5701 Chicago Rd, Suite C
Warren, MI 48092
Frequently Asked Questions
What is estate planning
Estate planning is the transfer of an individual’s property after death which may involve a will and/or trust, as well as the application of state intestacy laws.
Why do I need a plan
Estate planning allows individuals to determine who will benefit from their estate and how much they will benefit. It ensures that the estate will not be destroyed by taxes imposed by the transfer of assets.
What is my estate
An estate involves property or properties that are owned at death before they are distributed by will, trust, or intestacy laws. This may include real property (real estate, including houses and investment properties) as well as personal property (bank accounts, securities, jewelry, and automobiles)
Do I need a will
A will will enable you to control how your assets are to be distributed after you die. If a will has not been created, then you will not have a say in how your personal assets are distributed. A will would allow you to determine who will receive your assets and who will be prohibited from receiving any of your property.
What is probate
Probate enables the courts to enforce certain procedures and handle any potential disputes regarding an individual’s estate. When an individual passes, their executor will file documents with the court to inform the court that the individual has passed and begin the court procedures.
What are trusts and what benefits do they offer
A trust is a document that enables an individual to place their assets into a trust for their benefit during their lifetime and allows them to transition those assets to specified individuals or organizations upon their death.