Trusts are some of the most widely misunderstood estate planning tools. When used properly, they can be among the most valuable estate planning tools, regardless of the size or complexity of your estate. If you have a valuable asset that you would like to pass on to a beneficiary in the most hassle-free manner possible, a trust may be just what you need.
You would be well-advised to speak with an attorney to learn more about trusts and how they can help you. At Creighton McLean & Shea PLC in Livonia, Michigan, we represent clients in all aspects of estate planning. We understand the types of trusts that are available, and we work hard to find the ones that fit best with your needs and goals.
So, Exactly What Is A Trust?
Simply put, a trust is a vehicle that can be used to transfer property of any kind to a beneficiary or group of beneficiaries. Property that can be housed in a trust may be cash, real estate, funds from an insurance policy, investment assets or any other type of property you may wish to transfer to another.
When you put property into a trust, you name a party (the trustee) who will manage the property according to your wishes until the time comes for it to be distributed to your beneficiaries. There can be a number of benefits to using a trust, including, avoiding probate, privacy and tax savings.
Trusts are available to accommodate nearly any need, including:
- Revocable or irrevocable trust
- Special needs trust
- Insurance trust
- Education trust
- Charitable trust
- Qualified terminable interest property (QTIP) trust
Providing Complete Trust Services
When you choose our firm, we take the time to fully understand your needs before we recommend any type of trust. We will help you draft a trust that clearly communicates how the property should be managed and the terms under which it should be distributed. We carefully walk you through every step to make sure that the trust is handled according to your wishes.
Discuss Your Trust Needs With An Experienced Lawyer
Contact Creighton McLean & Shea PLC regarding your trust questions today. We will answer your questions and explain the benefits of including trusts in your estate plan. You can reach us by phone at 734-245-9289 or contact us via email to schedule an initial consultation.