Estate Planning Options

Estate Planning Options

Overview of estate planning options, including Core Estate Plans and Optional Trusts.

Overview of

Core Estate Plans

  • We offer six types of Core Estate Plans.
  • Each Core Estate Plan includes all essential estate planning documents and services at a simple flat fee.
  • Core Estate Plans are appropriate for all Michigan residents.

  • Basic Estate Plan


    • Designed to provide a complete estate planning solution at the lowest cost
    • Provides detailed instructions for distribution of property
    • Probate is required for post-death distribution of property

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  • Basic Estate Plan for Children


    • A "hybrid" estate plan which includes a will and a separate living trust to manage property for children
    • Designed to manage assets for children at a lower cost than a "Living Trust Plan" (see below)
    • Simplifies management of property for children by a trustee
    • Probate is required for post-death distribution of non-financial assets (real estate, vehicles, etc.)

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  • Basic Estate Plan for Blended Families


    • Designed for couples with children from a prior relationship who want to provide separate financial support for their own children
    • Lower cost than a "Living Trust Plan for Blended Families" (see below)
    • Includes a will for each parent, and a separate trust for each parent's children
    • Allows parents to allocate funds for themselves, and for their respective children
    • Ensures property is managed for children by a trusted person
    • Probate is required for post-death distribution of non-financial assets (real estate, vehicles, etc.)

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  • Probate Avoidance Plan


    • Designed to avoid probate at a lower cost than a "Living Trust Plan"
    • Suitable for simple estate plans with a small number of adult beneficiaries
    • Saves money on post-death distribution of property
    • Includes our "Guide to Avoid Probate in Michigan"

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  • Living Trust Plan


    • Designed to avoid probate and to provide detailed instructions for distribution of property
    • Highly effective to manage property for under-age children
    • A Trustee is appointed to manage and distribute assets
    • Provides greater personal privacy than a last will & testament
    • More convenient estate administration than a "Basic Estate Plan"
    • Probate is not required for distribution of property

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  • Living Trust Plan for Blended Families


    • Designed for couples with children from a prior relationship who want to provide separate financial support for their own children
    • Includes a joint trust for both parents, and a separate trust for each parent's children
    • Allows parents to allocate funds for themselves, and for their respective children
    • Ensures property is managed for children by a trusted person
    • Probate is not required for distribution of property

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Overview of

Optional Trusts

  • We offer six types of Optional Trusts that may be added to any Core Estate Plan listed above.
  • These trusts may be used to meet specific estate planning objectives that are not covered by a Core Estate Plan.
  • Probate is not required to administer any Optional Trust.

  • Pet Trust


    • A Pet Trust is used to set aside money for care of pets and to appoint a trusted caregiver. 
    • Detailed instructions may be added for the caregiver to follow. 
    • A Trustee is appointed to ensure that the Pet Trust is followed. 

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  • Special Needs Trust


    • A Special Needs Trust is used to provide financial support to a disabled person without affecting their eligibility for government benefits.
    • A Trustee is appointed to manage and distribute the trust assets to the beneficiary as needed.

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  • Life Estate Trust


    • A Life Estate Trust grants the use of a residence to a beneficiary for his or her lifetime. 
    • The trust provides detailed instructions for use of the property by the beneficiary.
    • A trustee is appointed to monitor and enforce the terms of the trust. 
    • Much better option than using a deed to grant a life estate. 

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  • Cottage Trust


    • A Cottage Trust is designed to hold, manage, and preserve vacation property for future use by family members. 
    • Prevents disputes among family member regarding how vacation property will be used and maintained by them. 

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  • Medicaid Trust


    • The purpose of a Medicaid Trust is to preserve assets and accelerate eligibility for Medicaid benefits to pay for nursing home care.
    • A Medicaid Trust also protects assets from lawsuits and creditors.

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  • Asset Protection Trust


    • An Asset Protection Trust (APT) is designed to protect assets from lawsuits and judgment creditors.
    • An APT is the only trust that protects assets from creditors and still allows the assets to be distributed to the trust owner.
    • An APT is also effective for pre-nuptial planning to protect assets from a divorce judgment.

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How to Start Your Estate Plan

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