Some people may wrongfully assume trusts are only created for those who have a significant amount of wealth to hand down to loved ones. Regardless of the size of an estate or the amount of money being considered as part of an estate plan, creating the right kind of trust can be a first step in the right direction. After the right kind of trust is created, trust administration becomes the way in which the process unfolds in accordance with your vision. Michigan families may want to get further information about trust administration duties and the types of specific trusts that may work in each situation.
For those who have minor children, establishing a minor children’s trust may be essential. For some families, pets are just as important as children. This is why you can create a pet trust to ensure a beloved pet is cared for as you see fit. A special needs trust is a viable way to ensure a special needs adult child gets the care and benefits needed to be taken care of for the long-term.
Once the proper trust is chosen, the trust administration process will get the ball rolling on ensuring wishes and duties unfold as desired. Our firm can ensure beneficiaries understand their rights and what will take place. We also work to ensure timely resolution of any trust issues so trust administration duties are handled smoothly.
Trust administration is just one part of the estate planning process. Understanding how beneficial a trust can be to meet the needs of a changing family is important and having all of the information to make a wise decision is vital. Our firm has more information online about trusts and how we can handle the trust administration process for any Michigan family in need of an estate plan.