When it comes to terms and options regarding trusts, there are many areas people may be unfamiliar with. Not only are there many different types of trusts that people can decide to set up, but they can vary considerably and some may struggle to find one that is most suitable for their needs. Moreover, there are so many terms with respect to trusts and estate planning in general that it can be confusing at times. For example, some people in Detroit and across Michigan may wonder what an express trust is.
On the State of Michigan’s website, readers are informed that an express trust needs to have a clearly-stated declaration of trust or show that the trust was created intentionally. Essentially, express trusts are not court-imposed but are set up intentionally. On the other hand, implied trusts are the opposite, legally speaking. There are a number of reasons why express trusts can be beneficial. For example, these trusts can clear up confusion and make the wishes of a trustor very clear, simplifying things later on. On the other hand, implied trusts may be more likely to lead to contentious litigation and confusion, in some instances.
When comparing express trusts with implied trusts, it is important to keep in mind how essential it is for people to plan ahead and ensure that their wishes are carried out with regard to an estate. Taking steps to eliminate uncertainty and make things easier for loved ones later on is important and a major benefit of estate planning.