Choosing A Trust To Fit Your Needs
When choosing the right tools for an estate plan, you need to consider your situation and how you want to provide for the needs of your family after you're gone. For many people, this means preparing a will and leaving an inheritance to beneficiaries. For those with more complex estates or more challenging family needs, a trust is a perfect tool to prepare for the future.
The right estate planning tools for families in Rochester Hills, Rochester, Troy, Lake Orion, Oxford, Oakland County, Macomb County and communities throughout southeast Michigan. Schedule your free 30-minute consultation today.
In addition to choosing the right trust, you must also make sure it's prepared correctly. Failing to set up the right trust or draft certain provisions can eventually create legal burdens your loved ones will have to deal with down the road. At Bebout, Potere, Cox & Bennion, P.C., our attorneys have decades of experience drafting, managing and executing trusts, and we can help you too.
- Creating The Right Estate Plan
- Choosing The Right Trust
- Estate Planning Myths
- Estate Planning For Business Owners
- Probate And Will Disputes
Choosing The Right Trust
There are many trusts we can help clients in Oakland County and Southeast Michigan prepare. The three most common are:
Living Trust (Revocable Trust)
From simple to more complicated living trusts, this type of trust offers a number of benefits to people making an estate plan. For starters, living trusts make it possible to manage the distribution of assets to beneficiaries by controlling when and how the assets may be distributed. Unlike a will, living trusts do not pass through public probate, making the process private.
Special Needs Trust
This type of trust is set up in situations where a grantor – the person setting up the trust – wants to leave inheritance to an individual – typically someone who is disabled or requires additional health care – but does not want the inheritance money to affect the individual's eligibility for government assistance. A properly setup special needs trust can prevent ineligibility from occurring.
Irrevocable Trust
Like a living trust, irrevocable trusts allow a grantor to set aside inheritance money for a beneficiary. But unlike a living trust, irrevocable trusts cannot be changed, modified, altered or even revoked. This type of trust typically provides more asset protection than most, giving you more of a guarantee that your loved ones will be taken care of later on.
We Dispel The Myths And Guide You To Solutions
There are a number of myths concerning estate planning that can cause hesitation for some about their estate plans. At Bebout, Potere, Cox & Bennion, P.C., our lawyers will dispel the myths and calm your fears as we guide you through the process.
To schedule a free 30-minute consultation with one of our lawyers, call our Rochester Hills office at 248-651-4114. We serve clients in nearby Rochester, Troy, Lake Orion, Oxford and throughout Oakland County, Macomb County and Southeast Michigan. We accept credit cards.
FAQs
What is a trust, and how does it work?
A trust is a legal arrangement where a trustee holds assets for the benefit of beneficiaries. It allows for the management and distribution of assets according to your wishes.
What are the different types of trusts available?
Common types include revocable living trusts, irrevocable trusts, special needs trusts, and charitable trusts. Each serves different purposes based on individual needs.
Why should I consider creating a trust?
Trusts can help avoid probate, reduce estate taxes, provide for minor children or dependents, and protect assets from creditors.
Do I need an attorney to create a trust?
While it's possible to create a trust without an attorney, working with one ensures that the trust is legally sound and meets your specific needs.
Can I change or revoke a trust once it's established?
Revocable trusts can be changed or revoked at any time during the grantor's lifetime. Irrevocable trusts, however, typically cannot be altered once created.
Get Help Establishing a Trust from a Michigan Family Lawyer
At Bebout, Potere, Cox & Bennion, P.C., we care about you and your family. We help individuals and families in Rochester Hills, Rochester, Troy, Lake Orion, Oxford, Oakland County, Macomb County and throughout Southeast Michigan come to establish a trust that transfers my assets to my loved ones upon my death. Call us at 248-651-4114 or contact us here to speak to an attorney.