A wills and trusts lawyer in Ann Arbor MI is often referred to as an “estate planning” lawyer. This individual is responsible for the many duties that are involved in the preparation and administration of the estate of a client. One common task of a wills and trusts lawyer is drafting the last will and testament for a client. As the decisions are being made about how the assets of the client will be disposed of the lawyer will advise the client on the tax effect of the decision. The lawyer can also establish trusts that suit the exact purposes of the client and, upon the death of the client the wills and trusts lawyer in Ann Arbor MI will often be called upon to execute and administer the estate.
To many, drafting the contents of a will sounds like a rather simple process, the truth is, it is a lot more complicated than meets the eye. Depending on where it will be executed there may be unique rules that must be followed; these rules normally apply to the language that is used in the will as well as its execution. Those who wish to execute a will want to be sure that their assets and properties are disposed of as they wish and they use a wills and trusts lawyer to ensure that their wishes are seen to. As a will is a legal document it must be drafted in full compliance with established procedures, if these procedures are not followed to the letter there is a chance that the distribution of the assets of the person may not go according to their original wishes.
Again, the jurisdiction under where the will was drafted and will be executed may have unique rules and regulations that apply to the tax implications. There are areas which assess punishing estate taxes which become due upon the death of the individual; it is the wills and trust lawyer in Ann Arbor MI to design the will in such a manner that the effect of such harsh taxes is mitigated.
There are times when a testamentary trust is better for an heir than assets willed. If, for example, the client desires that there are enough funds available to see a grandchild or grandchildren through university or college, the trust that is established to ensure that the money is available can be fully funded from the estate. Once the grandchild has finished with high school and about to enter college the next four years of education are looked after.
If you need a wills and trusts lawyer in Ann Arbor MI to work with you as you set up the disposition of your estate you are invited to contact tor visit the Hermanowski Law.
