When is the Right Time to Set Up A Family Trust?
Most people in Michigan have at least a vague understanding of how wills operate. This is certainly a good thing, as wills are extremely important and are an essential estate planning tool. However, they are far from the only asset distribution tool available. For many individuals in Michigan, a family trust is actually the best way to set up the distribution of their assets. If you want to know if a family trust is right for you, or if you have any questions about setting up a Michigan family trust, please do not hesitate contact an experienced estate planning attorney today to learn more about your legal options.
Family Trusts: Understanding the Basics
Wills and family trusts can both be used to pass on assets to heirs. For this purpose, a family trust often provides key advantages over a will. Family trusts are also cost-effective and relatively easy to set up. Even though a trust is a simple tool, it is an extremely powerful one. The basic process for establishing a trust is as follows:
- You must determine who will be the beneficiaries of the trust;
- You must select the specific assets that will be included in the trust; and
- You need to consult with a qualified attorney who will be able to draft the trust document and who will ensure that your assets are properly transferred and titled so that they are fully protected by the trust.
Is the Right Time to Set-up a Trust Now? Four Questions to Ask Yourself
- Do you want to keep full control over your assets?
- Do you want a flexible estate plan that can be altered at any time?
- Do you want to avoid the costly and time-consuming process of probate?
- Do you want to reduce the risk that a dispute will arise over your assets?
If you answered ‘yes’ to any of those questions, you should consider setting up a trust today. In fact, for many people, the right time to set up a trust is now. Far too many people are not taking advantage of the full range of estate planning options that are currently available to them. In the unfortunate event that you pass away, your family trust will ensure that your assets are distributed as efficiently and painlessly as possible. Additionally, during your lifetime, you will always have full control over the assets that are in the trust. At any moment, you can make changes to your trust so that it is always updated to your current wishes. Further, you could even revoke your trust entirely. The bottom line is that with a family trust, you will never lose control of your assets or any flexibility to make changes.
Contact Our Office Today
At The Law Offices Of David L. Carrier P.C., our team has helped many families find the estate planning solution that best fits their needs. If you have any questions about family trusts, or estate planning in general, please do not hesitate to contact us today. Our firm has offices in Grand Rapids, Norton Shores, Holland and Portage and we proudly serve families throughout western Michigan.