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Trusts Archives

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.

Use a trust to protect your family

An estate plan is important for every Michigan resident. However, how that estate plan looks will vary depending on the individual circumstances of each resident. Often, an estate plan includes a will along with other estate planning documents. These documents may help to explain how a person wants to distribute the person's assets following the person's death.

Competency questioned in trust case

Michigan residents have a lot of flexibility when it comes to their estate plans. By taking advantage of the many different estate planning tools available, people can make the most of their assets. This can include the use of many types of trusts.

What is a Qualified Personal Residence Trust?

There are many ways for Michigan families to plan their estates. The specific estate planning tools that are necessary for a particular family will depend on the facts in each case. It is important for families in Michigan to understand all of their options when it comes to estate planning. There are many considerations that must be taken into account as estate planning is completed.

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