Michigan Living Will And Trust

A will is probated and made part of the public record.

Michigan living will and trust.

Revocable trust can be amended during the grantor s lifetime. It is called a living trust because it is created and takes effect during the maker s lifetime in contrast to a will which does not take effect until after the death. A living trust likely won t impact your taxes. Testamentary trust created as part of a will and takes effect when the grantor dies.

A trust remains private and does not need court approval and is not made public. A michigan living trust provides privacy in a way a will cannot. The michigan revocable living trust is a legal instrument which is used to avoid probate when performing the disposition of an estate the creator of the trust the grantor will transfer the ownership of their property into the trust often naming themselves as the manager of these assets trustee during their lifetime. Living trust also called an inter vivos trust it is created while the grantor is alive and property put into the trust is not subject to probate.

Still if you re planning an estate you should know about the michigan estate tax and the michigan inheritance tax estate tax is levied on the estate of the deceased before assets are passed on to heirs. Trusts are also much more difficult to contest than wills providing added security that your wishes will be carried out. A revocable living trust is created for the purpose of holding ownership to an individual s assets during the person s lifetime and for distributing those assets after death.