No two families are alike, so the ways families choose to distribute wealth and assets will vary considerably depending on the unique circumstances of each family. Before Michigan families begin making decisions about estate planning and trust administration, it is important for them to understand their options. Understanding the different types of trusts and their purposes can help a family to ensure funds and assets are handled according to its specific needs.
The specific objectives of a trust matter immensely. One area of great concern may be care for minor children. A trust established for the care of minor children is a must for many parents, as those children will be unable to make vital financial decisions on their own. Another similar type of trust is one intended to provide care for a loved one with special needs. This type of trust often requires an attorney’s assistance to ensure it does not eliminate the loved one’s opportunity to have government assistance.
Children and loved ones with special needs are not the only beneficiaries chosen by families. Some may want to leave a great of funds to charities. A charitable trust can help ensure funds are given to that charity, help avoid probate and also attach some stipulations or a time frame for distribution of the trust’s funds. A trust may also be established for the care of a beloved pet. The money can utilized for vet visits, food, kenneling and other needs as specified.
As you can see, the creation of a trust and the duties related to trust administration can be complex and require a great deal of forethought. A trust can be the ideal way for individuals in Michigan to have peace of mind concerning their families’ futures. Our website has more information about trust administration and types of trusts that may fit the needs of your family.