Estate planning is something everyone needs to consider. There is no getting around the fact that whatever earthly possessions an individual has will need to be distributed in some manner when he or she passes away. By working with a Wills and Trusts Attorney in Jenison MI, now, it is possible to ensure the distribution is managed in a way the deceased would want. The Last Will and TestamentThe backbone of any estate planning strategy is the drafting of a binding last will and testament. Within the text of this document, it is possible to ensure specific belongings, even personal ones, will be passed on to those who will appreciate them the most. Wills can also be used to specify certain relatives or others who might attempt to lay claim on the assets of the deceased are not provided for at the express wish of the deceased. The bottom line is that the will ensures there is little to no haggling over what is to be done with the estate. When the wishes are clearly defined, and all of the assets are addressed directly, the chances of anyone being able to break the will are somewhere between slim and none. Setting Up TrustsTrusts are ideal when it comes to providing financial security for loved ones. For example, trusts can be established that ensure there is money for the kids to attend college, even if the parent passes away before that time. Family trusts and corporations can provide ongoing support for loved ones as the years pass by providing them with disbursements according to an established schedule. The result of working with a wills & trust attorney in Jenison MI, to set up this type of trust will ensure loved ones have some measure of financial security, even if they are unable to generate their income. Even if there is not much of an estate to deal with at the moment, never leave anything to chance.
Talk with an attorney and at least draft a basic will. It will be easy enough to amend the document and establish trusts later on when there is more in the way of assets. In the interim, that minimal preparation will ensure that loved ones do benefit from those assets in the event the individuals should pass away unexpectedly.
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