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 modified at any time prior to your death or incapacity. Much like a will, the trust agreement also allows you to name guardians and conservators for any minor children.
A trust is private transaction and is not subject to probate court to finalize the distribution of your assets to your beneficiaries. If the trust is properly drafted, you may be able to protect your beneficiaries from their own self-destructive behavior, their age, their third party creditors, and adverse court proceedings such as a divorce.
The person who is transferring his or her assets to the trust.
The person who receives the benefit from the assets that are being held by the trust.
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.