Estate planning is a necessary step for every individual who wishes to ensure that he or she retains control over what happens to his or her property, real estate and wealth after death. For many, it is possible to secure this type of protection in the terms of an appropriately drafted will. However, many people may find that in order to protect their financial interests and those of their Michigan families, they need something more than just a will.
A trust allows a third party to hold assets for a beneficiary. Trust arrangements come in many different ways, and there are several different types of trusts from which to choose. One of the most popular types of trusts is a revocable living trust, which provides both assurance of asset protection and the ability to continue to manage property held in the trust.
Would you benefit from this type of trust?
If you believe that a revocable living trust is the best option for you and your family, it may offer you some of the following benefits:
- The ability to manage trust property
- Offers protection in case you become ill or disabled
- Allows you the right to amend or revoke the trust as needed
- Provides ability for beneficiaries to avoid probate
A trust is different from a will in that it goes into effect during your lifetime. While you are living, you and, possibly, a co-trustee who you designate are responsible for the management of the trust. Upon your death, the other trustee has the responsibility of distributing trust assets according to your wishes.
Not everyone needs a trust, but these are a favorable choice for people wishing to set aside money and protect assets for a specific reason, such as the care of a special needs child, charitable giving and more.
An estate plan uniquely suited to your needs
There is no one-size-fits-all approach to estate planning. You need an estate plan uniquely suited to your individual needs and objectives, and you can achieve this by working closely with an attorney who can carefully and thoughtfully tailor a plan to protect your family after you are gone.
Significant life changes, such as remarriage or the birth of other children, may merit changes in any existing estate plans. Whether you already have a trust or may need to add a trust to your current estate plan, you will find great benefit in leaning on the guidance of an experienced legal ally.
