The Benefits Of Establishing Trusts
A trust is designed to help your family avoid probate, while giving you the opportunity to preserve your assets until they are distributed to your beneficiaries. There are a wide variety of trusts available. Depending on your situation, your estate plan may include one or more of the following in addition to a will, a power of attorney and other tools:
- Living trusts
- Irrevocable trusts
- Revocable trusts
- Charitable trusts
- Special needs trusts
At the law offices of Marrs & Terry, PLLC, we will review your situation to determine whether a trust should be incorporated into your estate plan. We will provide you with sound legal guidance to help you understand the type of trust that would be most effective based on the plans you have for you and your family. Contact our law firm online or call 734-663-0555.
Many Types Of Trusts Can Cater To Your Needs
The most widely used trust is the revocable living trust. This type of trust protects assets while the owner of the trust is alive, and continues to provide that protection if the owner becomes incapacitated or passes away. Furthermore, it allows probate to be avoided.
The revocable living trust is general and can be beneficial in many situations. Other trusts are more specific. For example, a special needs trust is designed specifically for people who want to pass money on to children or other loved ones who have special needs and require additional financial assistance because of those needs.
Our Michigan lawyers are animal advocates and have extensive experience with the creation of pet trusts. These are a unique type of trust that can be set up to protect dogs, cats and other pets after their owner is no longer able to care for them. We also assist with guardianships and conservatorships to make certain pets are always taken care of.
Considering Crafting A Trust? Contact Us Today.
If you would like to learn more about different types of trusts and estate planning, contact us online or call 734-663-0555 to discuss your situation with our experienced Ann Arbor and Ann Arbor trusts attorneys.