Kalamazoo Trust Lawyers
Along with wills, trusts are the building blocks of estate planning. There are various trust options that can help you accomplish your individual planning goals. At Willis Law, we understand that the process can be complicated, but it does not have to be. Our lawyers will take the time to answer your questions and address your unique challenges. Our priority is to help you implement these legal documents to establish a solid foundation for your family's future.
Trust and Asset Protection Attorneys Serving West Michigan
The most common type of trust is the living trust, which is an agreement between an individual — known as the settlor or trustor — and an individual or entity — known as the trustee. The trust documentation will spell out how assets placed in the trust, such as financial assets and properties, will be managed and distributed.
Living trusts can be revocable or irrevocable, but the flexibility of the revocable trust makes it a more popular option for most of our estate planning clients.
Revocable Living Trusts
Sometimes, a revocable living trust is used to avoid the costs of probate. This type of trust takes effect during your life. You can retain control over the property you place in the trust by naming yourself as the trustee. Then you name a successor trustee to take over trust administration upon your death. We can help you set up a revocable living trust and show you how to transfer the title of your property to it. The property then becomes unavailable for probate because it legally belongs to the trustees of the trust.
Trust Administration: A Trustee's Responsibilities
Administering a trust is a responsibility that many people find complex and confusing. Our lawyers are here to help anyone in charge of administering a trust perform his or her duties, including:
- Managing trust property
- Inventorying and valuing trust assets
- Paying creditors
- Resolving tax-related issues
- Preparing annual trust accounts
- Distributing assets according to trust documents
Contact a Michigan Trust Attorney
Our Kalamazoo trust attorneys are ready to help you protect your assets. Contact us online or call (888) 461-7744 today for a free initial consultation to learn more. We have additional office locations in Grand Rapids and Paw Paw.