At Willingham & Coté, P.C., our Michigan estate planning attorneys have extensive experience utilizing various types of trusts as an effective estate planning tool.
Trust Administration Services
A revocable trust is an entity that owns your assets and gives you the ability to determine what happens to those assets upon your death and during any periods of incapacity. The terms of the trust can be changed at any time prior to your death or incapacity. Much like a will, the trust agreement also allows you to name guardians for any minor children.
Similar to a revocable trust, an irrevocable trust is an entity that owns your assets; however, this trust typically cannot be changed, without court approval. The Michigan trust attorneys at Willingham & Coté, P.C. are experienced in setting up these complex trusts and ensuring that they are properly administrated.
Michigan law allows you to establish a separate trust for the benefit of your pets. Using a pet trust as an estate planning tool, money can be set aside to take care of your beloved pet upon your passing. This trust can last up to twenty (20) years or until your last pet dies, whichever is first. Any remaining funds are distributed according to your wishes.
Settlor: The person who is transferring his or her assets to the trust.
Beneficiary: The person who receives the benefit from the assets that are being held by the trust.
Trustee: The person in charge of managing the assets in the trust. He or she can hire others to manage brokerage accounts or other assets, but is ultimately responsible for making the decisions with respect to the trust assets.
Contact a Trust Attorney
Regardless of your financial situation, a trust can provide many benefits. Through one-on-one consultations with our experienced Michigan estate planning attorneys, we can use a trust to provide for many different positive results:
- Smooth distribution of assets during incapacity and at death;
- Maintaining privacy regarding the distribution of your assets;
- Protecting minor children and ensuring adequate supervision of assets without court involvement; and
- Lowering estate tax liabilities.
Do you need to establish a trust or have more questions? Contact our trust attorneys today.