A Trust can be somewhat simple or highly complex. There are many different types of trusts for many different reasons. At its most basic level, a Trust is a written document that controls the disposition of your assets during your life, as well as after your death. Just a few of the benefits of creating a Trust are:
- Avoid probate proceedings (out-of-court administration, less court costs, and privacy);
- Control the disposition of your assets long after your death (a Will generally provides lump sum payments upon death);
- Maintain separate assets in second marriages and blended families;
- Maintain money and assets (by a trustee) until young beneficiaries reach a responsible age (otherwise, a minor would receive a lump sum payment upon his or her 18th birthday, which is not a time when most individuals should receive large sums of money); and
- Reduction or avoidance of estate taxes.
Do You Need a Trust?
In recent years, Trusts (also commonly known as Living Trusts, Revocable Living Trusts or RLTs) have received a lot of coverage in the media, and they are commonly promoted to vulnerable and unsuspecting elders at free chicken dinner seminars. Trusts are extremely beneficial for some, but in reality, they are not for everyone. Trusts can be a considerable expense, and we will not recommend one unless it is necessary to fulfill your goals. Our trust and estate planning lawyers will sit down with you, listen to your goals, examine your situation and be up front with you as to whether we think your estate plan should include a Trust.
For more information or to set up an appointment, please call the trust lawyers at Curtis, Curtis & Brelinski at (517) 787-9481, email firstname.lastname@example.org, or complete our online contact form. Based in Jackson, we serve clients throughout mid-Michigan.