What Is a Michigan Living Trust?
A Living Trust in Michigan, also known as a Revocable Trust or Revocable Living Trust, is one of the best, simplest, and most commonly used methods for passing assets to your loved ones after you’re gone and avoiding financial disaster.
A Living Trust is a legal document which outlines who you’d like to receive your property after your death, and who should manage that property.
You place property into the Trust and manage it yourself while you are alive – just as you do now.
When you die, a person you’ve chosen will start managing the property according to the strict directions you’ve outlined in the Trust.
Does A Michigan Living Trust Avoid Probate?
Unlike a Will, a Living Trust avoids the need to go to Probate Court.
A Living Trust is a private document that doesn’t require court authority or oversight.
This means that if you have a properly funded Living Trust in place, your family will be saved from the costly and time-consuming Probate Court process in Michigan.
It can also be used to reduce death taxes and fees, maintain family privacy, prevent disinheritance, preserve needed benefits, make sure beneficiaries attend college, and protect children from creditors, divorce, bankruptcy issues, and substance abuse.
Most of all, it gives you the peace of mind that your loved ones will be taken care of even after you pass.