Our probate and trust attorney Dean Patrick has years of valuable experience helping those in the Metro-Detroit area establish trusts as you manage your estate. A trust is a written agreement created by a settlor or grantor that names an individual who is responsible for managing property as directed by the trust agreement. As a settlor, you would appoint a ‘trustee’ with the option to add successor trustees who will take on these responsibilities if you are unable to do so. Once the trust is created, it is very important to re-title your assets into the trust or the trust will remain an empty vessel. Mr. Patrick, an expert in will and trust law, will not only assist you with the creation of the trust but also ensure that all legal formalities are addressed so that your trust is to your specifications.
One of the practicalities of creating a trust is that you would typically assign yourself as the trustee so that you remain in complete control of your trust assets. In the event that you can no longer perform your duties, the responsibilities would legally be granted to your successor trustee. Dean Patrick recommends that as a trustee, you should be sure to nominate a successor that can handle the responsibility and follow the directions of your trust structure. It is typical for a spouse or family member to act on your behalf as trustee if the situation arises that you are no longer fit to do so. In the event that you are no longer named the trustee to your trust, it is of the utmost importance that your successor will abide the wishes that you had set forth in the trust.
Depending on your situation, the creation of a trust could help protect your estate from certain taxes and fees, which would ultimately provide more to your benefactors. While the creation of a trust seems fairly straightforward, it is important to know that there are several different types of trusts that suit different needs. Whichever suits your situation, a trust frequently supplements your estate plan and will also help avoid lengthy probate issues. You should not hesitate in contacting a professional and shrewd trust attorney like Dean Patrick, who will provide a free consultation to assess your estate and the benefits that will come from establishing a trust. Mr. Patrick is one of Michigan’s top probate and trust attorneys, so any estate planning or probate issue will be handled until you are comfortable with your life’s plan.
If you have questions on trusts or other estate planning matters, contact Dean E. Patrick at his Southfield, Michigan office at (248) 663-2566 or click here to arrange your free initial consultation.