Galloway and Collens, PLLC
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February 2014 Archives

Paul Walker's estate plan protects daughter

The recent death of movie star Paul Walker highlighted the fact that tragedy can strike anyone at any time. The accident has also turned out to be a lesson in the importance of having an estate plan at any age. Walker's estate plan, in particular, ensured his only child would be taken care of in the event of his early death. Any Michigan parent may benefit from understanding how he handled his estate plan pertaining to his daughter.

Should an estate be passed through a trust or a will?

Especially for a wealthy Michigan family, it can be difficult to know how to pass wealth along to the next generation and if it should be done through a will or a trust. Estate planning is a vital financial step for anyone, no matter the income level. However, for those planning on bequeathing a significant amount of money or assets, it is best to ensure all documentation for a will or trust is in place and legally binding.

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