Income that is generated by a trust can either be kept in the trust or distributed to beneficiaries. In some cases, a Michigan trustee will have the ability to make distributions as he or she sees fit. However, it is also possible that the trust itself will limit the...
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Month: February 2020
Beneficiaries are often notified when a family member dies
A will allows a deceased person to dictate what happens to his or her assets after passing. In Michigan and most other states, the will is verified during probate. The document can also name the executor of the estate as well as who would look after a minor child if...
Tips for using trusts to avoid estate tax
People in Michigan who are creating an estate plan may want to consider using a trust and a trust protector. The reason to use a trust in the first place is to protect the assets in case of divorce or other problems, such as a lawsuit. As an example, a living trust...
Why is probate taking so long?
After an elderly parent dies, there are many things to take care of. You may have funeral plans to make, extended family and friends to contact and last-minute details to attend to. Of course, your primary concern is to take comfort in those who shared your love for...
How an estate plan may change throughout a lifetime
All adults in Michigan should consider an estate plan, even when they are young and have few assets. At first, this may consist mainly of powers of attorney for finance and health care. These documents allow someone, often the parents, to make legal and financial...