Troy's Trusted Living Trusts Attorney

Guiding Living Trustees Across Oakland County & Nearby Regions

Creating a trust for your assets is a valuable estate planning tool, and our experienced estate planning attorneys serving in Troy, Oakland County, and surrounding areas can help you develop customized revocable living trusts. All trusts involve trustees (those who own the trust) and beneficiaries (those who will benefit from the trust).

Understanding Revocable Living Trusts

A revocable living trust is created and used while you are living. It lets you maintain control of property as long as you’re mentally competent, and it can be modified as your circumstances and wishes change. For example, if you set it up when your children are young, there may be provisions in the trust that put an age limit on when they can receive their trust benefits. As you and your children age, this clause can be changed or revoked, with little process.

When you sit down with a trust attorney, you can also discuss how a revocable living trust fits with other parts of your overall plan, such as beneficiary designations or jointly owned property. In Michigan, the same trust may need to address a home in Troy, a cottage in northern Michigan, and investment accounts managed elsewhere, so it is important that the document be coordinated rather than created in isolation. We take time to walk through these moving pieces with you so the trust you create actually works the way you intend.

Is a Living Trust Right for Your Michigan Estate Plan?

How can you determine whether you should include a living trust in your estate plan? The only way to know for certain is to talk with an experienced estate planning attorney. But before you talk with your lawyer, you can learn how a living trust works and what benefits one provides. Our respected estate planning lawyers at BRMM answer those questions in the discussion that follows.

One important point to remember is that you should never create a living trust (or any other estate plan document) by filling out a form or using an online service. Taking that approach can have disastrous consequences for you and your family. Instead, you should rely on an experienced estate planning lawyer to help you create an estate plan that suits you, your unique personal and financial circumstances and goals, and your goals for your family’s future.

A living trust attorney can also help you think through practical questions that online forms do not address, such as who can realistically serve as trustee, what happens if that person becomes unavailable, and how to protect a beneficiary who may be facing divorce or creditor problems. For families in Troy and throughout Oakland County, these decisions are often influenced by Michigan’s probate laws and local court procedures, including how the Oakland County Probate Court handles estates that are not fully funded into a trust. Taking time to weigh these issues with guidance can make it easier to decide if a living trust belongs in your plan.

How a Revocable Living Trust Operates

A living trust is also often referred to as a revocable living trust. That’s because most often a living trust can be revoked (terminated) or changed at any time by the grantor or settlor (the term for the person creating it). Some other types of trusts are irrevocable, so the distinction is important.

A living trust is one made during the grantor’s lifetime. A living trust may be called an inter vivos trust. Like any type of trust, a grantor creates a living trust by executing a written legal document that establishes the trust. The document specifies all the terms that apply to the management of the trust and distribution of the assets.

A living trust names a trustee to administer the trust, as well as a beneficiary to receive the distributions. The trustee has a fiduciary duty to manage the trust for the benefit of the beneficiary.

One unique aspect of a living trust is that during the grantor’s lifetime, the grantor usually is both the trustee and beneficiary. There may be other beneficiaries. Typically, when the grantor of a living trust passes away, the trust becomes irrevocable. A successor trustee named by the grantor then manages and distributes the trust property as specified by the grantor in the trust.

When you work with a trust lawyer to set up this structure, you will discuss not only who serves in each role, but also how the trust will be funded and kept up to date over time. Many people overlook the step of retitling real estate, bank accounts, or business interests into the name of the trust, which can leave assets exposed to probate in Michigan. Careful planning and follow-through help ensure that the trust you create today will actually function smoothly for your loved ones when it is needed.

Choosing the Right Trustee and Successor Trustee

Selecting who will manage your living trust is one of the most important decisions you will make in the planning process. The trustee you choose will be responsible for following the instructions in your trust, communicating with beneficiaries, and working with professionals such as accountants or financial advisors when needed. For many families, it is helpful to talk through the pros and cons of naming a family member, trusted friend, or corporate fiduciary so that the person chosen is prepared for the role and willing to act.

We often encourage clients in Troy to think carefully about who could serve as a successor trustee if the first person they name is unable or unwilling to continue. This conversation may include how close the candidate lives to key assets, their comfort level with financial matters, and whether they have time to devote to the work involved. Because Michigan law imposes fiduciary duties on trustees, including those who administer trusts after the grantor’s death, choosing someone who is organized, honest, and able to work with the Oakland County Probate Court when necessary can help your plan run more smoothly. A living trust lawyer in our office can guide you through these considerations and document your choices clearly so your wishes are easier to carry out.

Advantages of a Living Trust in Michigan

There are many reasons that clients choose to use Revocable Living Trusts to manage their estates:

• Privacy – asset information is kept private
• Estate planning – it clearly defines the trustee’s wishes for property beneficiaries
• Asset protection – with a trust in place, costly probate proceedings are avoided after death
• Minimize estate taxes – the trust continues even after a trustee dies, so most estate taxes are avoided
• Children with special needs – a trust is a great way to manage the funding of care for a special needs dependent, especially after the parent is gone

Putting your assets into a trust while you are alive and well helps your family avoid probate proceedings after you pass. In fact, revocable living trusts are sometimes substituted for a will due to their easy administration after death.

For many families, talking with a trust attorney in Troy is also an opportunity to address concerns about blended families, second marriages, or beneficiaries who may not be ready to manage an inheritance on their own. A living trust can be drafted to stagger distributions, protect a family cottage, or keep a small business intact for the next generation. By tailoring the provisions to your real-life situation, you can use the flexibility of Michigan trust law to support your values and reduce the likelihood of conflict later.

Why a Living Trust Alone Isn't Enough

Sometimes people think that a living trust is a complete estate plan. That is not the case at all. Just as a will is not an estate plan, a living trust isn’t either. The trust is only one part of your estate plan. In most cases, you also need a will to ensure that all your property ends up in the trust on your death. If you own property that is not included in the trust, that property may be required to go through probate.

Creating a complete, prudent estate plan requires assistance from an experienced, knowledgeable estate planning attorney. An estate plan includes different documents that serve different purposes. A living trust is not a substitute for an estate plan, although it may offer considerable advantages as part of a thorough plan.

Our experienced BRMM estate planning attorneys welcome your inquiry about adding a living trust to your estate plan. 

When you meet with a living trust lawyer in our Troy office, we also look at other essential documents such as durable powers of attorney, patient advocate designations, and deeds for any real estate you own. These pieces work together with your trust so that someone you trust can act for you if you become ill and your wishes are respected without unnecessary involvement of the Oakland County Probate Court. Taking a comprehensive approach helps ensure your plan is not only legally sound but also practical and workable for your family.

Connect with an experienced living trust lawyer as soon as possible. Dial (248) 213-9514 for a consultation.

Frequently Asked Questions

How Much Does It Cost To Create A Living Trust In Troy, MI?

The cost to create a living trust varies based on complexity, assets, and planning goals. Simple trusts may cost a few thousand dollars, while more comprehensive plans can cost more. Working with a trust attorney helps ensure the trust is properly drafted, funded, and aligned with Michigan law, which can prevent costly probate issues or future disputes.

What Assets Should Be Placed In A Living Trust?

Assets commonly placed in living trusts include real estate, bank accounts, investment accounts, business interests, and valuable personal property. Properly funding living trusts helps avoid probate and streamline asset transfer. A living trust lawyer can help determine which assets should be transferred and ensure titles and beneficiary designations are handled correctly under Michigan law.

How Long Does It Take To Set Up A Living Trust In Michigan?

Setting up a revocable living trust often takes a few weeks, depending on asset complexity and responsiveness during the planning process. Drafting the trust is only part of the timeline; transferring assets into the trust is equally important. A trust lawyer can help manage the process efficiently and ensure everything is properly completed.

What Is The Difference Between A Living Trust And A Will In Michigan?

A living trust allows assets to be managed during life and transferred privately after death, often avoiding probate. A will only takes effect after death and generally requires probate court involvement. A living trust attorney can help clients understand which option, or combination, best fits their estate planning goals in Michigan.

Are Living Trusts Public Record In Michigan?

Living trusts are generally not public record in Michigan because they do not go through probate unless contested. This offers greater privacy compared to a will, which becomes part of the court file. A living trust lawyer can explain how proper trust funding helps maintain confidentiality and reduces court involvement.

How Are Taxes Handled With A Living Trust In Michigan?

With a revocable living trust, taxes are typically handled the same as if the assets were owned individually. The trust does not eliminate income or estate taxes by itself. A trust attorney can help coordinate tax planning strategies and ensure the trust is structured to support efficient administration and compliance with Michigan and federal tax laws.

Get in Touch with Our Troy Estate Planning Attorneys

The Troy estate planning attorneys at BRMM can advise you on how to protect your assets and your loved ones throughout your life and after you have passed away. Contact us today to get started protecting your future. 

Further Reading on Trusts

• What Is a Spendthrift Clause in a Trust?
• Are Revocable Living Trusts Only for Rich People?
• The Power of a Living Trust: Top 7 Reasons Why You Need One
• 2 Things You Must Know About Revocable Living Trusts
• What Is the Role of a Trust in an Estate Plan?
• Important Tips: Why and How to Fund a Trust