Understanding whether you need to include a trust in your estate planning strategy can be difficult if you haven’t started planning for how your assets will be handled once you’ve passed away. Planning is an essential first step that can help you and your family put the right legal tools in place to meet your future goals. Whether you are at the initial planning phase or you’re ready to establish a trust, the Michigan trust attorneys at Michigan Law Center can help. Do you need a trust designed to meet complex financial goals, call us today at (586) 803-8500 to schedule a consultation. Our Michigan trust attorney can assess your situation and help you get started. We have many years of experience helping families throughout the state make smart, measured choices to protect their assets for the next generation.
What Is a Trust?
When establishing a trust, an individual or entity creates a fiduciary arrangement that allows another named party to take control of assets on behalf of the owner of those assets. Trusts are powerful legal tools that can protect you and your family’s assets. Once established, a trust gives a trustee control over enumerated holdings on behalf of a named beneficiary.
- Revocable Living Trusts
- Irrevocable Trusts
- Special Needs Trusts
- Irrevocable Life Insurance Trusts
- Charitable Trusts
A trust can be arranged in many ways, so establishing a trust that meets your goals can require careful planning. It’s important to begin by choosing the legal tool suits your needs.