As previously discussed, an inheritance trust is a kind of trust that you create to keep your property within your family through the trust.
The concept of inheritance trust is the one that we suggest to our clients whenever they feel that their in-laws might remarry in case their child divorces them or passes away.
Parents who want their children and grandchildren to benefit from their bequest, not their in-law or in-law’s new spouse or children who are not their grandchildren can rely on the concept of an inheritance trust.
What is the process of doing an inheritance trust in Michigan?
The process of doing an inheritance trust in Michigan is easy for you. It requires a single step of hiring Haque Legal and everything else will fall into place. The following are some of the rules that we follow:
- Every child that you have will have their trust. This is to make sure that you will be able to individually take care of your children.
- Your child is the primary beneficiary of the trust. Once you pass away, your child will also be the trustee of the property that you have.
- It is the inheritance trust that becomes the beneficiary of your revocable trust as well as the insurance policies that you have. Hence, in case of your death, the assets will flow directly into your children’s inheritance trust.
Now that you know the flow of the inheritance trust, how does it protect your property by keeping it in the family?
You can explain to your child that you will be leaving money in trust, to be used for his benefit and his children’s benefit. They have the freedom to use the properties as they see fit but once they pass on, the money will still be held in trust.
Keep in mind that the Inheritance Trust is not a joint asset with your children’s spouse. Hence, it passes on only to your child’s children, your grandchildren, or to your other children depending on your own choice.
Is an inheritance trust for you? We are here to help you out.
Haque Legal is Here To Help
We have been around. We have handled hundreds of cases on family law, custody battles, and parenting. We can help you fight for your rights and work your way around getting that parenting time that you deserve. Haque Legal is here. You can find that the best kind of experience for you is to hire our law firm.
Here at Haque Legal, we always have your back. Make sure that on your first free consultation, we tell you everything that you need to know about your divorce or custody case as well as the cost and the expenses that would be associated with it.
The consultation is free for the first time because we understand that you need to at least have that guidance coming from a reputable law firm and lawyer to assess your case. If you have concerns about your divorce or custody case and you need a lawyer to handle it you can always contact our law firm and we can talk about your situation and the best way that we can handle it, especially in terms of the expenses.
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Our law firm is dedicated to making sure that those who are innocent will be protected by the law and that the full extent of justice will be used.
The article that you have read is based on general applications of the law. It is not legal advice and it is not to be construed as any legal consultation with the firm. No client-attorney relationship is created when you read the articles we have provided.
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If you need a Southfield family lawyer to help you during your proceedings, call us immediately. If you have any problem with the law or are seeking justice and truth, our numbers are standing by to take your call.
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