Guardianship is a legal provision that allows an individual to take on the responsibility for the care and well-being of another person. ...
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.
Pros & Cons
- Significant Assets
- Complex Family Dynamics
- Desired Privacy
- Protection from Creditors
- Record Keeping
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.
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.
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.
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
In Michigan, a comprehensive estate plan isn't just about a will or trust. It encompasses various elements, including a final disposition instruction. ...
You were responsible and had a will drawn up, but then you had only one witness attest to your signature. Not knowing that this was a deficiency in the will, you went about your...
It sucks, I know. Not fun to think about (unless you don’t get along with your in-laws), but there it is...