Estate planning can be complicated, so it’s no surprise that some people have misconceptions about living trusts and other popular estate planning tools. If you are one of those people who thinks that living trusts cannot do anything for you and your family, we think that you should reconsider. A Washtenaw County trusts attorney from our firm can tell you more about how they work and how you can benefit from setting up a trust of your own.
Aren’t Living Trusts Just for the Very Wealthy?
Many people think of living trusts and they think of trust funds and rich kids. Yes, the extremely wealthy can certainly benefit from the use of trusts, but they are not the only ones who can. You can set up a living trust and make good use of it even if you are not all that wealthy yourself. If you have any assets that you want to pass down, you should at least look into options like living trusts.
Don’t Living Trusts Require You to Give Up Control of Your Assets?
This is another misconception. You can set up a trust and assign a trustee to manage it, but you can also make yourself the trustee of any living trusts that you set up. This means that you stay in complete control of your assets. You do not have to worry that someone else is in charge of when money is disbursed or what assets are sold.
You can also set someone else up as a trustee if you trust them and you do not need complete control. If this arrangement does not work out, just change it. Revocable living trusts allow the grantor, or creator of the trust, to change how it is set up at any time.
What Are Some Benefits of a Trust?
When you set up a trust, you can control how your assets are passed down to your loved ones. This allows your family to avoid probate court, a process that can be time-consuming and costly. Everything gets passed on according to your wishes. This might also reduce the chances of any family fights over properties, money, or other assets.
Do I Need an Estate Planning Lawyer?
It can be difficult to set up an estate plan on your own. Our experienced attorneys can easily set up living trusts and other arrangements for you as a part of a broader estate plan. We can also help you find other estate planning tools that you could benefit from using.
Contact Our Law Firm Today
If you have questions about living trusts or anything else relating to estate planning, contact Collis, Griffor & Hendra. We can schedule an appointment and take a closer look at your assets and what you want to do with an estate plan. Then we can help you figure out the best way to protect what you have and ensure that everything goes to the right beneficiaries.
