Many clients ask us what are the benefits of having a revocable living trust in Michigan. There are a few benefits to a properly planned living trust prepared by a Michigan trust and estate planning lawyer.
First, a properly funded living trust can avoid the Michigan probate process. Assets that pass through a living trust from the grantor to the beneficiaries or that are held in trust for the beneficiaries avoid the Michigan probate system. A last will and testament does not avoid probate. A Michigan living trust will avoid Michigan probate, if properly funded.
Second, as a grantor, you are able to exert far more control over your assets and how the are distributed. For example, you could create a Michigan revocable trust where, when you pass away, your assets are held in trust for the benefit of your children for a period of time, shielding those assets from poor financial decisions of your children or lawsuits, or creditor claims.
Third, you are able to do sophisticated Federal estate tax planning strategies.
Most people look to the living trust for the first two benefits, probate avoidance and control over their assets.
If you have any questions on how to set up a properly drafted Michigan living trust, please contact a Michigan estate planning lawyer.
-Christopher J. Berry, Esq.
Bloomfield Hills Trust and Estate Lawyer
First, a properly funded living trust can avoid the Michigan probate process. Assets that pass through a living trust from the grantor to the beneficiaries or that are held in trust for the beneficiaries avoid the Michigan probate system. A last will and testament does not avoid probate. A Michigan living trust will avoid Michigan probate, if properly funded.
Second, as a grantor, you are able to exert far more control over your assets and how the are distributed. For example, you could create a Michigan revocable trust where, when you pass away, your assets are held in trust for the benefit of your children for a period of time, shielding those assets from poor financial decisions of your children or lawsuits, or creditor claims.
Third, you are able to do sophisticated Federal estate tax planning strategies.
Most people look to the living trust for the first two benefits, probate avoidance and control over their assets.
If you have any questions on how to set up a properly drafted Michigan living trust, please contact a Michigan estate planning lawyer.
-Christopher J. Berry, Esq.
Bloomfield Hills Trust and Estate Lawyer
