“Will” and “trust” are common estate-planning terms, and many Michigan estate plans include both, but they serve different purposes. What Is a Will? A will is a legal document that takes effect at death. It can direct the distribution of assets that pass through your probate estate, nominate a personal representative to administer the estate, and nominate a guardian for minor children. What Is a Trust? A trust is a legal arrangement in which a trustee holds and manages assets for the benefit...

Artificial intelligence can be a useful tool for everyday tasks. It can help organize ideas, draft an email, or create a starting outline. But a legally binding contract is different. A contract can determine who bears risk, what happens if someone fails to perform, how disputes are resolved, and whether a business deal succeeds or becomes an expensive legal dispute. AI may be useful for generating questions or a preliminary draft, but it should not replace advice from an attorney who...

A Lady Bird deed, also called an enhanced life estate deed, is an estate-planning tool that allows a property owner to retain broad control of real estate during life while naming one or more beneficiaries to receive the property at death. Here are a few of the main benefits that a Lady Bird deed could provide: Probate avoidance One common estate-planning goal is to avoid probate, which can add time, cost, and public court involvement to transferring assets after death. A Lady Bird deed can...