Planning your future is a lengthy process, but your Troy, MI revocable trust lawyer can walk you through your next steps. At Gudeman & Associates, P.C., our legal team has over 100 years of combined experience, and we’ve helped our clients with estate planning, probate, trusts, and more. Now, it’s time to use our experience to help you.
Your loved ones deserve proper instructions after your death. It can be a stressful and emotional time, but the more detailed those instructions are, the easier it will be to cope with their loss. Read on, and see how a revocable trust can make all the difference.
What Is A Revocable Trust?
You may have heard the term “living trust” before. A revocable trust is the same thing. Living, or revocable trusts provide detailed lists of your assets, as well as instructions for what should happen to those assets upon your death. Unlike an irrevocable trust, a revocable trust can be adjusted and managed during your lifetime.
For example, if you suddenly acquired new real estate, or went through a divorce, you’d want your trust to reflect those changes. Fortunately, you can easily manage your trust with the help of your Troy revocable trust lawyer. With the right legal input, you can keep your trust updated to reflect how your life has changed over the years.
The Difference Between Trusts And Wills
Both trusts and wills provide instructions and a list of your assets, and both trusts and wills can be relied upon by your loved ones after your death. On the surface, they seem similar. But there are a few important details that separate trusts from wills. First, a will is pretty much set in stone once it’s drafted. You can’t easily change the provisions in case any major life events happen. Trusts are much more flexible.
Aside from the flexibility: a trust means your loved ones don’t need to deal with probate. Probate is a legal process that takes place after your death. It’s basically how all of your assets end up in the right hands (and how your final debts and taxes are paid off, too). Probate takes a long time, and at pretty much every step there’s an opportunity for legal challenges, infighting, and lots of family drama.
So why get a will instead of a trust? Convenience. Trusts require management, but wills are much simpler to create. On the other hand, a trust makes life much easier for your family after your death, while a will means they’ll have to deal with probate and all the steps that that process entails.
If you’re still on the fence about whether you need a will or a trust – or whether you need to plan your estate at all – the team at Gudeman & Associates, P.C. is ready to help.
Contact Gudeman & Associates, P.C. Today To Get Started
It’s never too early to start thinking about your future. Whether it’s a will, a trust, or just questions about your next steps, Gudeman & Associates, P.C. is here to walk you through your next steps. Get in touch with us today, and see how a Troy revocable trust lawyer from our team can help.
