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Estate planning is more than just one document. It is a full package of documents designed to meet your particular needs. However, the centerpiece of any estate plan is the document that allows you to name who will receive your assets when you die and who will be responsible for making sure your final bills are paid and the remaining assets are distributed to your beneficiaries. There are two basic types of documents that do this: a Will or a Trust. In addition to wills and trusts, most estate plans include documents that let you name someone to take care of your finances if you are unable to do so due to mental or physical incapacity and documents that let you name someone to make medical care decisions for you if you cannot make them yourself due to mental or physical incapacity. TrustAnswers.com can help you create ALL of the documents you need so you have the Complete Estate Plan that works best for you.
WHAT IS A WILL?
A Will is a Simple Way to Plan:
- You name who manages your finances.
- You choose who will receive your assets.
But A Will has Limitations:
- Wills must be Probated.
- Beneficiaries receive their assets at age 18.
- The State of Michigan can take your home after you die if you have received Medicaid Benefits for nursing home expenses.
WHAT IS A TRUST?
In Some Ways A Trust Is Like A Will:
- You choose who manages your assets if you are incapacitated or after you die.
- You choose who will receive your assets after you die.
But A Trust Lets You Do Much More:
- You choose how and when assets are distributed - protecting minors.
- No need for Probate - Save time, money and hassle.
- Protect your home from Medicaid Recovery.
- Save Money on Nursing Home Expenses.
- In the long run a Trust saves you money.