What is a Trust?

Trusts allow you to control your wealth, protect your legacy and avoid excessive probate costs after your death. Creating a Trust provides a reliable way to ensure your family members are financially protected and your personal assets are distributed per your wishes. There are a variety of different types of Trusts including: Revocable Trusts, Irrevocable Trusts, Special Needs Trusts, Gun Trusts, and Testamentary Trusts.  

Do I need a Will or a Trust?

Your estate plan will help you distribute your assets according to your wishes.  For almost every client, the initial decision is whether to use a Will or a Trust as the primary vehicle to accomplish those goals.  The basic differences between a Will and a Trust are as follows:

1) A Will is a set of instructions to be followed upon your death - to pay your creditors or for your funeral; to distribute your assets; to provide a Guardian for your minor children. Once the instructions in the Will are carried out, the Will ceases to exist.

2) A Trust is a "living" document, similar to an LLC or a contract, that can provide for management of your assets during your life and even after your death.  A Trust owns any property that is transferred to it, and therefore provides many more options than does a Will.  For example, a Trust can be used to keep a cottage or hunting property in the family after your own death.  A Trust can also be used to manage cash or accounts if you don't want your children to receive their inheritance when they reach age eighteen (18).

3) A Will has to go through probate when you die - which can be time consuming and costly - whereas a Trust does not have to go through probate.  Whereas probate takes a minimum of five months in Michigan, a Trust does not need court approval so there is no wait before it can be acted upon. 

Protect your family, contact Toburen Law to discuss your estate planning goals today. 

Free Initial Consultation

Mike Toburen - Attorney at Law   

Free Initial Consultation

Attorney Mike Toburen

(616) 425-9212
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230 Fulton St E, Suite 7
Grand Rapids, MI 49503

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