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Trusts Archives

Understanding the purpose of a marital trust

Getting married means making a wide variety of important decisions. And for some Michigan couples, it means protecting their future interests. While most married couples will go through the process of developing an estate plan together, this usually entails drafting a will and ensuring that their named beneficiaries match each other when it comes to specific assets and property. But what about taking steps to protect the other spouse in the event of one's own death? No matter what age one is or how long a marriage has lasted, it is important to take estate planning measures to protect the interests of both spouses in the event of incapacity or death.

Helping you draft the proper trusts for your estate plan

Drafting a trust is often a paramount step to take in an estate plan, especially if individuals seek to protect their assets and property. There are various types of trusts available. This can often make it challenging when it comes to deciding what trusts to include in an estate plan.

Understanding the responsibilities of a trustee

If a loved one has previously established a living trust and has passed away, its instructions will typically indicate who should be responsible for the execution of the trust and other essential functions. One of the most important roles to be identified is that of trustee. This person is tasked with managing the assets that are included in the trust. There are several other important responsibilities that a trustee should be ready to fulfill, too, including the following.

Revocable trusts and common misperceptions of asset protection

The estate planning process is not an unknown activity for most Michigan residents; however, some individuals and families do not always incorporate certain components in his or her estate plan. Even more so, some individuals do not use specific legal documents, such as trusts, for the right reasons. Take, for example, a revocable trust. Many incorporate these in their estate plan as a means to avoid probate; however, many are not aware of their abilities and inabilities to protect assets.

Helping you develop a living trust

Planning for the future is an important step that can only benefit residents in Michigan and elsewhere. While it is often difficult to think about the many what-ifs the future can hold, there are some crucial life decisions to consider. Drafting a trust may not be on everyone's plan, but for some individuals, it can be one of the most important steps he or she took.

Trust planning with special needs

Caring for children with special needs can be a difficult but rewarding task. It can take considerable amounts of time and patience in order to make sure a Michigan resident's family member is taken care of in the way that the person should be. Depending on the specific special needs it can also be a very expensive task.

Is a living trust the right choice for your estate plan?

There are many different aspects of a person's financial life that the person must be aware of at all times. One part of this that can often be forgotten, is a person's estate plan. It can always be difficult to plan for a person's death, but it is a necessary task. By understanding all of the estate planning tools available to individuals, people can make the best decisions on how to distribute their assets following their death.

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