This may include: tricking an individual through misrepresentation of the document's contents, pressuring the person, or, in more serious cases, coercing an individual into signing/modifying the trust through the use of threats or by other means. It should be someone you know to be responsible about making sure that things are done on time. Living trusts are a popular estate planning tool. Under the Uniform Probate Code, and therefore in Michigan, there are several requirements that must be fulfilled in order for a will to be valid including: - The testator (aka the person that the will belongs to) must be at least 18 years old; - The will must be signed by at least two competent witnesses; and. Trusts are also much more difficult to contest than wills, providing added security that your wishes will be carried out. Crucially, trusts can give you a great deal of control over your assets, both while you are living and after you have passed on. Sometimes, this lack of clarity can also lead to a great deal of contention amongst loved ones. Challenging a Will in Livingston County, Michigan | Will Contest. If you're trying to decide between a will or a trust, it's best to seek professional legal advice. A special needs trust allows the disabled person to receive a gift or inheritance without interfering with his or her benefits. When you have an estate planning lawyer draft your will, you can be assured that it is ironclad. When deciding if a living trust is right for you, you should weigh all the benefits and limitations. Cost is another factor to understand when looking at a Will vs Trust. It can seem very complex at the beginning. In other words, Daughter will be penalized for having received the inheritance and using it for any purpose she desired.
Do I need the help of an Estate Planning Attorney? When that happens, a judge is sometimes asked to decide what the person meant to do in writing a later will. How to create a living trust in Michigan. Placing assets into a trust can allow them to pass to your beneficiaries, without having to go through the oversight of the probate courts.
These instructions can dictate that the trust will take effect during the settlor's lifetime, if the settlor becomes incapacitated, or when the settlor dies. The statutory will form does this expressly in its first line. Privacy: If you would like for your affairs to remain private it is key to note that a will becomes a public document when you die while trust instruments do not. Those who fail to plan effectively risk leaving behind a significant amount of confusion among the family members who survive them. Some trusts take effect during the grantor's lifetime, while others are only activated if the grantor becomes incapacitated or when they die. For example, if trust monies are used to purchase a television for the beneficiary, the trustee must not give money to the beneficiary to make the purchase. Trust vs will in michigan department. They are much different than your everyday revocable trust. The key benefits and downsides associated with wills and trusts in Michigan really depend on what your estate-planning goals are. A spendthrift clause in a trust allows the settlor to dictate when and how beneficiaries may access trust assets, helping to prevent their misuse and avoid third parties taking advantage of their beneficiaries.
Your will must be signed by two competent witnesses. Perhaps you don't have a very large estate, but you still want to have control over what you have while providing clear instruction as to where your assets should be distributed in the future. What Is a Special Needs Trust? "Is My Will Public Record? The final step is to transfer assets into the trust, funding it. In addition, trusts can be created to serve a variety of purposes, both before and after the death of the grantor. Grandma can provide that if Grandchild does not survive the complete distribution of the Third-Party Special Needs Trust, the left-over cash and securities in the trust can be paid directly to other beneficiaries chosen by Grandma. Put more simply, a trust is one of many tools used by lawyers to ensure that your family and assets are protected should a tragedy strike. Your will must be written rather than oral. They also contain terms to provide for the financial well-being of your minor children should it become necessary. Understanding 10 Common Types of Trusts In Michigan. If you are interested in learning more about the various types of trusts available to you, we are here to help. Additionally, trusts can be arranged in many ways and can specify exactly how and when the assets pass to your successor beneficiaries. A special needs trust, otherwise known as a "supplemental needs trust, " is a legal instrument that is established for the benefit of a person who is receiving, or will be receiving, means-tested government benefits, such as SSI (Supplemental Security Income) and/or Medicaid (health care coverage for people with relatively little income and assets). It is possible to avoid estate tax with a carefully constructed QTIP trust (also known as an AB or marital trust) which passes assets from a spouse to the surviving spouse.
Before we dive into specific types of trust, one concept to understand is the distinction between two categories of trusts: revocable and irrevocable. Parents with Minor Children. Materials for hobbies. Avoidance of Probate. You do not have to tell the witnesses about the contents of the will. Different beneficiaries – One common reason for trust disputes involves different classifications of beneficiaries within the trust. 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. The trust may specifically state what it can be used for, or the trustee may determine how it is used. A Living Trust can also help you achieve tax benefits that a simple Will can't. It can be complicated if someone dies and leaves behind more than one will, especially if the wills say different things. Will vs trust michigan. A creditor or the winner of a settlement in a lawsuit would be required to sue the trust directly which is more costly, more difficult, and requires better timing than the day after the grantor dies. Another section of the will says that the residue of your estate should be distributed to your heirs. Change a beneficiary you named in a life insurance plan.
David Carrier has years of experience drafting wills and setting up trusts and would be happy to discuss your options with you. Unlawfully changing an existing trust – In order to modify a trust, there are specific legal processes required by law. Your trust will only control property which has actually been moved into the trust. A trust is an estate planning instrument that creates a separate legal entity that allows an individual (the "grantor") to nominate a trustee who will hold and manage assets for the trust's beneficiaries. Common Questions about Wills. You may want to give a copy to the person you named in the will as your personal representative. "Charitable Remainder Trusts. If the settlor is unable to perform their duties as trustee, their successor trustee would be granted the legal responsibility of managing the trust assets as directed by the terms of the trust.
Sadly, this is an all too common scenario. The grantor transfers assets to the trust, supporting regular payments to charities. If you intend to leave most of your property to your nearest family and your situation is not complicated, you can prepare a simple and effective will on your own using the Michigan statutory will. This establishes a clear transition of power over your assets and does so in a much more specific fashion than establishing a financial power of attorney. Tickets for events / movies. Common examples include special needs trusts, life insurance trusts, and asset protection trusts. Trusts come in many different "shapes and sizes, " and there are many different ways to strategically use a trust in order to suit your particular needs — from leaving money to charity, to providing for the next generation of your family, to helping some of your most important assets avoid the potential for lengthy probate issues. If you are over 60 years old, your local legal aid office may be able to help you. There are 3 main reasons why this is important to you…. Some banks will require a court order and inventory before letting anyone have access to the box.
This is in case the first person is unable or unwilling to do it. Both the amount and cost of the bond depend on the value of the assets. Speaking with an experienced Michigan estate planning attorney can help you determine whether a will, a trust, or both might be right for you. Special Purpose Trusts. It must be filed with the probate court in your jurisdiction and carried out by your designated executor.
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