There are various options for estate planning. One of them is the living trust.A living trust or "revocable" trust is a legal document through which your assets are placed into a trust during your lifetime. Upon your death, your assets in the trust are then transferred to your beneficiaries according to your wishes.
There are various options for estate planning. One of them is the living trust.
A living trust or "revocable" trust is a legal document through which your assets are placed into a trust during your lifetime. Upon your death, your assets in the trust are then transferred to your beneficiaries according to your wishes.
If you are planning on creating a living trust in Michigan, a trust attorney can help guide you provide the necessary expertise and resources to create your living trust.
Checklist for creating a living trust in Michigan
• Identify who you want to pass your assets to after die. These will be your beneficiaries.
• Determine who you want to be your successor trustee. This should be a person you trust to manage and distribute your assets to your beneficiaries after you die. Often times this is a spouse or close family member.
• If you have minor children, decide who you would want to serve as guardian if you and your spouse were to pass away.
• Think about financial and medical powers of attorney in case you become incapacitated and can’t make financial and medical decisions on your own.
• Think about end of life wishes and what you would like done with your remains after you pass.
• Consult with a trust attorney to determine if a revocable or irrevocable trust is best for your unique situation.
• Utilize the expertise of a trust attorney to draft the living trust document. Trusts are complex and drafting it wrong could leave your living trust open to challenge.
• Fund your trust by titling your assets in the name of the trust. You can do this on your own, but you should use a trust attorney to help you with this. If you accidentally leave one of your assets out, it may not be protected by the trust.
• Sign your living trust document in front of notary public. Often times trust lawyer will provide this service for you if you choose to have them draft your trust.
Cost to Create a Living Trust in Michigan.
The cost of drafting a living trust varies depending on firm. Additionally, legal fees may vary depending on the attorney and the complexity of your estate.
If you know you need an estate plan and you’re trying to determine if a what kind of trust is best for you, contact the office of an estate planning attorney to see if they provide initial consultations.
An initial consultation allows you to ask any questions you have about trusts and estate planning. It also helps build a comfort level and familiarity with the attorney.
Lastly, it allows the attorney to get a better understanding of your situation so they can best advise you on what type of trust would be best for you, along with an accurate quote.
At the end of the initial consultation, you should have a pretty good idea of what type of trust is best for your situation and all of the associated costs.
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