Due to precautions related to COVID-19, we have expanded our options for remote consultations. Please contact our office to discuss whether a full phone consultation or video conference is appropriate for your situation.
Our Experience At Your Service
  1. Home
  2.  » 
  3. Estate Planning And Probate
  4.  » Understanding How Trusts Work

Is A Trust The Right Choice For Your Estate?

Planning for your family’s future can be stressful. No one wants to think about the day when they are no longer able to make sure their family is taken care of. But, a clear will or trust can make all the difference.

Many of our clients come to us without really understanding the differences between a trust and a will. We want to help you choose the situation that best suits your family’s needs. Our lawyers will examine your finances and family circumstances and help you choose an option that is right for you.

What Are The Benefits Of A Trust?

Trusts and wills can seem similar. The differences, though, can be profound. Some of the more important elements are highlighted below.

  • Trusts can be changed. Wills and trusts can be changed over the course of your life. A trustee, however, can be given power to change the trust’s terms after the initial trust maker passes.
  • Trusts avoid probate. Probate court and estate distribution can take a long time and be very costly. Trusts are not subject to probate court. This can reduce the time and cost for distributing property.
  • Trusts do not establish guardianship for children. If you have small children in your care, trusts may be able to provide for their finances but cannot establish a guardian for them if you pass away.

To find out more about the differences between trusts and wills or understanding how trusts work, reach out to our attorneys. We are happy to answer any of your questions.

How Do I Start Planning For My Family’s Future?

You want what is best for your family. So do we.

Our lawyers treat your case with care and compassion. At Alward Fisher Rice Rowe & Graf, our experience and commitment to our clients means you are always a priority in our offices. To contact one of our attorneys and find out more about how we help families like yours in Traverse City, northern Michigan and across the region, send us an email or call us at 231-668-9836.