Securing Your Legacy: The Importance of a Living Will and Trust

 are honored in the event of your incapacitation. Luckily, there are legal instruments that offer you these privileges.

Those instruments come in the form of a Living Will and Trust. In Michigan, Living Will and Trusts have become the go-to instruments for those trying to secure their legacy and plan for their futures. Wish to learn more about Michigan Living Will and Trust? Well, this article is your opportunity to do so.

We spent most of our lives trying to accomplish our goals and building our wealth. At the tail-end of it all, you’d want nothing more than to secure your legacy or put certain safeguards in place to make sure your wishes

In this article, we would like to take you on a deep dive into them both, help you understand their nature, and explain why they are so important.

So, without much further ado, let’s get started. 

An Overview of Living Will and Trust

Before we go into each of these concept’s importance, let’s first understand what they represent. Let’s start with a living will. A living will is a legal document that can also be labeled as an advanced directive. This document will outline what your preferences are when it comes to medical treatment in the event you aren’t able to make this decision yourself.

You can use this document to specify what kind of medical interventions you’d prefer and what you’d like to avoid. You can specify conditions pertaining to life support, resuscitation, and what medications you’d want to take or avoid.

A trust, on the other hand, is a legal arrangement wherein a trustee will hold assets on behalf of your beneficiaries based on the conditions you’ve set. A trust basically grants you the flexibility needed to determine how your assets will be distributed. A trust protects the value of the assets it holds until it is time to transfer it to the designated beneficiaries.

A living trust, for instance, can be used to manage assets while you’re alive only for those assets to be transferred to the beneficiaries upon your passing.

Both the Trust and the Living Will are invaluable legal instruments with certain key benefits. Let’s now delve deeper into these benefits as explained by our seasoned will and trust lawyer.

The Benefits of a Living Will and Trust

1. Making Sure Your Wishes are Honored

A primary reason why people today find a Living Will and Trust, so enticing is because of their ability to have their wishes honored. They put some control in your hands at a time when you are the most vulnerable. Take for instance the Living Will. Without it, imperative decisions regarding your healthcare may fall upon members of your family. They might not be aware of what your preferences are.

The Living Will can help you clearly outline your healthcare preferences. You can specify what medications you’d prefer, which ones to avoid, etc. You can use the Living Will to spare your loved ones from making difficult decisions concerning life support and resuscitation. A Living Will will grant you control over your healthcare.

A trust, on the other hand, allows you to dictate how your assets should be managed and distributed. A trust can help mitigate the risks of a conflict arising between your heirs after you’ve passed away. Trusts are very important, especially in families with complex dynamics where each member may have different expectations concerning their inheritance.

2. Protecting Your Loved Ones

Another thing that a Living Will and Trust succeed at is protecting your loved ones in a future where you aren’t with them. It allows you to secure their future and provide them with some certainty if they are met with challenging times. With a Living Will, you can spare your family members the stress of having to make life-altering healthcare decisions.

With a Trust, you can seamlessly transfer your wealth and assets to your loved ones without any hassle. A Trust will ensure your assets are distributed fairly and on time. It can also help your beneficiaries avoid the often time-consuming and costly probate process. Trusts are especially beneficial if you have minor children or similarly vulnerable dependents who need urgent access to financial aid.

3. Peace of Mind

Worrying about the future of your loved ones or your healthcare in the event of your incapacitation is quite normal. Both of these elements add an air of uncertainty to one’s every waking moment. However, you can do something about it. A Living Will and Trust can both be used to assuage the concerns you have today.

With a living will, you can rest assured that the medical treatment that you get is per your wishes even if you aren’t in a state to express them clearly. A trust, on the other hand, affords you peace of mind… knowing your beneficiaries will inherit your wealth fairly without any legal hassles.

4. Incapacity Planning

Ultimately both the Living Will and Trust are great incapacity planning tools. A trust allows you to make provisions to manage assets as per your wishes in the event of your incapacitation. You can ensure the continuous management of your assets without court intervention.

A living will, as we mentioned before, serves as your healthcare directive. It will allow you to control all aspects of your healthcare while you are incapacitated.

Creating a Living Will and Trust 

It is entirely possible for one to create their own Living Will and Trusts today. There are websites out there that offer ready-made templates to create these documents in no time. However, it is important to understand that a lot goes into creating a legally sound living will or trust. Any missteps in creating these documents could end up costing you valuable time and money.

Your best option to create these instruments lies with a seasoned attorney for will and trust. A good attorney will create these documents as per your preferences while complying with local laws and regulations. Lawyers know what challenges to anticipate and will prepare these documents to best suit your specific objectives.

Creating a legal document is a work of patience and skill. It is in your best interest to leave it to the experts. If you too need assistance outlining your healthcare directives or protecting assets for your loved ones down the line, we suggest you give the attorneys at The Law Offices of Sean Patrick Cox a call right away.

We are the first name that pops up when you Google “the best will and trust attorneys near me”. Over the years, we’ve helped many folks in Michigan set up a legally sound Living Will and Trust. And, we can do the same for you.

Initial consultation with us is absolutely free.