Orchard, TX Estate Planning Law Firms & Lawyers

A will is only effective after the death of the creator (testator). A will requires opening a probate and appointing an executor to execute the terms of the will under the supervision of a court. There are extra expenses with a will resulting from opening a probate. An advantage of probate is that it cuts off claims against the estate at 6 months after opening the probate. A living (grantor) trust goes into effect while the creator (grantor) is alive. Assets are placed into the trust when created and can be dealt with by the grantor while alive. The living trust is fully amendable and revocable by the grantor. Successor trustees are named and thus upon the death or incapacity of the grantor the named successor trustee is able to act and deal with the trust estate without having to go to court. A successor trustee's ability to step in for the grantor could help avoid the necessity of a guardianship in the event of a loss of capacity. Creation and amendment of a living trust is not as formal as creation of or changing a will.

No. It's entirely your choice of what to do with your assets. You can spend it all; give it all to one child; give it all to charity - whatever you wish.

No, a child whose parent has terminated parental rights inherits nothing under Michigan's intestate estate law. She would, of course, inherit from her adoptive father.