West Michigan Estate Planning Lawyers
At Damon, Ver Merris, Boyko & Witte, PLC, we help clients throughout West Michigan plan for their futures and the futures of their families through the creation of appropriate Estate Plans. Estate plan documents may include Wills, Trusts, Durable Powers of Attorney, Patient Advocate Designations (sometimes called Living Wills or Advanced Directives), and other documents. For years, our lawyers have been helping individuals and families in a variety of estate planning matters.
For more information about Wills, Trusts and other valuable estate planning tools, call our Grand Rapids law office at 616-975-9951 or contact us online. We offer initial consultations without obligation
What is a Will?
A Will is a legal document which outlines an individual's wishes to be carried out upon his or her death. A Will can address a variety of topics including:
- Naming guardians and conservators for minor children and a personal representative to administer the estate
- Property and asset distribution
After an individual's death, the process of administering his or her Will is known as probate. Our lawyers can help clients with the drafting of a Will, as well as probating the estate after the client dies.
Find out more about estate planning and the probate and estate administration process.
What is a Trust?
A Trust is a legal instrument capable of holding and distributing property. In a Trust, one person (a trustee) holds and manages property for another (the beneficiary). There are many benefits to creating a trust, including:
- Avoiding probate - One of the benefits of a Trust is that it is not subject to probate upon an individual's death. Many people wish to avoid probate for a variety of reasons, including cost, publicity and delays.
- Minimizing estate taxes - By the use of appropriate trusts, an individual with a larger estate can avoid or minimize estate taxes.
- Managing assets - Some people do not want to transfer their estates to their beneficiaries immediately after they die. This is often the case with larger estates or younger beneficiaries. The use of a proper trust can allow a more orderly and appropriate distribution of assets, while allowing them to be used for the support and benefit of the beneficiaries until the distribution.
There are many types of Trusts, each with its own benefits. Some of these include:
- Revocable Trusts - This type of Trust can be changed at any time by the trust creator. Commonly called a "revocable living trust" or "inter vivos trust", it allows the trust creator to serve as both the trustee and the beneficiary until his or her death or incapacity.
- Irrevocable Trusts - Unlike a revocable Trust, an irrevocable Trust cannot be changed under most circumstances. However, it may provide important tax or other advantages.
- Special Needs Trusts - A special needs Trust addresses the constant and evolving needs of individuals with disabilities while protecting their rights to public assistance benefits and protecting them from bad financial decisions and the claims of creditors.
- Irrevocable Life Insurance Trusts - This type of Trust owns a life insurance policy on an individual's life so that the insurance proceeds are not part of his or her taxable estate at the time of death, which shields the proceeds from the claims of creditors and from federal estate taxes.
- Charitable Trusts - These are another kind of irrevocable trust. There are several different kinds of charitable trusts that may be used for estate and tax planning. They can provide both income tax and estate tax benefits, and allow an individual to use his or her assets for his or her own support, and the support of his or her beneficiaries while also achieving charitable purposes.
Contact Us
For more information about Wills, Trusts, and other tools to aid in asset protection, please contact our West Michigan lawyers online or call 616-975-9951.
