Living Trusts
Troy Estate Planning Attorneys
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).
Think a living trust might be right for you? Contact Barron, Rosenberg, Mayoras & Mayoras today to learn more.
What is a Revocable Living Trust?
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.
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.
We Serve Oakland County & Surrounding Areas
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 gone. Contact us today to get started protecting your future.
