Kalamazoo Trust Lawyers

Trust and Asset Protection in West Michigan

One tool that individuals sometimes find to be a helpful addition to their estate plan are trusts. Trusts are the building blocks of estate planning, along with wills. There are various trust options that can help you accomplish your individual planning goals. The trust documentation will spell out how assets placed in the trust, such as financial assets and properties, will be managed and distributed.

At Willis Law, we understand that the process can be complicated, but it does not have to be. Our Kalamazoo trust attorneys 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.

Types of Trusts in Michigan

There are many different terms people may hear thrown around regarding trusts. Two such terms are "testamentary trust" and "living trust." The most common type of trust is the living trust, which is an agreement between the trustor and trustee. 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.

Testamentary trusts and living trusts are the two main broad categories for trusts. The main thing that makes these two classes of trusts different from each other is when they initially take effect.

Living Trusts: Revocable & Irrevocable

A revocable trust is one that can 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. Sometimes, a revocable living trust is used to avoid the costs of probate. 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. This type of trust becomes irrevocable after the grantor's death being that they can no longer revoke the trust.

An irrevoable trust is one that cannot be revoked or amended by the grantor after its creation.

Testamentary Trust

In testamentary trusts, property isn't put into the trustee's control until after the person forming the trust has passed away. Thus, a testamentary trust is a trust that starts being active after the trust-former's death. Typically, testamentary trusts come about as a result of the terms of a person's will.

Which Trust Should I Choose?

When a person is thinking of having a trust included in their estate plan, one thing they may wonder is: should the trust be a living trust or a testamentary trust? The answer to this question is dependent on many things, as there are a variety of different things it can be important to consider when making this particular decision. One is what sort of timing for the trust becoming active would best serve the person's goals. Another is how other differences regarding these two classes of trusts would impact a trust's ability to achieve a person's estate planning goals. Attorneys can provide individuals who are planning on forming a trust with helpful information regarding trust type decisions and the potential impacts of such decisions.

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. We have additional office locations in Grand Rapids and Paw Paw.

Contact us online or call (888) 461-7744 today for a FREE initial consultation to learn more.

Testimonials

  • Willis Law You can be sure that if we need further advice in the future your office will be our choice.
  • Willis Law I cannot say enough about the professionalism, integrity and honesty and legal acumen I have found in working with the entire staff.
  • Willis Law Words cannot begin to express my gratitude for what you have done regarding my legal matter.
  • Willis Law We have referred you to several family members and friends.
  • Willis Law I've worked with several attorneys in the Kalamazoo area, and Michael is, without a doubt, extraordinary.
  • Willis Law A truly excellent experience from start to finish.
Prev Next
Read More Testimonials

Helping You Achieve the Best Possible Outcome

  • Roots from a Judge

    Sons of former judges, our firm’s co-founders are deeply rooted in our community and have been exposed to the law from a young age.

  • Service to Others

    We demonstrate compassion and consideration for others, putting your needs or desires ahead of our own to treat you the way you appreciate being treated.

  • Integrity, Honesty, & Accountability

    Willis Law adheres to a code of moral and ethical standards, is truthful in all things, and takes responsibility for our actions.

  • Empathy & Kindness

    We are considerate to exemplify good work ethics. Our lawyers strive to actively participate and engage in your feelings or ideas.

  • Excellence

    Our results and behavior represent the standard to which others should strive. We conduct ourselves to the highest standards in everything we do.

  • Dependability

    We are dependable, adhere to scheduled work hours, are considerate of needs in planning time off, consistently follow policies and procedures, and exemplify good work ethics.

  • Professionalism

    We demonstrate a professional attitude, appearance, and approach, seek personal and professional improvement, and initiate opportunities to improve contributions to the firm.

  • Commitment, Dedication, & Loyalty

    We demonstrate an allegiance and faithfulness with a determination toward a common goal of attaining excellence in service. We actively promote the firm and its values.

Contact Us Today

    • Please enter your name.
    • This isn't a valid phone number.
    • Please enter your email address.
      This isn't a valid email address.
    • Please make a selection.
    • Please enter a message.
E-mail Disclaimer: Please be advised that contacting Willis Law or one of its attorneys by email does not constitute establishing an attorney-client relationship or otherwise confidential relationship between you and the Firm. Please do not give us any information you regard as confidential until a formal attorney-client relationship has been established. Do you wish to proceed?
Put Us On Your Side