Guardianship Designation In Michigan: Nurturing And Protecting Loved Ones
Guardianship is a legal provision that allows an individual to take on the responsibility for the care and well-being of another person. ...
Trusts
There are a variety of types of trusts. Deciding which legal instrument may suit your needs will depend on a number of considerations.
Once you share more details about your asset preservation goals, we may even find that other legal arrangements will benefit your needs better.
The most important step in determining which legal tools will support your beneficiaries, is to set up a legal consultation and get the process started.
More Information
Pros & Cons
- Significant Assets
- Complex Family Dynamics
- Desired Privacy
- Protection from Creditors
- Record Keeping
- Cost
Three Parties of a Trust
Trusts involve 3 parties in order to create the legal agreement that typically aims to separate legal title from beneficial ownership.
Trustor
The person who transfers property to a Trustee, to be held and/or managed for further distribution to the Beneficiary when certain conditions are met.
Trustee
The person(s) who receive property from the Trustor, in order to manage the property and transfer it to the Beneficiary when certain conditions are met.
Beneficiary
The people, organizations, or even pets for whom property is being held and managed by the Trustee. There can be one or more Beneficiaries, and they will not receive the property from the Trustee until conditions as outlined by the Trustor are met.
Frequently Asked Questions
Beneficiaries typically can not make changes to or dissolve a trust during or after the Trustor’s lifetime. However, a Trustee may have the opportunity to make changes to or dissolve a trust during or after the Trustor’s lifetime depending on various legal requirements or at the direction of the Trustor.
Again, this is something that we can discuss in depth during the Estate Planning process, because the nuances are specific to the desired goal for the trust.
If the Trust is revocable, a Grantor can make changes to or dissolve a Trust while they are alive. The Trust document itself will dictate what can happen after the Trustor is deceased, so it is important that the document is drafted correctly to achieve your goals.
You can have both a will and a trust as part of your Estate Plan. Having one in place does not preclude you from putting the other in place. Each legal instrument may serve a different estate preservation goal.
We can determine which legal instruments align with your goals as we go through the Estate Planning process together.
There are a variety of trust instruments that can be used for a wide range of goals. Many people think of trusts as being something only super rich people put in place, but even moderate estates can benefit from a trust to achieve specific goals.
General trust categories: Living Trusts, Revocable Trusts, Irrevocable Trusts, QTIP Trusts, Probate Avoidance Trusts, IRA Trusts, Gun Trusts, etc. When we go through the Estate Planning process together, we will explore whether a trust may be beneficial to your goals.
Resources
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