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Irrevocable Trust vs Will

We never know what could happen to us tomorrow.<br>Which is why it is so important to create a comprehensive estate plan today.<br>But what type of estate plan is right for you? There is so much information out <br>there on internet about estate planning, it can be really easy to get confused. <br>Two options people often consider is an irrevocable trust vs will.

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Irrevocable Trust vs Will

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  1. Comparing Irrevocable Trust vs Will

  2. Comparing Irrevocable Trust vs Will www.rochesterlawcenter.com 248-613-0007 543 N, Main St, Ste 222 Rochester MI 48307 rochesterlawcenter.com

  3. We never know what could happen to us tomorrow. Which is why it is so important to create a comprehensive estate plan today. But what type of estate plan is right for you? Two options people often consider is an irrevocable trust vs will. One of your questions is probably which of these two estate planning documents is better? It depends on your situation. See, these are two very different legal documents that achieve different goals. rochesterlawcenter.com

  4. Last Will and Testament rochesterlawcenter.com

  5. Having a will in place before you pass away allows you to protect your family and ensure they receive your assets according to your wishes. While a last will has a lot of benefits, it does have some drawbacks as well. One of the major disadvantages of a will is that it does not avoid probate court. When you die, your will must go through probate before your family can get access to your assets. Another drawback of a will is that it only goes into effect when you die. This means that it offers you no protection while you are living. Now, you might be asking, why would you need protection while you are alive? It is very common for people to become incapacitated before they pass away. rochesterlawcenter.com

  6. Irrevocable Trust rochesterlawcenter.com

  7. Unlike a last will and testament, an irrevocable trust can’t be changed after it is created. These legal documents are often created when planning for a special need family member. Additionally, some people use them to achieve certain tax or credit advantages. When you create an irrevocable trust, you put your assets in the trust and assign a third party as the trustee. rochesterlawcenter.com

  8. When comparing an irrevocable trust vs will, know that each is a very useful estate planning document used for different scenarios. A last will is useful when trying to plan how best to pass your assets onto your loved ones after you die. It also gives you the ability to name a guardian for your children and appoint someone you trust to settle your estate. An irrevocable trust is used for very specific purposes such as planning for a family member with special needs or trying to achieve tax or credit advantages. rochesterlawcenter.com

  9. Next Step… rochesterlawcenter.com

  10. SCHEDULE YOUR FREE Consultation CALL US AT 248-613-0007 TODAY! We offer Phone and Web consultations, in addition to traditional in-office consultations.  Let our staff know that you prefer to “meet” with one of our attorneys in the comfort of your own home via Phone or Web conference and we will get you scheduled based on your preference.  • Free Consultations • No Need To Travel • Do Everything Remotely • No Hidden Fees • Streamlined Processes • Fast, Easy, Stress Free rochesterlawcenter.com

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