Trusts are a great tool to control the distribution of your assets and to avoid probate. But how do you know if a trust¾and which type of trust¾is right for you? If you have a blended family, if you have a child with special needs, if you don’t want your children or grandchildren to receive their distribution at the tender age of 18, or if you have an estate worth more than $5 million, you should likely establish a trust.
The most common type of trust is a revocable living trust. This type of trust allows you (as “Trustee”) to retain control over all your assets during your lifetime and to designate who you wish to succeed you as Trustee (“Successor Trustee”) when you die. As the name suggests, the revocable living trust can be amended or completely revoked at your discretion during your lifetime. All assets in the trust at your death will be distributed outside of probate. A “pour over will,” which is provided with every Trust Estate Plan, further ensures probate avoidance.
If a revocable living trust does not meet your specific needs or desires, Gielow Groom Terpstra & McEvoy’s astute Muskegon estate planning attorneys have drafted numerous complex estate plans for clients in Muskegon, Grand Haven, Spring Lake, Holland, Grand Rapids, and throughout West Michigan, and they can counsel you on additional options available to meet your unique circumstances. We take the time to listen to you so we can develop a personal estate plan tailored to your specific goals.