Experienced Lawyers for Wills & Trusts

Protect Your Assets, Provide for Loved Ones

Creating a will or trust is a crucial step in estate planning, ensuring your assets are distributed according to your wishes. At Boroja, Bernier & Associates PLLC, we guide residents of Macomb County, Oakland County, and Southeast Michigan through the complexities of wills and trusts, helping them secure their futures and protect their loved ones.

Understanding Wills and Trusts

While both wills and trusts serve the purpose of directing how your assets will be distributed after your death, there are important differences between the two.

• Wills outline your wishes for asset distribution, guardianship of minor children, and other critical decisions. They must go through probate (a court-supervised process), which can be time-consuming and costly. A will is an essential document, but it doesn’t avoid probate.
• Trusts, on the other hand, are a more flexible estate planning tool. A living trust allows you to transfer ownership of assets into the trust during your lifetime, which can then be distributed according to your terms without going through probate. This makes trusts a powerful option for minimizing delays and expenses.

The Benefits of Revocable vs. Irrevocable Trusts

One of the key decisions in trust planning is whether to choose a revocable trust or an irrevocable trust. Each has its own set of advantages depending on your goals.

• Revocable Trusts offer flexibility. You can modify or revoke the trust at any time during your lifetime, and as the trustee, you maintain control over your assets. This option is ideal for those who want to retain control and flexibility but still want to avoid the probate process after their death.
• Irrevocable Trusts provide more asset protection and tax benefits. Once assets are placed into an irrevocable trust, you relinquish control over them. This can protect your assets from creditors, lawsuits, and potentially lower your estate taxes. However, the downside is that you cannot make changes or revoke the trust once it’s created.

Why You Need a Will

Even if you have a trust, a will is still an important document. A last will and testament allows you to:

• Name guardians for your minor children
• Appoint a personal representative (executor) to carry out your wishes
• Specify how personal belongings and assets will be distributed
• Direct the payment of any debts or taxes

Without a will, Michigan’s intestate laws will determine how your assets are divided, which may not align with your wishes.

Trusts: A Flexible and Efficient Estate Planning Tool

Trusts are incredibly versatile. Whether you’re planning for the future care of a loved one, minimizing tax liabilities, or ensuring your assets pass smoothly to your heirs, a trust can help you achieve those goals. The living trust allows your assets to avoid the probate process entirely, speeding up the distribution process and maintaining privacy for your beneficiaries.

For families with specific concerns, such as protecting a child with special needs or ensuring a smooth transition of a family business, a trust provides tailored solutions to meet those needs.

Contact BBA Law Your Estate Planning Needs

At Boroja, Bernier & Associates PLLC, we offer personalized estate planning services, helping you understand the differences between wills and trusts and selecting the best option for your situation. We will guide you through the creation of a will or trust that ensures your wishes are clearly documented and legally enforceable.

Call us today at 586-123-4567 to schedule a free consultation and get started on your estate plan. Whether you need a will, trust, or both, we’re here to help secure your legacy and protect your family’s future.