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A trust is a contract between the Grantor (the person who creates the trust), the Trustee (one who controls the trust) and the beneficiaries (those entitled to benefit from the trust). You, as Grantor, determine how the trust will be operated by the Trustee and who benefits, how and when. You can create a trust that permits you to be Trustee and give you the right to receive full benefits from it. This type of trust is typically referred to as a Revocable Living Trust and is often used as a substitute to your Will. It permits you to keep total control and access to all your assets during your life, and provides for the distribution of your assets to your beneficiaries at your death.
We often refer to a Revocable Living Trust as your “Book of Instructions.” A well-established advantage to Revocable Living Trusts is the avoidance of Probate, which is required if you use a Will to distribute your assets after death. Other advantages of Revocable Trusts, when property drafted, can include:
However, very few Revocable Living Trusts provide these benefits. Only a qualified Estate Planning attorney, like David, will know how to incorporate these protections into your plan. While a Revocable Living Trust has many advantages, it does not protect your assets from a nursing home, lawsuits, divorce bankruptcy or other creditors.
Learn if a Revocable Living Trust is what you need by attending a LifePlan™ workshop.
We understand that to you, an estate plan is more than just a financial decision; it is a decision that will have a long-lasting and direct impact on your loved one ones. As such, all estate planning strategies that are employed are tailored to your specific needs. No two estates nor families are alike, and your estate plan should reflect that.
Our law firm is one of the most experienced estate planning law firms in the country, with more than 34 years’ background helping clients in Michigan. In fact, our firm has assisted more than 10,000 families with their planning needs, resulting in millions of dollars of life savings and assets protected.
For more answers to your questions contact us today!
COVID-19 Update: Our offices are closed, but we are working remotely and supporting clients through phone and video meetings. Call us at (800) 317-2812 to set up an appointment.