Wills & Trusts
Wills & Trusts
Wills & trusts are essential components of your estate planning process. More importantly, they are put in place to make sure you designate your estate and all of your assets to the appropriate inheritors. That is why the Woods Law Office is the place to go to accordingly prepare your will & trust.
Our established law experts here at Woods Law Office are here to help you begin the estate planning process that will protect your estate as well as distribute the assets of your estate to your designated heirs. Our goal is to exercise all of your options in planning your last will and testament and prevent any opportunity for your estate to be held up in probate court.
Estate planning also involves the use of revocable and irrevocable wills, trusts and ancillary documents to achieve the desired distribution of the testator’s assets upon their death, as well as to minimize taxes to be paid from the estate. Basic estate planning packages are appropriate for individuals and couples that do not anticipate a taxable estate upon their death. In fact, the majority of estate plan cases fall under the Basic estate planning practices.
A Qualified Attorney for Wills and Trusts Can Help Protect Your Family's Assets
A carefully drafted revocable or irrevocable will or trust will ensure that your estate passes to your chosen beneficiaries as desired. Advanced directives and incapacity planning documents including the durable Power of Attorney, and a medical Power of Attorney known legally as a Designation of Patient Advocate. In elder care and elder law, finding attorneys for drafting wills and trusts is a common need we can fulfill.
Larger estates (over 1.5 million) require more intricate planning strategies and may include the use of testamentary trusts such as Bypass Trusts or Irrevocable Life Insurance Trusts (ILIT) to minimize the impact of estate taxes. If you need help planning, consult with us as your estate planning attorneys.
Do I Really Need a Will?
The answer is… yes! Wills & trusts are essential. Not only is it a legal document including your private financial and information for after your death, but it determines to whom your estate will be designated to at the time of your death. If you do not have a will at the time of your death, your assets may not be legally dispersed in the way that you may have wished. You are able to designate a guardianship with a will that chooses an individual to care for children under 18. Once the child turns 18, the guardianship expires.
Where Do My Assets Go if I Don’t Have a Will?
At the time of your death, if you have not designed anyone to inherit your estate (including relatives, children, parents, etc.), then the laws of your state will apply rules of succession in order to determine what happens to your assets. Usually, spouses and children are the natural successors of your estate. If you were not married or did not have any children, family members like your parents, siblings, and grandparents will inherit your estate. Should you have no relatives or other family members, your assets will be seized by the state.
Asset Protection You Can Trust
If you are concerned with how your property will be distributed after your death, click here to contact the Woods Law Office to discuss your estate planning or power of attorney options and have your wills drafted.
The Woods Law Office specializes in all types of Michigan elder law, power of attorney, and veteran law. Contact your Michigan Elder Law Attorneys today by calling (586) 532-8970 to learn how we can help. Our office is located in Shelby Township, Macomb County, Michigan.
