At Axis Estate Planning, we recognize that estate planning extends beyond physical and financial assets. Today, our digital footprint—spanning social media, banking, cryptocurrency, email, and more—plays a significant role in our lives. But what happens to these assets when we’re gone?
A digital Will ensures that your online presence is handled according to your wishes after your passing. Unlike a traditional Will, which distributes tangible assets, a digital Will outlines what should happen to your online accounts, digital media, and other virtual assets. Without one, your loved ones may struggle to access or manage your digital estate, and some accounts may be lost forever.
Why a Digital Will Matters
Many people assume that their online accounts will automatically transfer to their loved ones, but that’s rarely the case. Each platform has its own policies for posthumous access, and without clear instructions, your family may face significant legal and logistical challenges.
By including a digital Will as part of your estate plan, you can:
- Identify and organize your digital assets
- Ensure your loved ones know how to access your accounts
- Prevent valuable accounts from being lost or locked
- Specify which accounts should be deleted, transferred, or memorialized
Without proper planning, your family may be left navigating a complex maze of digital accounts, some of which could hold financial or sentimental value.
What Digital Assets Should Be Included?
Your digital Will should account for a variety of assets, including:
- Financial Accounts & Cryptocurrencies: Online banking, Bitcoin, PayPal, Venmo, digital wallets
- Social & Personal Accounts: Social media profiles, dating apps, YouTube, email accounts
- Rewards & Memberships: Frequent flier miles, credit card points, subscription services
- Business & Legal Accounts: Website ownership, crowdfunding accounts, digital tax records
- Digital Collectibles: NFTs, online investment platforms
Some of these assets have direct monetary value, while others are deeply personal. Without a plan, your family may struggle to locate and manage them—or worse, lose access entirely.
How to Secure Your Digital Legacy
To ensure your digital assets are properly managed, take the following steps:
- Create an Inventory – List all your online accounts, securely store login details, and document instructions for each.
- Appoint a Digital Executor – Designate a trusted individual to manage your digital assets in accordance with your wishes.
- Check Platform Policies – Some platforms, like Facebook and Google, allow you to assign a legacy contact or beneficiary.
- Store Securely – Keep account details in a secure location, such as a password manager or legal document.
- Integrate with Your Estate Plan – Work with an estate planning professional to ensure your digital Will aligns with your overall legal strategy.
Protect Your Online Legacy with Axis Estate Planning
As estate planning evolves, Axis Estate Planning is committed to helping you protect all of your assets—both tangible and digital. We guide clients in crafting digital Wills that ensure their online presence is handled exactly as they wish.
Don’t leave your digital assets to chance. Contact us today to secure your online legacy and integrate it into a comprehensive estate plan.
Axis Estate Planning
900 Wilshire Drive, Suite 105, Troy, MI 48084
(248) 920-9398
www.axisattorneys.com
Selecting a caregiver for yourself or a loved one is a deeply personal and often overwhelming decision. Whether you need temporary assistance or ongoing care, finding the right person to provide support, companionship, and professional expertise is essential for peace of mind.
At Axis Estate Planning, we understand the importance of securing reliable and compassionate care for your loved ones. Our team is here to help you navigate this critical decision and ensure that your estate plan aligns with your family’s caregiving needs.
Recognizing When It’s Time for a Caregiver
Many families start by handling caregiving responsibilities on their own, but as a loved one’s needs grow, additional support may become necessary. Here are some signs that indicate it might be time to bring in a caregiver:
- A current caregiver is overwhelmed, experiencing health issues, or unable to dedicate the necessary time.
- The individual needing care is showing signs of loneliness, depression, or social withdrawal.
- There are noticeable declines in hygiene, sudden weight loss, or signs of malnutrition.
- The home is cluttered with unpaid bills, unopened mail, or neglected paperwork.
- Safety concerns such as fall hazards, steep stairways, or difficulty using the bathroom are present.
- The individual struggles with daily tasks like cleaning, cooking, or personal care.
- The home lacks fresh or nutritious food, or there are signs of spoiled or expired groceries.
If one or more of these signs are present, it may be time to explore caregiver options.
Determining the Type of Caregiver You Need
Once you recognize the need for additional support, it is crucial to assess the level of care required. There are different types of caregivers, each with specialized training and roles:
- Home Health Aides (HHAs): Assist with daily activities such as bathing, dressing, and mobility. HHAs must complete at least 75 hours of training and may be state-certified.
- Personal Care Aides (PCAs): Provide companionship and help with non-medical tasks like meal preparation, transportation, and light housekeeping. No formal licensing is required.
- Skilled Nursing Providers (LPNs): Offer medical care such as IV administration and wound care. Some may have additional training in therapy services.
- Certified Nursing Assistants (CNAs): Monitor vital signs, assist with mobility, and help with catheter care and dressing changes under the supervision of a registered nurse.
- Registered Nurses (RNs): The most highly trained caregivers, RNs can operate medical equipment, administer medications, and provide advanced care. They require an associate’s degree or nursing diploma and must pass a national licensing exam.
Understanding the specific needs of your loved one will help you determine which type of caregiver best fits your situation.
Finding the Right Caregiver
Once you know what kind of assistance is needed, the next step is finding a trustworthy and qualified caregiver. Here are some ways to begin your search:
- Seek Recommendations: Ask family, friends, or community members for referrals to trusted caregivers, agencies, or private registries.
- Consult Local Resources: Contact healthcare agencies, senior centers, churches, or nonprofit organizations that may offer caregiver recommendations.
- Interview Candidates: Always arrange an initial meeting with potential caregivers. This allows you to assess their personality, qualifications, and compatibility with the individual needing care.
Choosing a caregiver is one of the most important decisions you can make for a loved one’s well-being. At Axis Estate Planning, we recognize that caregiving needs often intersect with estate planning. Whether you need guidance on legal protections, power of attorney, or long-term care planning, our team is here to help.
Visit Us: 900 Wilshire Drive, Suite 105, Troy, MI 48084
Call Us: (248) 920-9398
Learn More: www.axisattorneys.com
Let us help you plan for your family’s future with confidence and peace of mind.
At Axis Estate Planning, we understand that estate planning involves making important decisions about your assets—including your vehicles. Cars, trucks, motorcycles, and even recreational vehicles require careful consideration when determining whether they should be placed in a trust. Here’s what you need to know to make an informed decision.
Why Put Your Car in a Trust?
Placing your car in a trust can simplify the transfer of ownership after your passing. Without a trust, vehicles titled in your name may have to go through probate, a time-consuming and sometimes expensive legal process. By placing your car in a trust, you ensure that ownership transitions smoothly to your designated beneficiary without the delays and costs associated with probate.
Another advantage is privacy. Probate records are public, meaning anyone can see what assets were included in your estate. However, transferring your vehicle through a trust keeps this information private and out of the public eye.
Potential Drawbacks and Considerations
While a trust can be a useful tool for estate planning, it’s not always the best option for every vehicle. Here are a few factors to consider:
- State-Specific Probate Laws – Many states, including Michigan, have simplified probate processes for vehicles. If you are survived by a spouse, probate avoidance may not be as critical.
- Retitling Requirements – If you decide to place your car in a trust, you may need to visit the Department of Motor Vehicles (DMV) to update the title, which could involve fees and paperwork.
- Insurance Implications – Some insurance companies may require updates or additional documentation when a vehicle is owned by a trust. Before making a change, it’s best to consult your insurer to ensure continuous coverage.
Different Types of Vehicles and Special Situations
Not all vehicles are treated the same when it comes to estate planning. Here are a few special cases:
- Family Cars – Typically, a family car can be easily transferred into a trust without complications.
- Recreational or Collectible Vehicles – High-value vehicles, such as classic cars, may require special considerations.
- Business Vehicles – If a vehicle is used for business purposes or is owned by a business entity, it should not be placed in a personal trust.
- Trust Type Matters – Depending on the structure of your trust, you may not want to commingle your vehicle (considered a “hot” or dangerous asset) with other assets like your home, bank accounts, or investments.
Medicaid Planning and Vehicle Exemptions
For those who may require Medicaid benefits in the future, it’s important to understand how vehicle ownership affects eligibility. In most cases, Medicaid allows one vehicle to be exempt from asset calculations. However, transferring a car into a trust could complicate this exemption. If Medicaid planning is part of your estate strategy, be sure to consult with an attorney before making any decisions about your vehicle.
What Happens to Your Car When You Pass Away?
If your car is not included in a trust, it will typically become part of your probate estate unless it has a transfer-on-death (TOD) designation or is jointly owned. A TOD designation allows your vehicle to bypass probate and pass directly to a named individual—just like beneficiary designations on financial accounts. This can be a simple and effective way to ensure your car goes to the right person without the need for probate.
Final Thoughts: Is a Trust Right for Your Vehicle?
The decision to place your car in a trust depends on multiple factors, including the value and type of vehicle, Michigan’s probate laws, and your overall estate planning objectives. Consulting with an experienced estate planning attorney can help you determine the best course of action.
At Axis Estate Planning, we provide personalized guidance to ensure your estate plan aligns with your specific needs. Call us at (248) 920-9398 or visit our office at 900 Wilshire Drive, Suite 105, Troy, MI 48084 to discuss your options. You can also learn more about our services at www.axisattorneys.com. Let’s work together to create a plan that protects your assets and provides peace of mind for you and your loved ones.
At Axis Estate Planning, we understand that your business is more than just a source of income—it’s a legacy. Transitioning ownership and leadership is a critical yet complex aspect of estate planning, and without a solid plan in place, the future of your business could be at risk. That’s why proactive business succession planning is essential to maintaining stability, protecting your interests, and ensuring a seamless transition.
The Growing Importance of Business Succession Planning
Regulatory changes, such as the evolving Corporate Transparency Act, highlight the necessity of proactive planning. These legal shifts underscore the need for business owners to prepare for the future and avoid unforeseen compliance issues. Whether you’re planning to keep your business in the family or sell to a third party, laying the groundwork in advance is key to ensuring a smooth transfer of ownership.
Building a Strong Succession Plan
A well-crafted succession plan minimizes disruption, ensures business continuity, and reduces the risk of disputes or financial hardship. The planning process should start with clear objectives:
- Will the business remain in the family, or will it be sold?
- Who is best suited to take over leadership?
- What training or transition period is necessary to prepare successors?
By addressing these questions early, business owners can gradually implement the necessary steps for a seamless handover.
The Role of Buy-Sell Agreements
A buy-sell agreement is one of the most effective tools in business succession planning. This legally binding contract outlines how ownership interests will be transferred in the event of retirement, disability, death, or another triggering event. A well-structured agreement provides clarity and minimizes conflicts among owners, heirs, and stakeholders.
Key components of a buy-sell agreement include:
- Valuation Mechanism: Establishing a fair method to determine the value of the business.
- Funding Arrangements: Using life insurance or financial resources to ensure funds are available for the buyout.
- Triggering Events: Defining the circumstances that will activate the agreement.
Retaining Key Employees During Transition
For businesses with essential employees, retaining and incentivizing key personnel during a transition is vital. Incentive plans can encourage employees to stay and support the transition, while retention agreements provide financial benefits to those who remain with the company throughout the process. These strategies help maintain operational stability and ensure the new leadership is set up for success.
Minimizing Tax Liabilities
Business succession planning often involves significant tax implications. Strategies such as gifting ownership interests or utilizing valuation discounts can help minimize tax burdens. Trusts—such as grantor retained annuity trusts (GRATs) or intentionally defective grantor trusts (IDGTs)—are effective tools for transferring business interests while reducing estate taxes.
Additionally, estate equalization can be useful in balancing asset distribution among heirs. If one child inherits the business, others can receive assets of equivalent value to maintain fairness.
Communication and Regular Plan Updates
Transparency and communication with family members, employees, and co-owners are essential. Keeping all stakeholders informed helps manage expectations and fosters trust. Additionally, business succession plans should be reviewed and updated regularly to reflect changes in business structure, leadership, or family dynamics.
Plan for a Legacy That Endures
Business succession planning requires time, careful thought, and collaboration with experienced advisors. At Axis Estate Planning, we help business owners create customized succession strategies that preserve their legacy, minimize risks, and ensure business continuity for generations to come.
Start planning today to secure the future of your business. Contact Axis Estate Planning at (248) 920-9398, visit us at 900 Wilshire Drive, Suite 105 Troy, MI 48084, or explore our services at www.axisattorneys.com.
We often discuss the benefits of estate planning, but understanding the consequences of failing to plan is just as important. Without a proper estate plan, your assets may not be distributed according to your wishes. Here’s what can happen if you don’t have an estate plan in place.
1. Your Assets Will Be Distributed by the State
If you pass away without a will or trust, your estate assets will be distributed according to intestate succession laws. This means that the state—not you—determines who receives what, based on a strict formula. Unfortunately, these laws do not consider personal relationships, estranged family members, or blended family dynamics.
2. Some Assets Are Not Subject to Intestate Succession
Certain assets may bypass intestate succession laws, including:
- Funds in an IRA, 401(k), or other retirement accounts
- Property held in joint tenancy or tenancy by the entirety
- Proceeds from life insurance policies
- Payable-on-death bank accounts
- Securities in a transfer-on-death account
However, most other assets are distributed according to state laws, which may not align with your wishes.
3. Blended Families Face Unique Challenges
For individuals who have remarried or have children from multiple relationships, intestate succession can create unintended conflicts. Without an estate plan, the state determines whether your current spouse or ex-spouse inherits your assets. If you have children from different marriages, the state will decide how your estate is divided among them—potentially creating discord among family members.
4. Your Children’s Financial Future May Be at Risk
If you have minor children or children who are not financially responsible, an estate plan allows you to designate how and when they will receive their inheritance. Without such protections, their inheritances could be quickly squandered due to poor financial decisions or taken advantage of by outside influences.
Plan Ahead to Protect Your Loved Ones
An estate plan helps ensure that your assets are distributed according to your wishes, reduces the likelihood of family disputes, and provides financial security for your loved ones. At Axis Estate Planning, we assist families in creating estate plans tailored to their unique needs.
Contact Axis Estate Planning Today
📍 900 Wilshire Drive, Suite 105, Troy, MI 48084
📞 (248) 920-9398
🌐 www.axisattorneys.com
Take control of your legacy. Schedule a consultation with Axis Estate Planning today.
No parent wants to imagine a future where they’re unable to care for their children, but planning for the unexpected is one of the greatest gifts you can give them. By naming a guardian for your minor children, you ensure they will be raised by someone who aligns with your values and parenting philosophy. But how do you choose the right guardian? Here are several critical factors to consider.
1. Ability and Willingness to Serve
Before naming a guardian, ask yourself: Does this person have the physical, emotional, and financial ability to raise my child? Even more importantly, are they willing to take on this responsibility? The last thing you want is to assume someone will accept the role without discussing it with them first.
2. Shared Values and Beliefs
A guardian should be someone who shares your views on education, discipline, religious beliefs, and overall child-rearing philosophy. If maintaining a specific lifestyle or set of traditions is important to you, ensure your chosen guardian will honor them.
3. Geographic Considerations
Moving can be a significant adjustment for a child. If your prospective guardian lives far away, would relocating disrupt your child’s emotional well-being, friendships, or educational stability? If possible, choosing someone within your community may provide a smoother transition.
4. Guardian’s Family and Household
If your chosen guardian has children of their own, think about how your child would fit into the household. Would your child be comfortable with the dynamics? Would they receive the necessary attention and care? Consider the potential impact on all children involved.
5. Your Child’s Age and Input
As children grow, their opinions and relationships evolve. If your child is older and mature enough to have a say, consider their input when making your decision. Their comfort and trust in a guardian can make a significant difference in their adjustment.
Planning for Peace of Mind
Naming a guardian is just one part of a comprehensive estate plan. At Axis Estate Planning, we assist families in making informed decisions to help protect their children’s future. If you need guidance in choosing the right guardian or creating an estate plan that reflects your wishes, our team is here to help.
Contact Axis Estate Planning Today
📍 900 Wilshire Drive, Suite 105, Troy, MI 48084
📞 (248) 920-9398
🌐 www.axisattorneys.com
Secure your child’s future with a well-thought-out plan. Schedule a consultation with Axis Estate Planning today.
As we age, the need for assistance with daily activities becomes a reality for many. Long-term care insurance (LTCI) is a proactive way to prepare for such needs, offering financial support for services like home care, assisted living, or nursing home care. At Axis Estate Planning, we believe in helping you Plan for Your Future and Protect Your Legacy by making informed decisions about long-term care.
What Is Long-Term Care Insurance?
LTCI is a policy designed to cover costs associated with extended care services not typically covered by health insurance, Medicare, or Medicaid. These services include:
- Assistance with daily activities such as bathing, dressing, and eating.
- Specialized care for conditions like dementia, Alzheimer’s, or Parkinson’s disease.
Benefits of Long-Term Care Insurance
LTCI offers several advantages, making it a good fit for many:
- Protects Your Savings and Assets:
LTCI helps prevent long-term care costs from depleting your savings or estate. - Flexibility in Care Options:
Policies often allow you to choose between receiving care at home, in an assisted living facility, or in a nursing home. - Relieves Family Burden:
Coverage ensures your loved ones won’t need to shoulder the financial or caregiving responsibilities alone. - Fills Gaps Before Medicaid Eligibility:
LTCI can provide benefits before Medicaid kicks in, giving access to higher-quality care options.
Challenges of Long-Term Care Insurance
While LTCI can be beneficial, it’s not the right choice for everyone. Consider these potential drawbacks:
- High Premiums:
LTCI premiums can be expensive and are not guaranteed to remain constant. - No Refund for Unused Benefits:
If you never need long-term care, the money paid into the policy is not returned to you or your beneficiaries. - Health Screening Requirements:
Policies often require a health screening, and pre-existing conditions can lead to denial or higher premiums. - Complex Terms:
Understanding LTCI policies can be challenging due to complex terms, conditions, and exclusions.
When to Consider Long-Term Care Insurance
The ideal time to buy LTCI is in your mid-50s to early 60s when premiums are lower, and you’re more likely to qualify based on health. Waiting until you’re older or facing health issues can result in higher costs or denial of coverage altogether.
Work with Professionals
If you’re considering LTCI, it’s essential to consult with your estate planning attorney and financial advisor. They can:
- Evaluate your life circumstances and financial goals.
- Recommend alternatives, such as early trust planning or other strategies, if LTCI isn’t the right fit for you.
How to Find the Right Policy
If LTCI is the right choice for you, there are several options for obtaining a policy:
- Insurance Companies: Work with major providers to explore policy options.
- Employer Benefits: Some employers offer LTCI as part of their benefits package, often at discounted rates.
- Online Comparison Tools: Use online platforms to compare policies and premiums to find the best fit for your needs.
Plan for Your Future and Protect Your Legacy
By understanding the ins and outs of long-term care insurance, you can make informed decisions that align with your financial and personal goals. At Axis Estate Planning, we’re here to help you navigate your options and secure the most favorable terms for your future care.
📍 Visit Us: 900 Wilshire Drive, Suite 105, Troy, MI 4884
📞 Call Us: (248) 920-9398
🌐 Learn More: www.axisattorneys.com
Take the First Step Toward Peace of Mind
Start exploring long-term care insurance options today to ensure you’re prepared for whatever the future holds. Contact Axis Estate Planning to schedule a consultation and take control of your legacy.
When it comes to estate planning, beneficiary designations are a critical yet often overlooked detail. These designations determine who will receive your assets—such as retirement accounts, life insurance policies, and bank accounts—upon your passing. Keeping them current is essential to ensure your wishes are honored and your estate plan functions as intended.
At Axis Estate Planning, we emphasize the importance of keeping your beneficiary designations updated as part of our commitment to helping you Plan for Your Future and Protect Your Legacy.
Why Beneficiary Designations Are Crucial
Many people don’t realize that beneficiary designations take precedence over other estate planning documents, such as wills or trusts. For example:
- Even if your will states that your assets should go to your children, if your life insurance policy lists an ex-spouse as the beneficiary, the ex-spouse will receive the payout.
- This highlights the importance of regularly reviewing and updating your beneficiary information to ensure it aligns with your current wishes.
Consequences of Outdated or Incorrect Beneficiary Designations
- Unintended Recipients
Major life events—such as marriage, divorce, or the birth of a child—can result in assets going to someone you no longer intend to benefit or in an uneven distribution among beneficiaries. - Legal Complications
If no beneficiary is listed or the named beneficiary has predeceased you, the asset may go through probate, leading to delays and additional costs. - Family Disputes
Misaligned beneficiary designations can create conflicts among family members, leading to unnecessary tension and potential legal challenges.
The Importance of Regular Reviews
Life is dynamic, and your estate plan should evolve to reflect those changes. Regularly reviewing your beneficiary designations ensures:
- Direct Asset Transfers: Assets pass directly to intended recipients, avoiding probate.
- Alignment with Estate Plans: Your designations match your will, trust, and overall estate strategy.
- Tax Efficiency: Minimizing tax liabilities for your estate and beneficiaries.
Professional Guidance Is Key
Beneficiary designations may seem like simple forms, but they are a powerful tool with significant legal and financial implications. An inaccurate or outdated designation can undermine the effectiveness of your estate plan.
- Whether you’re designating beneficiaries for specific assets or working on a comprehensive estate plan, consulting with an estate planning attorney ensures your designations align with your goals.
- At Axis Estate Planning, we provide personalized guidance to make sure your estate plan—including beneficiary designations—works seamlessly to protect your legacy.
Take the Next Step with Axis Estate Planning
We’re here to help you navigate the complexities of estate planning with confidence and care. Regularly reviewing your beneficiary designations is a simple yet essential step in ensuring your estate plan meets your needs and safeguards your family’s future.
📍 Visit Us: 900 Wilshire Drive, Suite 105, Troy, MI 4884
📞 Call Us: (248) 920-9398
🌐 Learn More: www.axisattorneys.com
Plan for Your Future and Protect Your Legacy
Let Axis Estate Planning help you secure your future and protect what matters most. Contact us today to schedule a consultation and take the first step toward creating a comprehensive, up-to-date estate plan.
When we hear the word legacy, many of us think of money left to people and institutions that have come to mean the most to us over the course of our lives. But your legacy is much more than that. It includes your memories, values, wisdom, family history, and more that do not necessarily have monetary value. How can you pass those on to future generations?
Start by documenting your stories. Consider writing them down or creating a recording of yourself sharing memories about your parents, grandparents, and other relatives. Don’t just recount where they lived and what they did for a living. Strive to convey a sense of who they were, what they valued most in life, and the principles they cherished.
You’ll want to take a similar approach in sharing your own story. Describe why you made certain decisions, the lessons you learned from mistakes, how you achieved success, and what you might do differently if given the chance. Photos can be a powerful way to preserve history, so be sure to organize and store images that depict your life and that of your family members. You might even want to create a website where stories and photos can be shared, allowing family members to contribute their own memories.
Let’s also think about sentimental items. These may not have great monetary value but are rich with meaning, such as an old watch owned by an uncle or a rocking chair that belonged to your mother. Family disputes often arise over items like these. To prevent misunderstandings, if a child has shown interest in an object, you can specify in your will that he or she will inherit it. For sentimental objects without clear “claims,” consider using an estate planning letter to assign them to someone special and explain their significance.
What about your values? Is there a way to ensure they are passed on? One effective method is to use tools like an Incentive Trust, which can encourage specific behaviors or accomplishments. For example, your trust could reward children for completing their education, pursuing a profession, buying a home, or engaging in charitable work.
Ultimately, you might be surprised by how much the non-material aspects of your legacy—your values, wisdom, and family history—can mean to your loved ones and future generations. These intangibles are often what family members treasure most.
Ready to Plan Your Legacy?
At Axis Estate Planning, we’re here to help you protect your legacy in all its forms. Whether you want to preserve family stories, safeguard sentimental items, or create an Incentive Trust, we can guide you through the process. Contact us today at (248) 920-9398 or visit us at www.axisattorneys.com to schedule a consultation.
If you have been asked to serve as a trustee, chances are you were initially flattered by the request. After all, it is quite an honor—a parent or loved one thinks highly enough of you to entrust you with managing a significant portion of their life’s savings. However, before agreeing to serve as trustee, it’s important to consider the responsibilities involved. Administering a trust typically involves the following duties—and often more:
- Locating and protecting trust assets
- Collecting life insurance policies, annuities, and retirement accounts that name the trust as the primary beneficiary
- Coordinating settlement of the estate with the personal representative if probate administration is necessary
- Obtaining the values of all trust assets at the time of the trustmaker’s death, including real estate and business interests
- Ascertaining and paying off all of the trustmaker’s debts from funds remaining in the estate
- Assessing income and estate tax liabilities
- Preparing and filing all required income and estate tax returns
- Paying the ongoing expenses of administering the trust until it can be terminated and distributed to beneficiaries
- Raising the cash necessary to pay off debts, ongoing expenses of administration, and estate and income taxes
- Investing and managing trust assets until they can be distributed to beneficiaries
- Distributing all assets left in the trust after all debts, taxes, and expenses have been paid
Accomplishing these tasks can be both time-consuming and, in many cases, extremely complicated. The first question to ask yourself is whether you have the time and skills necessary to administer the trust. Another important factor is that a trustee can be held personally and financially responsible for failing to carry out the mandates of the trust exactly as stated. Even inadvertent mistakes can result in severe penalties.
Given these challenges, the decision to serve as trustee should not be taken lightly. If you are considering whether to accept the role of trustee, Axis Estate Planning can help you understand the responsibilities and risks involved. Should you decide to serve, we can guide you through every stage of the process. If you prefer not to accept this responsibility, we can help you choose the ideal person to serve in your place.
Call us at (248) 920-9398 or visit www.axisattorneys.com to schedule a consultation today.
