Norton Shores Family Trust Lawyers
The legal process of passing your assets on to your loved ones can seem daunting. Fortunately, our experienced legal team can help dramatically simplify the process for you. For example, many Norton Shores families would benefit tremendously from the establishment of a family trust. In many cases, a family trust is the most cost effective and efficient way to pass on assets. If you have any questions about how to transfer assets to your relatives, please contact our experienced Norton Shores family trust lawyers for immediate assistance.
What is a Family Trust?
A family trust, similar to other types of trusts, is a legal binding document that one can set up during their lifetime. Assets will be selected and they will be placed into the legal ownership of the trust. It is important to note that while those assets were legally transferred to the ownership of the trust, the rights of the original owner remain intact. If you place assets into a family trust, you will always still maintain full possession and control of your assets during your lifetime. However, once the assets are in the family trust, the owner of the trust will be able to include instruction for how to distribute those assets in the event that the trust owner becomes incapacitated or passes away. This type of estate planning tool offers a number of key benefits for Michigan residents.
A family trust can help you be certain that your assets will be efficiently distributed in accordance with your wishes.
Which Type of Trust is Best for You?
Revocable Living Trust
A basic trust that allows you to remain in control of your assets, while protecting your loved ones in the event of your death or disability.
Irrevocable Asset Protection Trust
A trust which offers some protection from creditors, while allowing you to shield assets for the purpose of collecting Medicare.
Testamentary Trust
Often referred to as inter-vivos, this type of trust is created through a will and goes into effect after your death.
Special Needs Trust
This can be used to shelter assets to ensure Medicaid eligibility in the event you or one of your children is disabled.
The Benefits of a Family Trust
Avoiding Probate
Probate is the legal process in which a Norton Shores probate court will oversee the distribution of an estate’s assets. Generally, it is desirable to avoid probate when possible. The process can sometimes be expensive, lengthy and it is also public. A big benefit of a family trust is that it allows you to pass assets to your relatives without going through probate. You will usually be able to have a faster, simpler, more private process.
Flexibility and Control:
A family trust is extremely flexible and you will always be able toretain full control over it. Life is unpredictable, and there is always a chance that your needs might change. An experienced estate planning attorney can help you quickly update the document whenever your needs change. There are no limits to the changes you can make to a family trust, so you do not need to worry about making a permanent commitment when establishing a trust.
Limiting Estate Taxes
In some cases, a family trust may allow you to reduce your estate tax burden. This depends entirely on your individual circumstances. If you have a substantial amount of assets, an experienced Michigan estate planning lawyer should always comprehensively review the tax implications of your situation.
Contact Us Today for Help
A trust is an important part of proper estate planning, and can be an invaluable tool in protecting what you value and preserving what you own. Contact us today to discuss whether establishing a trust might be a smart move for you.
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