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 can be set up for an adult child with the child as the trustee and a sibling appointed as protector. If a problem arises, the child would lose access to the trust, and the protector would be in charge of it.
Trusts may seem like complicated estate planning tools, but, with the right help and a trustworthy legal counselor, a Michigan resident can confidently execute this important testamentary device. There are many different types of trusts that individuals can use to meet their estate planning goals. One popular form of trust is the AB trust, which is often used by married couples.
The estate planning process is designed to create protections for the future. Depending on the needs and wishes of an individual, an estate plan can include various documents.
Pets are a beloved member of 68 percent of American households and rising because many couples without children have pets and the use of comfort and emotional support animals is growing. Leaving pets out of estate planning, however, could lead to the unintended euthanizing of the pet or its placement into a shelter. Pet trusts are an effective measure to help assure the pet's future well-being.