The transfer of wealth from one person to another, or one generation to another, can be a complicated and highly personal venture. If someone chooses to pass wealth through the use of a trust, the responsibility of trust administration is a challenging responsibility. Michigan beneficiaries and residents embarking on the process of trust creation can ensure proper trust administration by first realizing which kinds of trusts are available and may work best for their given situation.
When minor children are involved, a trust can be specifically created to care for their needs. If a child has special needs, medical or otherwise, a special needs trust can be created to take care of those concerns for years to come. This allows a parent to protect and provide for the children long after that parent is gone.
Trusts and trust administration responsibilities do not just involve children, either. Some people prefer to give assets or funds to charities they support. A charitable lead annuity trust (CLAT) can be an ideal solution. For others, pets may be just as valued as any family member. A trust for pets can be a means of providing care and support for that pet for the entirety of its lifetime.
Anyone in Michigan looking to create a trust and ensure proper trust administration can find one that is right for them and their specific wishes. Having these details worked out long before a family needs to use a trust can help ensure an estate plan is comprehensive and minimizes or avoids the need for probate. Our firm has more information about various types of trusts and trust administration duties on our website.