Revocable Living Trusts And Estate Planning
In our last post, we mentioned that one of the types of assets that can skip probate in Michigan are assets that are in a revocable trust. Today, we will be discussing these types of trusts.
Revocable living trusts are one of the types of trusts that individuals sometimes use in estate planning. Some of the general characteristics of revocable living trusts are that:
- They come into effect while a person is still alive.
- The terms of the trust may be changed during the course of a person's lifetime.
- A person has the ability to give themselves the role of trustee during their lifetime and set up another to take on the role at the time of their death.
- Terms can be put in place regarding how assets in the trust will be distributed upon an individual's death.
The fact that these trusts can give assets the ability to avoid probate is one of the reason's individuals sometimes use them as an estate planning device. Another reason is their high degree of flexibility.
An important thing to note is that every type of trust or other estate planning device has its own set of rules and processes associated with it. Each also has its own specific limitations as to what it can do.
Our firm is dedicated to helping clients find the estate plan that is best suited for them. We can answer questions clients have about revocable living trusts and other trusts, help them determine if having a trust in place is a good choice for them and help with the establishment of trusts.
See our firm's trusts page for more information on revocable living trusts and trusts generally.