Michigan Living Will And Trust

Living trusts and taxes in michigan.

Michigan living will and trust.

Revocable trust can be amended during the grantor s lifetime. A revocable living trust is created for the purpose of holding ownership to an individual s assets during the person s lifetime and for distributing those assets after death. A living trust in michigan also known as a revocable trust or revocable living trust is one of the best simplest and most commonly used methods for passing assets to your loved ones after you re gone and avoiding financial disaster. Testamentary trust created as part of a will and takes effect when the grantor dies.

It is called a living trust because it is created and takes effect during the maker s lifetime in contrast to a will which does not take effect until after the death. A will is probated and made part of the public record. A living trust likely won t impact your taxes. Trusts are also much more difficult to contest than wills providing added security that your wishes will be carried out.

A michigan living trust provides privacy in a way a will cannot. A trust remains private and does not need court approval and is not made public. Still if you re planning an estate you should know about the michigan estate tax and the michigan inheritance tax estate tax is levied on the estate of the deceased before assets are passed on to heirs.