Creating a trust and managing a trust can be an ideal way to handle assets and funds for loved ones. However, trust management responsibilities should be taken very seriously and require an understanding of the different types of trusts that may suit different needs. Michigan families may want to explore which kind of trust is best and how management of that trust should be handled.
Most people think a trust is created to leave children, minor or adult, a certain amount of money with certain stipulations. For those who want to leave funds to the next generation and deal with children differently, a generation skipping trust is an option. Some people may want to cut out family altogether and leave funds to charity. A charitable trust can be an option for supporting a much-loved cause on your own terms.
If minor children are in the picture, leaving them a certain amount of money outright can be impractical or not in the best interests of that child. Setting a trust with a trust manager to ensure needs are met or funds are distributed in a way which is appropriate for a minor can be the answer. Children may not be the only concern as some have pets who are loved and cared for just as much, necessitating a pet trust to ensure vet bills, food and basic care is met.
The creation of a trust and how trust management is outlined can be highly personalized and individualized for Michigan families. Our firm understands the various types of trusts and knows the different options that can help a family make the best decision. Our website outlines more specific types of trusts and how they vary.