Revocable Living Trust Attorneys Serving Redford & Southeastern Michigan
We pride ourselves on our vast experience with creating revocable living trust forms. Over the past 30 years, we have handled a wide variety of diverse cases. This experience allows our living trust attorneys to easily and quickly create custom living trust forms to meet each and every one of your needs.
Call our revocable living trust attorneys to help you today! (313)-532-2100.
A Revocable Living Trust
A Revocable Living Trust is one of the most important tools in your estate plan. Trusts have been used for hundreds of years by many societies. A Revocable Living Trust is a legal entity that is able to own property and other assets, while the creator of the Trust (the Grantor) retains complete control over those assets.
The most important benefit to gain from setting up a Revocable Living Trust is that your heirs can avoid Probate altogether. Not only can Probate be expensive; it can also take a long time; up to a year or more in some cases.
Placing all or some of your assets into a Revocable Living Trust can allow your heirs to skip the hassle and headaches of Probate.
Not having to go through Probate makes it much easier to administer your Estate. Your appointed Trustee merely distributes the assets as you direct, and they’re done! No long list of forms to fill out and file. No long lines at the Probate counter. No Court oversight.
You also have much more flexibility in how your Estate is handled.
Examples of Provisions in a Revocable Living Trust
- Have a cottage up north that you would like to keep in the family?
- Have a child who can’t be trusted to handle their own finances?
- Have a grandchild you’d like to help with college expenses?
- Have pets you want to be sure are well cared for after you’re gone?
A Revocable Living Trust can help you with any, or all, of these issues.
The Michigan trust law is difficult to maneuver if you do not have an attorney who is well versed in all kinds of trusts, including revocable living trusts.
Contact our living trust lawyers to see how they can help you set up a revocable living trust for you and your loved ones.
Frequency Asked Questions about Revocable Living Trusts
What are the Advantages of a Revocable Living Trust?
The main advantage to setting up a revocable living trust is the avoidance of probate. Probating an estate is typically costly and time consuming. This especially holds true if you own real estate in more than one state because your heirs would then avoid multiple probate proceedings.
Another significant advantage to a revocable trust is that fact that it allows you to devise a plan with how your estate is inherited. For example, if you leave $50,000 to your son, without a trust set in place he would receive a a one time lump sum of $50,000; instead of a lump sum, you could state in your trust that you want him only to receive $5,000 a year until his portion of the trust is exhausted.
This is a great way to provide for your loved ones for years to come.
Do Revocable Trusts Save Taxes?
The answer to this question is it depends on the situation, give us a call so that our expert attorneys can get a better understanding of your situation.
If you have any questions about revocable living trusts or living wills in Michigan, please contact our attorneys at your earliest convenience either by phone, by email, or by using the form on this website. Thanks for visiting! We hope to talk to you soon.