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Experts Are Saying About The Features Of A Living Trust In Michigan

What you should know about living trust?

A living trust in Michigan is one of the most commonly used estate planning documents people use to pass their money, property, and assets onto their loved ones after they die.

Also known as a revocable living trust, these estate planning tools are popular because of the protection and flexibility they provide for their creators.

While a last will and testament may be more commonly known, a living trust is a great alternative that can provide more protection to the drafter.

Living Trust vs Last Will and Testament Explained

One of the most important features of a living trust Michigan is that it allows you to avoid probate court.

Probate court can be a long and stressful process for your family to go through, especially when they are dealing with mourning your loss.

Additionally, it can be expensive, especially if your will gets contested, because your family may have to pay additional court fees or hire a probate attorney to fight on their behalf.

It is a common misconception that a will avoids probate court, but this isn’t true.

A will is your ticket to probate court because the will must be probated before your family can get access to the assets you want them to have.

It can cause serious delays in your family receiving their inheritance. Most people want the transfer of their assets to happen as quickly and seamlessly as possible.

The best way to ensure this happens is with at living trust in Michigan.

Instead of having to go through probate court, your assets will be distributed privately, often within days of your passing instead of months, or potentially years in some cases.

Privacy is another big reason people get a living trust drafted instead of a will.

Probate court is a public process which means the will and its contents become public.

A living trust is a private document, which means only the people named in the document have the right to see its contents.

A lot of people value their privacy and want to keep the distribution, so they opt for the it.

Will I Lose Control of My Assets Accompanied by a living trust?

No. When you create aliving trustin Michigan, you still get to have total control over your properties and assets.

When drafting the trust, you place the assets you want to protect in the name of the trust.

This is called “funding the trust”. You will also name yourself as trustee.

This gives you the ability to manage it and all of its assets just like you do right now.

The only difference is that because your assets are in the name of the trust, they are protected from probate court should you pass away.

Additionally, you can remove assets from the it, put new assets into the trust, change the trust whenever you want, or revoke it.

This why we say living trusts are so flexible and why these documents are so popular.

Conclusion

While a last will and testament may be more commonly known, a living trust in Michigan is a very popular estate planning alternative that provides more protection for your assets and family than a last will and testament.

If you are interested in drafting a living trust, you should consult with an experienced Michigan trust attorney.

Will, trust, and estate law is very complex and there is a lot at stake when drafting trust.

Schedule an initial consultation with a trust attorney to get customized information based on your unique situation.

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