Should I Have a Trust?
Further, trusts allow you to pass on assets quickly and privately. By contrast, settling an estate through a traditional will triggers the probate process, which can take months or even years and makes all documents viewable to the public. With a trust, much of that delay can be avoided, and the entire process is private. This can save your beneficiaries from unwanted scrutiny or solicitation.
Whether or not a trust is right for you differs from person to person. Not everyone needs to have a trust, but many of my clients have been surprised to find out how much a properly drafted trust can do for them. There are several different kinds of trusts that I can create for you based on your unique situation and the overall goals you wish to set for your assets after you pass.
MI Wills and Trusts is a subsidiary of:
For Assistance with legal matters pertaining to Elder Law, Family Law, or Real Estate Law please visit Soler Law at www.solerlawpllc.com
Copyright © MI Wills and Trusts 2018 | All Rights Reserved
What is a Trust?
As a licensed Michigan attorney, I’m proud to serve residence of our great state by providing cost-effective solutions to legal matters. I frequently work with on-the-go professionals, families and everyday people just like you to create estate plans that provide them with peace of mind. Now that you’re here, send me a note. Ill get back to you as soon as possible so we can begin protecting your family’s future.
A trust is an extremely useful estate planning document that serves as a way to pass assets to a trustee, who in turn holds those assets for a third party such as an heir. Trusts can be an appealing option if your aim is to minimize taxes, protect assets, put further restrictions on when and how assets are distributed to your loved ones, and avoid the probate process.
In most cases, while you are living you are the trustee and are in complete control of the trust. You determine the rules the trust must follow, as well as what assets are allowed to flow into and out of the name of the trust. After you pass, the trustees you have selected to take control of the trust must carry out your wishes in the maner the trust stipulates.
Many people create trusts to minimize hassle and fees for their loved ones, or to create a legacy of charitable giving.
The primary benefit of a trust is that it allows you to determine where your assets go and when your beneficiaries have access to them. If done correctly, A trust can save your beneficiaries from paying estate taxes and court fees, and can protect your assets from beneficiaries’ creditors or from loss through divorce settlements. It also lets you specify where remaining assets should go in the event of a beneficiary’s death. This can be helpful in a family that includes second marriages and step-children.
What is the Benefit of a Trust?