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.
Trusts can be an important vehicle for estate planning because they help protect a person's estate and ensure that a beneficiary's needs are adequately met during his or her lifetime. One of the key elements of a trust is that it creates a distinction between the income of the trust and the principal of the trust. Trusts can be created in many different ways, with various types of provisions, so the specific trust administration will depend on those provisions.
Comprehensive estate planning generally involves more than just drafting a will, although will creation is a great place to start. Many Oakland County residents have a range of needs and plans they want to prepare for and careful estate planning can help them achieve their goals. Trusts and trust administration can be an important component of estate planning, but many people are not aware of the functions they can serve.
Caring for children with special needs, protecting inheritance, maximizing tax planning - these are all reasons that many people consider including trusts in their estate plans. There are more, obviously, because a trust can so often help provide a solution to a wide variety of estate planning needs. The problem for most people, perhaps even some of our Michigan readers, is that there is a certain air of mystery around trusts and trust administration, which can leave some people in a position where they do not even consider the benefits of establishing a trust. A recent article recognized this problem and addressed some of the basic questions people have about trusts.
Readers in Michigan have likely heard about the untimely death of Whitney Houston. While the death of the great pop star is certainly a tragedy, it has served as a reminder to everyone, young and old, of the importance of a well-crafted estate plan.
Getting the financial house in order and managing an estate can be a complex and time-consuming operation. Even for many Michigan residents whose lifestyle is less ostentatious than others, estate planning is an important matter. But for one extremely wealthy polo club owner, estate planning was taken to a new level when he made the questionable move of adopting his adult girlfriend.