Taking time to make plans for your estate can be difficult for most people. However, it is important to outline your wants now in order to guarantee your wishes are carried out after you are gone. One way to protect your assets is through the creation of a trust. There are different types of trusts you can have set up including irrevocable life insurance trusts, irrevocable gift trusts, charitable trusts and revocable living trusts.
A revocable living trust gives you the flexibility to use the assets included in it while you are still alive. Additionally, with this type of trust you can make adjustments to its terms at any time. By working with our legal team at Grewal Law PLLC to create your revocable living trust you will be able to protect your assets while maintaining your privacy. You will also have control of everything put into the trust allowing you to continue managing how these assets are distributed or invested.
Another great benefit of any type of trust is the agreement remains private and does not have to go through the court system in order to be legal. So, if you want to maintain your privacy consider setting up a trust.
Contact Grewal Law PLLC to learn more about how a revocable living trust may be the right option for you. Call (888) 211-5798.
Understanding Your Trust
As the person having a trust created, you will be known as the grantor or settlor. The trust is a legal arrangement for your assets to be passed along to specified beneficiaries. The passage of these assets is through a trustee who will carry out your wishes regarding the transfer of your assets. Compared to other options, the benefit of a living trust is that you will continue to manage all of your assets during your lifetime.
When you create a trust, you will need to select a trustee who will ensure your wishes are carried out after you pass away or are otherwise incapacitated. Your trustee will have a responsibility to be fair in the administering your assets and will need to understand any changes to laws which may impact your estate.
Under the Michigan Trust Code, the responsibilities and legal requirements of a trustee are outlined. Grewal Law PLLC’s experienced estate planning attorneys can help you choose a trustee.
By creating a revocable living trust, you have the ability to change, amend or even terminate the agreement during your life. You have total control of how the trust operates. As circumstances in your life change you may decide to make adjustments to your trust. While serving as your estate planning law firm we can handle all of these adjustments for you.
The state has amended law-related the transfer of property ownership and other assets, so make sure to contact your estate planning legal counsel to learn how these changes may impact a trust.
One area where a revocable living trust does not provide any advantages is in regards to Medicaid eligibility. Under Michigan law, a person’s income and assets are considered when determining if you will receive coverage. Because you have access to your assets in a revocable trust there is a possibility your assets could impact whether or not your eligibility.
Our attorneys are ready to help you learn more about asset protection or Medicaid crisis planning. We can also explore other options to help you maintain Medicaid eligibility while having a revocable living trust.
Create a Revocable Living Trust Today
If you want the protections provided by a trust while having the ability to make decisions regarding your assets throughout your life, then a revocable living trust may be the best option for you. Our Michigan estate planning attorneys are ready to help you decide if setting up a trust is the best choice for you. Protecting your assets for your family and loved ones after you are gone is important, so take time to make plans now.
Our team is ready to help you decide if setting up a trust is the best choice for you. Protecting your assets for your family and loved ones after you are gone is important, so take time to make plans now.
Grewal Law PLLC is ready to help you understand everything regarding a revocable living trust. Call us today for a free quote at (888) 211-5798.