When people in Michigan think about the future and how they want to manage their affairs, they may think first of making a will. People may not think much about trusts, or they may assume that they are only for the super-wealthy. However, trusts are flexible, adaptable instruments that can help people in a wide variety of situations achieve their goals more precisely and privately during the estate planning process.
Michigan fans of singer Tom Petty may have to wait a while to enjoy more releases from the late singer's catalog. The singer's widow is in a probate battle with one of his daughters that could affect the planned release of new compilations. His widow filed a petition in a Los Angeles court. In the document, she alleges that her late husband's daughter attempted to take control of Petty's estate.
Estate planners have many tools at their disposal, including wills and trusts. Revocable trusts, known for their ease of administration, are often used to protect and distribute assets while maintaining privacy. This is one of the reasons that wealthy families rely on them to manage family line assets and perpetuate dynasties. The same can be said for Lee Radziwill and her estate plan.
In Kalamazoo and across the United States, people have various options for drawing up different kinds of trust documents. Since each person has different requirements, it is best to consult with an experienced estate planning attorney. A grantor trust, which is also called a living trust, is the most common type of trust that has the power to avoid probate. In fact, one major reason for creating a trust is so that the beneficiaries do not need to go through probate.