Trust us to help you transfer and preserve what you have taken your lifetime to build!
Probate is a court procedure to transfer assets to one's heirs. It is a cumbersome, time consuming, and expensive process:
AVOID THIS IF POSSIBLE!
There are 3 ways to avoid Probate:
- Spend or Give Away Everything: This process may not be practical but could work if you don't mind eating cat food.
- Joint Ownership with Heirs: This process can work but has potential complications —it needs to be done correctly and in the right circumstances!
- Revocable Living Trust: Set up a legal entity that continues holding your property after your death. It separates "legal" ownership from right to benefit. A trust can be tailored to fit your needs!
Generally speaking, a trust leaves your property to whomever you decide. You are the original Trustee of the Trust, and you select your Successor Trustee(s).
A trust is often the best way to attain the goal that there will not need to be a probate procedure regarding your estate.To accomplish this, we will need to help you fully "fund" the trust, meaning making your assets part of the trust.
An assignment document is prepared as a preliminary effort at putting property into the trust. However, it may be necessary to follow up with investment brokers, financial institutions, and others to make sure that properties are properly titled in the name of the trust, to designate the trust as beneficiary of your accounts. Certain types of accounts generally should not be put into the trust, including most IRAs, 401(k)s, and other "qualified" retirement savings.
OTHER SERVICES WE PROVIDE
- Real Estate Deeds - Warranty and Quit Claim
- Charitable Giving
- Private Charity
- Qualification as a Charity - - 501(c)(3) Non-Profit Organizations
- Probate Proceedings
For more information about the estate planning process, we invite you to contact our office.
834 King Hwy
Kalamazoo, MI 49001