Helping Western Michiganders Protect Their Assets
Some people may find including a trust in their estate plan beneficial. However, with so many rules governing the use of trusts and the different types available, people can find it difficult to pick one that best suits their needs.
As an experienced estate planning professional, attorney Mike Toburen of Toburen Law PLC has been helping Western Michigan families choose trusts to add to their estate plans so they can plan for the future and maintain a strong legacy.
What Is A Trust?
Trusts can allow people to control their wealth and avoid excessive probate costs after death. Creating a trust can help people protect and distribute personal assets to the appropriate beneficiaries.
There are numerous trusts people can choose from; some of those include:
- Revocable trusts
- Irrevocable trusts
- Special needs trusts
- Gun trusts
- Testamentary trusts
People can learn more about these trusts and establish which ones fit their needs by calling Mike at 616-818-1842. He can address any questions or concerns they may have and offer thoughtful and thorough guidance.
Wills vs. Trusts: How Are They Different?
For many of Mike’s clients, determining whether they will benefit more from a will or a trust can be complicated. Understanding the difference between the two is key to making a sound decision. Here is a breakdown of what sets them apart from one another:
- Wills: A will is a set of instructions to be followed upon a person’s death. Once an executor carries out those instructions, the choice ceases to exist. Wills also have to go through probate when people die, which can be timely and costly. In Michigan, probate can take up to five months.
- Trusts: A trust is a “living” document, similar to an LLC or a contract. It can help people manage their assets before and after they die. People can use a trust to keep a valuable piece of property in the family or control how much money their beneficiaries get per year after they die. Trusts also don’t have to go through probate.
For those who need support in deciding, Toburen Law PLC, is here to help.
Protect Loved Ones With A Revocable Grantor Trust
Today, blended families are prevalent. However, without a comprehensive plan in place, things can become muddled after the death of a parent or spouse. A revocable grantor trust clearly outlines how family assets are to be divided. It ensures that those who die can have their wishes honored. This high level of clarity can be valuable for blended families or those looking for specific ways to divide assets among family members.
Toburen Law PLC provides compassionate legal guidance to walk people through creating a revocable grantor trust that they can tailor to them and their families’ needs.
What Is A Revocable Grantor Trust?
A revocable grantor trust, also known as a living trust, is a legal document people create while still alive. These documents can specify what happens to people’s assets and property once they die. A revocable grantor trust allows people to name beneficiaries for property while avoiding probate costs. If circumstances change, they can revise the trust.
Contact Toburen Law PLC to learn more about revocable grantor trusts.
Lawyer Mike Toburen Can Help People Make Appropriate Decisions
Knowing whether someone needs a trust as part of their estate plan can be difficult. Mike can thoroughly educate them on their options and help them establish their estate plan to align with their best interests.
He takes cases across Western Michigan, including Kent County and Ottawa County.