123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Legal >> View Article

Last Will And Testament, Revocable Living Trust, Irrevocable Living Trust – Which To Choose?

Profile Picture
By Author: smith clea
Total Articles: 14
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

There are a lot of different options to choose from when trying to decide how to structure your estate plan.

Last will and testament, revocable living trust, irrevocable living trust – which do you, choose? Each of the different documents we mentioned has pros and cons and they are all used in different situations depending on your estate planning goals.

Living trusts are one of the most popular options people choose to act as the foundation of their estate plan. Why? This article will explain some of the reasons people choose a living trust.

1.
Living Trust Flexibility

A living trust in Michigan is a great option because of the combination of flexibility and protection it provides. It’s revocable which means you can change it at any time during your life.

If you want to change who will receive your assets after you pass, you can do so. Additionally, if you would like to add or remove assets that you placed in your trust, this is no problem.

All of the assets you placed in your trust for protection can be managed just like you do now. For example, if your house is in your trust and you wanted to sell it, you can do so no problem.

This differs from an irrevocable trust because an irrevocable trust can’t be changed. These trusts are usually used for very specific situations like planning for a family member with special needs.

They can also provide certain tax or credit shields.

But, in most cases people can achieve their goals with a revocable living trust because they can amend it if they change their mind.

2. Protection from Probate Court

One of the major reasons residents in Michigan choose a living trust over a last will and testament is because a living trust avoids probate court - a last will does not. Without a living trust, your family will have to go through the probate court process after you pass away.

Probate can be long and stressful for your family when they are already going through a difficult time mourning your loss.

Additionally, if an upset family member challenges your will, it can further delay your family’s ability to access the assets you wanted them to have.

A living trust allows you to avoid this process. The transfer of your assets is done privately, typically in an attorney’s office, and is handled by your successor trustee.

Your successor trustee is a person you trust who you appointed to distribute your assets to your beneficiaries when you were writing your living trust. The transfer of your assets can often happen in a matter of days rather months, or years.

3. Planning for incapacity

A living trust takes effect the moment it is signed. For this reason, people create living trusts to plan for cases of incapacity.

It’s not uncommon for people to become sick or mentally incapacitated prior to passing away.

Writing a living trust allows you to make medical and financial plans to take care of yourself and your family if you are unable to make decisions for yourself.

If something were to happen to you, your successor trustee would step in to manage your trust and ensure that you were getting the proper medical attention.

Additionally, you can outline your medical wishes and assign a person you trust to make sure those wishes are carried out.

This differs from a will because a will only takes effect after you pass away. As a result, it does not have the ability to protect you and your family from incapacity.

Conclusion

In Michigan, living trusts are very popular because of how flexible they are while still providing so much protection for probate and incapacity.

While a will or irrevocable trust have their place, they may not be right for every estate planning situation.

Will, trust, and estate law is complex. If you are interested in drafting a living trust in Michigan, consult with an experienced trust attorney.

More About the Author

Clea Smith is a USA based author on Legal issues related to estate planning, will & trust , business law and elder law. Clea Smith does his best writing on these topics that helps users to find the best solutions to their FAQ on estate planning, probate, living trust vs will and more about legal family issues. Author Clea Smith can be reached through rochesterlawcenter.com

Total Views: 37Word Count: 656See All articles From Author

Add Comment

Legal Articles

1. Online Divorce Is Quick, Easy And Reasonable
Author: Archer Ingham

2. Important Points To Consider While Hiring A Car Accident Attorney Kansas City
Author: Param

3. Professional Medical Device Suppliers In India
Author: Deccan Engineering Works

4. Top Things To Consider Before You Hire A Defamation Solicitor
Author: JM Defamation Solicitors Dublin

5. Fetch Quality Guidance On Family Law, Estate Matters & Personal Injury
Author: Magner & Hueneke

6. A Detailed Insight About Hiring Best Defense Lawyer Virginia Beach
Author: Ronald

7. Here Is Why You Should Hire A Student Loan Lawyer
Author: Sandy Van

8. Top Water Jet Ejectors In India
Author: crystaltcs

9. Industrial Fluid Bed Dryer Supplier In India
Author: Svaar Process

10. How To Get A Divorce Without An Attorney
Author: Archer Ingham

11. Florida Parenting Plans – What Constitutes Time Sharing?
Author: Grant Gisondo

12. The Benefits Of Hiring A Truck Accident Attorney
Author: Fulmer Sill

13. Cnc Turning India Services At Deccanew
Author: Deccan Engineering Works

14. Must-know Turkey Visa Requirements
Author: Turkeyevisagov

15. Intellectual Property Attorney Launches Unique Legal Residency Training Program During Covid-19
Author: Jeremy Stennett

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: