A trust can be an essential tool for the estate planning process. Once you have decided that leaving funds to beneficiaries through a trust is wise, your trust management options may hinge on the type of trust you decide to create. Trusts can meet varying needs, which makes understanding the different types available imperative for Michigan families. This requires being fully aware of your objectives and what exactly you want for those left behind.
For families with special needs family members, a trust specifically designed to meet those ongoing needs is a wise choice. There may also be situations that make leaving assets to one generation an unwise choice for all. For this particular scenario, a generation skipping trust can be useful.
There are other forms of trust funds that can provide for the unique needs of a family. For many, pets are much beloved members whose care is just as important as any human beneficiary. A pet trust can be designed to give family members piece of mind as far as the fate and care of a pet is concerned. Minor children also need ongoing care. A minor children’s trust can be one way to ensure that the child’s needs are met and that his or her future is protected.
A trust and the trust management process can ensure needs are met and wishes are upheld. A trust can also mean a smoother transition of assets and funds compared to other options available to Michigan families. With freedom to control the amount, the distribution and the time line for release of funds and assets, trusts can be the best way to manage and control wealth and ensure that wealth is preserved.