When people think about creating a trust, they may automatically think about leaving sums of money to kids and determining how to ensure that those funds are spent appropriately. The truth is that there are many types of trust funds and trust management options from which Michigan families may choose. The type of trust a family decides to create will depend on that family’s unique circumstances.
The idea of leaving a specified amount to each child may not sit well with some families, and it may be a bad idea for some overall. There are generation-skipping trusts for those who do not wish to leave directly to children but want to ensure that grandchildren reap certain rewards from acquired wealth. Some beneficiaries, such as children with special needs, may need more funding compared to other family members. A special needs trust may be set up to care for that child or beneficiary for the long-term.
There are those who do not have children to directly leave funds to or those who don’t wish to leave a trust fund to children they do have. A charitable giving trust is a way to directly leave funds to a charity that may be important. For some people, pets are as important as any child may be. A pet trust can be a way to ensure that pets receive veterinary care, food and everything they need after an owner has passed.
A trust is simply a customized way to determine the fate of funds, and anyone of any income level in Michigan can have a trust crafted. Trust management can be a huge responsibility, and anyone involved should be chosen for the right reasons and understand what the process entails. Our website offers up more information on the types of trusts and how trust management works.