For Michigan residents who have worked to develop substantial assets, certain life changes may cause them to rethink earlier estate planning decisions. In most cases, trusts are excellent estate planning options that allow for higher levels of flexibility and privacy, especially for people with significant wealth. Most trusts are revocable, which means that they can later be changed or canceled. However, irrevocable trusts are created with the idea that they are permanent and not subject to amendment.
The details of an effective estate plan will vary from case to case, but it will generally include a power of attorney, a will, medical directives and other legal instruments, such as a revocable trust. Having a revocable trust as part of their estate plan can help Michigan residents address many of the concerns they may have about the management of their estate.