What are the Different Types of Trusts in Michigan?

Planning for the future can be difficult. When it comes to estate planning, you may feel totally overwhelmed. What is a power of attorney? Do I need a will or a trust or both? One of the best ways to approach the challenge of estate planning is to educate yourself. Everyone is different, so everyone will plan for their estates differently. Estate planning attorneys understand this, so they will be able to create a comprehensive estate plan that suits your needs, but it always helps to begin the process with some ideas of what you may want. Read on to learn more about trusts and the different types of trusts you can create in Michigan.

What is a Trust?

A trust is a legal document that is used to manage certain assets.

Below, you will find a breakdown of who is involved in a trust:

  • Trustor: the person who creates the trust
  • Beneficiary: the person who will receive the assets allocated in the trust
  • Trustee: the third party assigned to manage the assets on behalf of the beneficiary

Should I Create a Trust?

A trust may be a great tool for you to use when it comes to estate planning. There are so many different types of trusts, it is easy to find a trust that will suit the needs of you and your loved ones. Below you will find a sample of the types of trusts you can create in Michigan:

  • Revocable Living Trusts: can be altered and revoked by the trustor at any point, for any reason
  • Irrevocable Trusts: can only be modified with permission from the beneficiary
  • Special Needs Trusts: can be created to ensure that special needs family members are taken care of financially
  • Charitable Trusts:  allows the trustor to continue donating to charity after his or her passing

There are many different types of trusts, for more information, reach out to a Michigan estate planning attorney.

How do I Create a Trust?

If you are interested in creating a trust, you will want to reach out to a knowledgeable estate planning attorney. A trust is just one of many good options when it comes to planning for your estate, so you should speak with someone in order to create the best plan for you and your loved ones.

Contact our Firm

Sometimes, divorce, family, and estate matters are difficult to navigate. Fortunately, they do not have to be with the assistance of a compassionate, knowledgeable attorney who is willing to guide you every step of the way. If you need a seasoned firm to help you with any divorce, family or estate-related matter, please do not hesitate to contact Collis & Griffor today to schedule a consultation.

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