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My goal with this column is to provide a public service of educating the readers as to our probate and estate planning process in Michigan. Hopefully you might find it somewhat entertaining. The best law professor I ever had taught us the principals of business law by doing hamburger stand skits. Each week he converted his handkerchief into a burger flipper's cap or apron and as the burger sale transactions kept going awry he was teaching us the Uniform Commercial Code. So I know we can learn while being entertained.

As a child one of my favorite places to dream was in the full-color pages of the Sears & Roebuck Catalog. Admiring mainly the trains and toys, but also the go-karts with racing slicks, gleaming fiberglass water-ski boats, and even household goods that mom might purchase, I thought how great it was that Sears would help us by categorizing the range of quality of a particular type of good by stating whether it was "Good," "Better," or "Best." Even a 10-year-old child such as me could learn a lot by reading the extra features describing why you might want to pay a little more to upgrade from "Good" to "Better" or maybe all the way up to "Best" on that new vacuum cleaner or stove.

That same "Good," "Better," or "Best" concept applies equally well to estate planning. Basically, the idea of planning your estate is to make sure that when you become incapacitated or die your property will be efficiently handled as you wish, and will pass to your desired beneficiaries either outright, or sometimes with strings attached to it. A second goal might be to accomplish all of this with a minimum of fuss, and maybe even a minimum of "death" taxes.

A "Good" estate planning vehicle is a will. It is such a basic and helpful document that everyone needs a will. In fact, if you don't have a will when you die the state virtually writes one for you under Michigan statutes, but it might not be what you wanted. For most people a will is adequate for their needs. A "Better" estate planning tool in some cases is a Testamentary Trust, which is a will containing a built-in Trust taking effect only after you pass away. The "Best" estate planning vehicle for many people is a Revocable Living Trust that is active from the moment you sign it.

Growing up a teenage fan of General Motors 1960s muscle cars, we clearly knew that a Chevrolet Malibu was good, but a Pontiac GTO was better, and a Corvette Stingray was best, except for older folks who might prefer a Cadillac which, for them, was best. However not everyone needs a higher priced Cadillac or even a mid-priced Pontiac, and similarly not everyone needs a Trust. It all depends upon your personal circumstances, your stage in life, and just how involved you wish to become in the estate planning game.

In future articles we'll delve into the details and benefits of each of the three estate planning vehicles mentioned above. We'll also learn the basics of the probate process, find out about estate taxes including ways to minimize them, and explore the almost unlimited creativity involved in crafting your own personal estate plan. When you meet with your attorney you'll have a much better idea of the process and possibly be already leaning towards one vehicle in particular.

Jim Datsko is an Elk Rapids attorney, when he isn't skiing or biking at scenic locations all around America. When you can catch him in his office, he offers a free 20 minute consultation over the telephone or in person. Jim advises that you always consult your attorney before attempting any of these ideas on your own.