Additionally, our attorneys are experienced with probate and trust litigation cases in several Michigan courts. Charitable lead trusts are established for the life of one or more individuals or a specified term of years. The guardian has decision-making power over their ward's day-to-day needs and finances. If you have any questions, Chris would be happy to answer them for you – just call at 248-613-0007. This is particularly true if you have a trust that was drafted when the estate tax exemption was much lower. Making distributions of trust assets pursuant to the distribution provisions of the trust, and obtaining signed and dated Receipts on Distribution from each beneficiary. Mental capacity – Similar to reasons for contesting a will, one possible reason for litigation involves mental capacity. Including checklists, books and more! They only have to be told that the document you are signing is your will and that you are asking them to witness your signature. Such changes could be small, such as changing a beneficiary.
Free estate planning resources. If you have questions about establishing a trust or any estate-related legality, contact our estate planning attorneys at Sumner & Associates, P. C. today. It takes a long time… In Michigan, the standard probate process takes a minimum of 5 months to complete. A Private Family Foundation. Alternatively, you can have an attorney set up your trust for you and then transfer assets into the trust to be distributed to your heirs upon your passing. An asset protection trust is a type of trust designed to hold an individual's assets and protect those assets from creditors or governmental entities. A revocable living trust is perhaps the most common trust. Charitable lead trusts and charitable remainder trusts that meet the tax code's technical requirements can serve these. Depending on your circumstances, you may need a will, a trust, or both to meet your estate planning objectives. If You Die Without a Will. For example, the spouse of a trustee may be named as a beneficiary to receive the benefits of an estate during life; on the other hand, children from a prior marriage may be named as beneficiaries to receive benefits of the trust after the the spouse passes away. If you become incapacitated and can no longer take care of your own needs, you can assign a guardian who will see to your needs.
Using a trust entails legal expenses and the cost of transferring property titles to the trust. We also help their families administer their wills and trusts. This removes its value from your taxable estate, which can reduce the tax burden on your beneficiaries. It can seem very complex at the beginning. Hiring a probate attorney in Michigan can be very costly. If you or a loved are involved in a legal dispute involving trusts, contact our offices today. In addition, trusts can be created to serve a variety of purposes, both before and after the death of the grantor. It's important to keep in mind that a trust must be funded with your assets —otherwise, it will remain an empty vessel. Everyone person should have some sort of a plan. A trust is a legal document that allows a person who has assets (also referred to as the settlor, guarantor or trust maker) to designate a trustee to hold the assets for the trust's beneficiaries. You live in your house and can spend, invest, give away, or do what you wish with your assets. This type of trust is designed to help your future beneficiaries who happen to be physically, mentally, or developmentally disabled and who are receiving (or are likely to receive) government benefits.
Conversely, one downside of wills is that they pass through probate. Important Rules That Must Be Adhered to During the Administration of Special Needs Trusts. The statutory will form does this expressly in its first line. The grantor transfers assets to the trust, supporting regular payments to charities. These trusts' creation, management, and termination are subject to complex tax law requirements. A trust is a fiduciary arrangement whereby a grantor (also called a trustor) gives a trustee the right to hold and manage assets for the benefit of a specific purpose or person. Only the last will you executed is valid at your death. Most online "Will Factories" that offer these types of forms rarely mention this. A trust can enable a person to distribute his assets in private without the need to file a will with the probate court, which would make the will a public document. Irrevocable Life Insurance Trusts. Just as crucially, your estate plan can help ensure that your loved ones will be supported during a difficult and emotional time.
If you are not married now and no spouse, child, or grandchild survives you, your heirs will inherit 100% of the residue of your estate. This article will examine how these estate-planning tools can provide for your heirs, including: - The need for a will, a trust, or both. Leave the rest of your property (after cash gifts and personal items) to a nonrelative. The inheritance would have been devoured by the creditors or swept into her bankruptcy filing had the Estate Plan forced us to make distributions immediately. Bond is insurance used to protect the heirs in case the personal representative or conservator misuses or steals assets from the estate. ", or you have other questions about how to protect your assets, contact the Law Offices of David L. Carrier. Trust administration is not a simple process and a poorly administered trust can result in serious consequences after you pass. And if you have complicated personal relationships, for example, children from more than one marriage, a dependent parent or relative, or offspring whose financial resources vary greatly, leaving clearly expressed, and in the circumstances, clearly explained directions for distributing your assets might prevent potential disputes among your heirs. This could cause delays for your family and personal representative. "Passing on Assets to Heirs Checklist. While keeping your goals in mind, consider some of the commonly noted benefits and downsides associated with wills and trusts that are listed below: - Avoiding Probate: One main benefit associated with trusts is that they can be used to avoid probate, which can save your beneficiaries time and money. There are two different kinds: - Revocable. Talk to a Trust Administration Lawyer Today. If you fit any of these categories, you can still use the statutory will, but it may not meet all your needs.
After all, the trust itself is useless unless it controls the intended assets. Undue Influence – Unfortunately, some people have ulterior motives and may behave in a nefarious manner for their own personal gain, even at the expense of a family member/loved one. Irrevocable trusts cannot be modified, but they do come with certain advantages that are trade-offs for that restriction.
Not wanting your children to inherit equally. A will also appoints a personal representative to distribute your assets. How Do I Avoid Probate In Michigan? If you have a question regarding wills and trusts, or you're wanting to draft a document as soon as possible, contact as at (877) 933-7252. If so, proper planning is necessary to ensure your business is not left without a leader. Many assets, for example, IRA and 401(k) retirement funds, can be transferred outside probate. If you'd ever like to talk about your family's particular concerns, feel free to give us a call to reserve your free consultation at (248) 613-0007. Charitable trusts are entitled to special treatment under the law and may be used to significantly reduce or even eliminate the amount of a potential estate tax.
A special needs trust provides a way that the assets can be held by the individual without threatening their Social Security payments. Naturally, this may cause confusion and disagreement among individuals/families. You can update or change this list at any time. A special needs trust is a type of irrevocable trust used to pass wealth to a disabled person without interfering with his or her Supplemental Security Income (SSI), Medicaid, vocational rehabilitation, and subsidized housing.
If the deceased did not have a will or trust at the time of death, you may also contest the probate proceedings, if you would have been a beneficiary. A will does not need to be notarized.
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