Michigan Education Trust Lawyers Serving Redford & Livonia

Our trust attorneys have been creating educational trusts for people for over 30 years now.

In that time, they have made both small and large, simple and complex educational trusts. It is important to know that you have an attorney with a lot of experience in setting up trusts to ensure your family is taken care of in the future.

Call our Educational Trust Attorneys Today! 313-532-2100

Setting Up an Education Trust in Michigan

An educational trust should be incorporated into the overall estate planning process for you & your family. It sets aside a portion of your estate to ensure that your loved ones have the resources they need to further themselves through education.

It is a great way to ensure that your family’s educational needs are taken care of before and after you pass.
One of the many beneficial things you can do with a Revocable Living Trust is to set up an Education Trust for your children, grandchildren, or nieces and nephews.

You merely designate a portion of your assets to fund the Education Trust upon your death, and your Trustee makes sure the funds are used as you direct to help pay for their education expenses. A great way to help ensure your beneficiaries’ future!

Another benefit one gains from setting up an educational trust for their children, or loved ones is that it the contributions are not exempt from taxes.

Protect Your Assets with an Education Trust

There are several clauses that can help protect your assets from creditors both current and future. If the educational trust includes spendthrift provisions (call us for more details on this), those creditors cannot receive payment out of the resources within the trust.

Even if the trustee or the beneficiary of the trust is sued by a creditor, the assets are protected by the trust if the debts are unrelated to the purposes of the trust.

An educational trust has numerous benefits for both yourself, and for those you are setting it up for. At its fundamental level, an educational trust is a way to provide paths to educational opportunities to children, and grandchildren who may not be able to access such opportunities without an educational trust.

How Our Education Lawyers Typically Set Up Your Trust

Our typical Education Trust for a child will direct that its funds are to be used to pay the tuition, room & board, books, and other education expenses for that child. In the event there are funds left over after the child graduates (or ceases to attend college), you can then direct that the funds be distributed to that child in any way you see fit.

You can distribute everything upon graduation; you can make distributions over time; you can even distribute excess funds to another Education Trust for a different child; or any other way you see fit.

An Education Trust ensures that the funds you provide for college are only used for that purpose. If you just leave money to a child outside of a Trust, they get the money when they are 18 and can do anything they want with it.

Some 18 year olds may be mature enough to use it for college; but many are not. With an Education Trust, your Trustee makes sure the money is spent wisely, and for the purpose you intended.

Our education trust attorneys have set up countless education trusts for people over their 30 years of being in practice. They know what questions to ask you to make sure all of your wishes for the education trust are met, and because they have been creating these trusts for so long, they can create them in a very timely fashion.

Call our Educational Trust Attorneys Today! 313-532-2100