If you are creating a living trust in Michigan, there are a couple of things that you should know.
Decide the kind of trust that fits your needs.
When it comes to the different types of trust, individuals need to know that they have a lot of options. If you are looking to create a living trust in Michigan or just a trust in general, you should remember that your initial step should be to decide which one fits you best.
In this part, there are two persons that you should consult – your lawyer and your spouse if you are married. For single people, establishing a single trust is necessary. For those who are married, you have the choice to either create a single trust or a joint trust. It all depends on how well you understand how a living trust would work for you.
In case you are having doubts or problems, you should consult an attorney. This is where Haque Legal comes in. We can help you see through your problem and assess where you can place your trust and what kind of trust is necessary for you. We can help you with the nitty-gritty details and all of the legalities that you should be looking out for.
List down all your property
Make sure that you take stock of your property. Which ones should you put in the living trust? What are the things that you can afford to hand over management to another person? From your bank account to your investments, you should be able to take stock of your property and list them down diligently.
Gather all of the paperwork for your property so you can help your lawyer with it. This would include stock certificates, property deeds, and car titles. Present the list to your lawyer and we can get started on the inventory.
Pick a person you trust the most
Pick a person you think can act as a trustee. A trustee is responsible for managing the trust that you created. Once you pick this person, your lawyer and you will start drafting the papers of the trust.
Keep in mind that you can pick yourself but you should also pick someone who should act as your successor in case you become incapacitated.
In the next part of this series, we take the steps necessary for drafting the documents of your living trust in Michigan.
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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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