order by having a living will set up, when they aren’t. The point is driven further – wills are out of date and are not capable of offering the same level of protection that a trust can. This dissonance is believed to have come as a result of the fact that wills are a well-known phenomenon whereas a trust is not as familiar among the average person. This article strives to impart upon us the knowledge and familiarity of a living trust – from how they can help your inheritance avoid probate court, to when it is best to set one up, to the importance of having the proper legal documentation in order.

Read the full article here.

What is Probate Court and How Can I Avoid it?

What is Probate Court and How Can I Avoid It?

While death can be a difficult topic to discuss, by not doing so, it can throw a large wrench into the processes that occur afterward. One of these processes that occurs, when there are no legal documents set in place to prevent it, is probate. Probate is a topic that can mean something different to everybody – but it is a process that anybody can go through. Probate is a process that occurs when a person dies, and their assets are not left to another person or entity – this is so that the state can ensure that all debts are paid upon a person’s death. However, it is not a necessary legal process, and it can be entirely avoided if an estate is laid out appropriately. When a will is drafted, it is expected that what is written will become reality, but that is not always the case. There are many reasons for this, and all of them result in probate for certain inheritable items.

There are several reasons to want to avoid probate, chief among them being the cost – which is not something that you can determine but is decided by the court itself. This is a public process, which means that it is open to any party who is interested in being involved, whether they have anything to gain from it or not. That can include those entities whom the decedent owed a debt to, at any point in time, a resentful family member or friend who wants to contest a will, if one is left. It is possible to be involved in multiple probates at the same time, which is guaranteed to occur if you own property in more than one state, all of which have different costs associated with them. These fees and costs are all paid for by the beneficiaries and must be paid if they ever hope to receive anything that was intended to be left for them. All of this occurs, at a minimum, over nine months – but it can take up to two years, drastically increasing the chances of anything going wrong.

There are, of course, certain things that don’t enter into probate if the process does occur. Some of these items include retirement accounts, for which a beneficiary is named during the process of creating the account, a life insurance policy (unless the estate is named as the beneficiary, which is incredibly rare), and any accounts or real estate that are payable or transferable upon death. Along that same line, there are items that will always go through probate, if a living trust is not properly laid out. Some of these items include any real property or bank accounts that are solely in the name of the decedent or that are not transferable upon death. There is one certain way in which probate court can be avoided altogether, and that is through the creation of a living trust that addresses any and all inheritable items and desires.

A living trust erases all of these concerns, but only if it is set up appropriately. One of the most important steps is to ensure that the trust is not revocable by any other legal document – such as a will that contradicts what is laid out in the trust. All of this can dramatically decrease the costs associated with an estate, just by transferring your assets out of your name and into the name of a trust.

What Does It Mean to Disinherit a Family Member

What Does It Mean to Disinherit a Family Member?

It’s possible you have seen this in a movie or a television show or even read about it in the news or in a book, but the process of disinheriting a family member is a very real possibility. There are different ways to disinherit different people, but it is possible to disinherit a spouse, a child, and even a sibling, or a parent – though the latter two are far rarer than the former two for obvious reasons. When it comes down to your estate, if you die there are laws that determine how your estate can be divided amongst your family – if you lack a spouse or children, it will generally go to your other blood relatives. However, this is not always the case, and it is important to understand how to disinherit somebody, and the reasons why.

If you are married, it is incredibly difficult to disinherit a spouse, for reasons that stem from a historical basis where one spouse may not have worked for any number of reasons. The most common method used for disinheriting a spouse is to, of course, not make them your spouse any longer, otherwise, it requires their legal consent in writing. If proper legal protocol is not followed, in most states the spouse will be given half of the decedent’s estate even if they are disinherited in a will. Improperly disinheriting a spouse can result in a lengthy, costly legal battle that can diminish the value of an estate.

Disinheriting a child is, on the other hand, quite easy and rather simple – with a costly legal battle being their only recourse for resolving a disinheritance. This is because a child is not necessarily entitled to their parent’s estate, so there is little in the way of the law for them to force the court’s hand with ease. This is not the case in every state, with certain states requiring that every immediate family member being left something from a parent’s estate, so it is imperative that one understand the laws of their state before disinheriting a child and making it easy for them to simply contest the disinheritance.

When deciding to pursue the disinheritance of a prospective beneficiary it is always important to consult the laws of the land – and while state laws generally trump federal laws, this is not always the case. By protecting your decision, you can remove contention from the table and your desires will be enforced regardless of the claims of those who have been disinherited. This is most easily done by providing the reason for the disinheritance in written form, which can alleviate the doubt surrounding a disinheritance of a child or of a spouse. In the cases of those who lack a spouse and a child to inherit their estate, it is easier to disinherit other family members, but a reason can make all of the difference when one is leaving behind their life and legacy to three siblings when they have four.

How a Divorce Can Affect Your Estate

How a Divorce Can Affect Your Estate

When people get married, divorce is never really on their mind but, unfortunately, life happens. It is as important to prepare for the worst-case scenario as it is to prepare for the best, and that means having plans set in place and understanding your rights and responsibilities. Marriage changes things, and it can complicate decisions that, at first glance, seem simple.

The simplest point that one should be aware of is their assets – which assets were yours before marriage and which assets were yours after marriage. The latter are marital assets and are harder to separate in a divorce. Long-term marriages complicate details further, such as when separate assets are marital assets mingle with one another, muddying the waters. This can become further confusing when gifts are considered – as they are known as separate assets even if incurred after marriage.

Marital property aren’t simply cars and houses, they are those things that we don’t even think about – such as pension plans, life insurance, and even businesses. These things are difficult to disentangle and vary from state to state. A pension plan can be split between a first spouse and a second spouse, go to only the former or only the latter, all depending on which state you live in. There are numerous details that can be protected by a trust, but marriage and divorce can complicate these further.

While written consent can be used to disinherit a spouse, that is not a guaranteed protection. If a marriage ends on good terms, and one or both spouses remarry, other issues can crop up when children are involved. A trust can be the answer in this case, too, as it can be written in that one’s children are not disinherited by an earlier or later spouse. A divorce is not always going to automatically disallow a former spouse from interfering in the handling of your estate, so it is important to know and understand the laws of the states that affect your property.


The easiest way to avoid pitfalls before divorce are prenuptials and postnuptial agreements, which are legally binding documents that stipulate how an estate is handled in the event of divorce, disability, or even death. These two types of legal protections are great, but they provide an unforeseen pitfall, much like wills. When drafting a trust, it is imperative that they not be contradicted in any manner by a previously written document or one that is written afterward. Contradictions can, and often will, lead to the contention of any trust that is not properly updated or reflective of one’s assets at the time of death. A properly drafted trust protects an estate from even the most ferocious of legal arguments. Your estate is important and it should be handled with care, even if your marriage cannot.

What is a Trustee and Why Do I Need One For My Estate?

What is a Trustee and Why Do I Need One For My Estate?

A trustee is the person who controls your trust, and it does not have to be somebody else, and at any given time you can change who your trustee is. The job of a trustee is to execute the instructions of a trust, to the letter, that is laid out by you. While you can name yourself to be your own trustee, it can also be a spouse, an adult child, a trusted friend, or even a professional. However, it is a decision that cannot be made lightly. The term is trustee because it is a trusted person who is executing your wishes and desires, so it is imperative that the person chosen to be a trusted person – one who will do as the trust instructs.

The trustee, whoever they may be, will do all of the same things that you do now regarding your finances – collect an income, pay your bills, pay taxes, and save for the future. This is why many choose themselves to be their own trustee, so that they can retain full control of their finances. With another acting as your trustee, though, you do not relinquish control over your financial assets, or any other assets included in the trust, which can alleviate many concerns while also protecting your trust for when you do pass. A professional is suggested for those who do not have a child, another trusted individual, or the time to handle the maintenance of their trust themselves. Others choose a professional or corporate trustee for their experience.

There are some things that a trustee cannot do, though, if there is only a living trust and not a living will. The trust does not allow for the control of medical decisions, which are important when the testator is incapacitated or any reason. If you want your trustee to also be able to make certain medical decisions for you, a living will must also exist – one that does not contradict or invalidate the trust in any manner, so as to protect the integrity of the trust. For the ability to make all medical decisions, you’ll need to give them health care power of attorney. It also has no effect on your income taxes, as the assets are still, in effect, in your name because it is revocable at any time. The limits and exceptions are details that are important to keep in mind when considering who you want to be your trustee.

The trust exists so that your desires can be met in as orderly a fashion as is possible, with as little interference from outside forces as possible. The reason a trustee exists is to carry out the trust’s instructions and if they fail to do so while the testator is alive or there is simply a change of heart, they can be removed from the position. It is all up to you who your put your trust in. Whether it is a friend, or a professionally unbiased party, is at your discretion.

The Dispensation of Your Estate

The Dispensation of Your Estate

Too many people don’t plan for the future for after they are gone. This is a mistake, especially if there are assets that you want to be divvied up among any children you have, other family members, or friends. Without some kind of estate plan in place, things can go awry quite quickly. One of the fastest, yet ironically slowest methods, it can go awry is if there is no legal protection set in place in the first place – this can cause your estate to become entangled in probate court. Probate is a process that can last a handful of months to a handful of years, and it is all paid for by your heirs/beneficiaries. This is before they are even capable of accessing whatever assets you intend on leaving to them. This is the worst that can happen to your estate after you die and, if it is especially damaging, it can deplete your estate completely.

If you set up a trust and a will that do not contradict one another, then your estate can be settled relatively quickly and without many hiccups. So, in essence, what happens to a person’s estate after they die is entirely up to them. Assets that are transferable upon death are all but entirely effortless, but those assets that require special legal protections are what should be carefully seen to. If you have any money that you want to leave to your family, how that is divvied up between beneficiaries is entirely at your discretion. If you have heirlooms that you want to see go to a specific person, it is written down so that there is no question and no squabbling after you have passed. There is very little of your estate that cannot be handled by a living trust – a trust that is revocable at any time that you decide to do so.

Part of the reason planning is so important is because there is always a plan in place for your estate after you die, but not necessarily one that you or your beneficiaries will like or enjoy. In the event that a person passes without a legal document explaining their wishes, the state will decide for them – and not always in the interests of your family. Decisions that seem innocuous now can have damaging effects later – if you have minor children and neither you nor your spouse is there to care for them, the state will appoint a guardian to oversee them and their assets, with complete control over how they are taken care of. If you are simply incapacitated and your state does not mandate a family member to oversee medical decisions, a conservator will be appointed to do so for you. These are decisions that can, and should, be made by you before it can become a costly legal battle for your family.

Nobody likes to think about their death, but it is important to plan for you and your family for when it happens before it happens. Your estate is yours to control, and what happens to it after you die is entirely up to you.