Call us today at (586) 776-1700 or contact us online for a free consultation, and let us get to work for you. Trusts come in many different "shapes and sizes, " and there are many different ways to strategically use a trust in order to suit your particular needs — from leaving money to charity, to providing for the next generation of your family, to helping some of your most important assets avoid the potential for lengthy probate issues. If you don't leave a will, your assets, property, and belongings will be distributed by what is known as intestate succession, an algorithm that allots a specific percentage of your assets to specific relatives with your spouse at the top of your list and your children next in line. Unsure of what to do in this situation, the client came to us to help him navigate the complex Probate process. Distribute your personal and household items to any number of people you choose. Preparing Trust can prevent your children from being left in the cold. The trustee of the trust will be able to use trust monies to purchase goods and services (i. e., "supplemental needs") for Grandchild that are not provided for through government benefits. There are many types of trusts. You should be as clear as possible in describing both the item and the person who should receive it. Common Questions about Wills. Your nearest "heirs at law" are your children or, if they have died before you, their children. If you have an estate worth less than $15, 000, you are eligible for a small probate procedure which takes only 18 days. Wills can be used to name a guardian for any minor children you may have. In addition to providing for your heirs, estate plans often involve arrangements to support charitable purposes or address special family circumstances.
Michigan Law On Wills And Trusts
Not wanting your children to inherit equally. Determining whether you should use a will or a trust for your estate planning needs in Michigan is an important question to ask yourself. Trust versus will missouri. It's important to understand that trusts, as with so many other matters pertaining to estate planning and administration, are not "one-size-fits-all. " But in order to be valid, the will needs two witnesses to sign off on it. Probate can take a long time... The special needs trust structure helps provide for continuing care and maintaining quality of life for your loved ones with a disability, while increasing the probability that an inheritance will not disrupt your loved one's government benefits. A trust can enable a person to distribute his assets in private without the need to file a will with the probate court, which would make the will a public document.
Some trusts take effect during the grantor's lifetime, while others are only activated if the grantor becomes incapacitated or when they die. Is it a second marriage? During your lifetime, you have the option to amend your will at any time. Eye glasses and contact lenses. Knows who their close relatives are (spouse and children). Will vs Trust in Michigan | Rochester Law Center. The statutory will form requires you to say who gets the "residue" of your estate. They are much different than your everyday revocable trust. However, experts recommend consulting legal counsel and other appropriate experts, as needed, to take into account your estate planning needs.
Michigan Wills And Trusts
Family dynamics also play a large role in determining whether you need a trust. Also, if you have a lot of valuable property or if your estate or family situation is complicated, you may want to have a lawyer help you make a will. The precise way each asset is placed into the trust depends largely on the type of asset. Validity/authenticity of the trust – Simply put, if the trust was not properly witnessed, notarized, and signed in accordance with State law, the trust may be open to litigation. This means if a creditor gets a judgment against you, the likelihood is much better that the assets residing in the trust will be protected. Anyone who is 18 or older with sufficient mental capacity may make their own will. You may want to give a copy to the person you named in the will as your personal representative. The Critical Difference Between A Will And A Living Trust In Michigan. That said, not everyone needs a trust. Instead, the Living Trust allowed us to wait until after the sister had discharged her debts in the bankruptcy court before making the payment. For more information about contesting a will or a trust, our services or to schedule a no-cost, no-obligation initial consultation, please call 517-219-9301. One difference between a will and a trust is the fact that a will can only go into effect upon your death, while a trust can either be used to manage property during your life or after your death. Michigan Trust Litigation | High Rated Probate & Estate Lawyers. The final step is to transfer assets into the trust, funding it. Generally, these laws allocate a significant portion of the estate to your surviving spouse and divide the remainder equally among your children.
Typically, these are set up so that when the first spouse passes, the trust assets transfer to the surviving spouse. Michigan has enacted the Uniform Probate Code, which makes its probate process more efficient than some, but still requires months to be finalized. However, it's still a good idea to make and sign a new will to reflect your changed family structure following a divorce. During their lifetimes, grantors can create revocable trusts which they can alter, amend, or terminate at any time. So, you must be diligent when you're creating this document. Protect Your Family From Creditors, Divorce, Substance Abuse, Gambling and Estate Taxes. Wills vs Trust In Michigan: An Overview. If you have questions about establishing a trust or any estate-related legality, contact our estate planning attorneys at Sumner & Associates, P. Michigan law on wills and trusts. C. today. Whether you are looking for a probate attorney, an estate attorney or need legal advice when dealing with these emotional issues, you can trust our office to guide you through the process and deliver results. When Can I Challenge A Will Or Trust In Michigan? Your surviving spouse or a qualified adult relative or friend may apply to the court to be appointed as the administrator, but their appointment is not certain. If you own real property with the decedent, or if you own any type of property with the decedent and someone else, ownership can be hard to understand after a death. A last will and testament, or "will, " is an estate planning document outlining how your assets should be distributed. Although estate planning often is viewed as a concern for older individuals with substantial means, it is a subject that almost everyone needs to address.
Trust Versus Will Missouri
Such trust transfers enable grantors to maintain privacy concerning the nature and value of their assets. Trusts are also much more difficult to contest than wills, providing added security that your wishes will be carried out. One reason is convenience to the court in the future. Some of the differences between each are outlined below: Revocable Trusts. A good solution to this problem is for Grandma to have Grandchild's inheritance paid into a Third-Party Special Needs Trust. For this reason, it is incredibly important to nominate a successor trustee who will be able to handle the responsibility, and capably abide by the directions that you set down for the trust. Michigan wills and trusts. Are you in a second marriage? Trust administration is not a simple process and a poorly administered trust can result in serious consequences after you pass. Do I need the help of an Estate Planning Attorney? Almost nothing was left for the man's family members that he had attempted to leave his assets to. The key benefits and downsides associated with wills and trusts in Michigan really depend on what your estate-planning goals are.
Speaking with an experienced Michigan estate planning attorney can help you determine whether a will, a trust, or both might be right for you. This can become a point of contention if the trust is challenged. A living trust in Michigan can be a valuable estate planning tool that gives you control over your assets and which offers privacy. The "residue of your estate" means everything else you own that wasn't included either in the list of personal items or in the optional cash gifts. The statutory will allows you to distribute your property to certain family members according to a set structure. Technically speaking, a trust is an instrument that allows one party, called a "trustee, " to hold legal title to assets on behalf of another party, called the "beneficiary. " A trust remains private and does not need court approval and is not made public.
What Is A Trust Vs Will
The mechanics for each will be different depending on a number of facts including whether the property is real or tangible. While wills take effect upon death, trusts may be used both during the life and after the death of their creators. This is why most attorneys assist their clients with the initial funding of the trust. Working with a qualified attorney can help you determine which option is best for you based upon your family size, assets, and other unique factors. If you intend to leave most of your property to your nearest family and your situation is not complicated, you can prepare a simple and effective will on your own using the Michigan statutory will. Irrevocable trusts are managed by a trustee who is not the grantor. We will work with you to analyze the situation and to determine whether a terror clause puts your inheritance at risk. Sadly, this is an all too common scenario. These arrangements transfer property without the assets going through probate. You must fund your trust! A legal will gives you more control over how your assets are distributed when you pass. Because of their versatility and ease of use, revocable living trusts are among the most popular types of trusts used today. As such, the trust provides a mechanism by which the disabled person can receive gifts and inheritances without interfering with his or her benefits.
The contributed assets are distributed to one or more charities upon expiration of the trust's term, which may be a term of no more than 20 years or a term based on the life of one or more noncharitable beneficiaries. He has the legal counseling skills, experience, and dedication that your legal matter deserves. However, sometimes joint ownership is more complex. Trust Litigation Lawyers in Plymouth MI. Some of the types of trusts that are used in Michigan estate planning include: Supplemental (Special) Needs Trusts.
Estate planning lets you protect your loved ones, control the distribution of your assets, and direct your end of life care. "Estate Planning Primer: Trusts and Estates. In some cases, a trust becomes necessary because of a type of asset you own. A trust is a written agreement created by the settlor, also known as the grantor, which names an individual who is responsible for managing property, as directed by the trust agreement.