There are many options for estate planning and no one plan will work for everyone. However, regardless of the size of the estate, a trust may be a good idea to consider. For anyone in Michigan who is venturing into estate planning, learning about the different types of trusts can help a family determine what may be the best course of action for them.

Individual needs and expenses may determine the type of trust that is best. One type that is common is a minor children’s trust. This is meant to provide for the needs of minor children. A generation skipping trust is a great option for grandparents who want to leave funds to grandchildren.

For those who wish to leave funds to a charity, either in bulk or to be distributed over time, a charitable lead annuity trust may be a good idea. Parents who have adult children who have special needs may want to look more closely at how a special needs trust can ensure proper care is given to family members who may not be able to care for themselves. A special needs trust can address just the needs of that individual.

A trust can be an efficient and easy way to leave a beneficiary exactly what you want to leave him or her. A trust can help you avoid probate and also help lessen taxes. For families in Michigan who are concerned with estate planning, our firm’s website and trusts page can provide more information so that individuals have access to needed information.

Source: gallowaycollens.com, “Detroit Trusts Attorney“, , Aug. 25, 2014

Source: gallowaycollens.com, “Detroit Trusts Attorney“, , Aug. 25, 2014