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Trust Administration Archives

What are the benefits of establishing a trust?

Some people mistakenly think that trusts are only for millionaires. There are many reasons that setting up a trust can help you in terms of protecting what you own, avoiding probate, ensuring the effective distribution of assets after your death and assisting in the management of your affairs if you become incapacitated, mentally impaired or are otherwise unable to do so. With the help of an estate attorney, you can weigh all the pros and cons to see if establishing a trust would be beneficial given your particular circumstances.

A guardianship may protect an incapacitated adult

Last week, we discussed appointing guardianship in your will or trust planning in case you passed away while your children were still under your care. In some cases, people in Detroit and elsewhere can set up a guardianship, or conservatorship, over an adult. The legal processes for obtaining guardianship over an adult can be complex. At the Bingham Legal Group PC, we assist families in creating conservatorships and other estate and family planning matters that are ideal for each individual situation.

Setting up a trust plan for your pets

The Bingham Legal Group PC recently discussed planning for the future of your pets in the event of your death. In that blog post, we touched upon the very basics with including your pets in your will and ensuring they have someone to take care of them after you are gone. In this post, we will discuss the benefits of a pet trust for Detroit residents, as well as what you might put in a pet trust.

Probate avoidance though joint tenancy

There are many techniques one may employ to avoid probate when planning how to care for or pass on an estate. One popular tool for probate avoidance is joint tenancy, which allows for two or more individuals to own a piece of property and avoid many of the tax implications of transferring that property upon the death of one of the owners.

A primer on living trusts in Michigan

Probate procedures have long been a contentious issue among those who are attempting to plan for the distribution of their property following their death -- and often more contentious among the survivors of those who did not bother to properly prepare at all! In many states, including Michigan, living trusts have become increasingly popular as a tool to circumvent much of the probate process and retain value within the property of the trust’s creator.

A special needs trust can address the needs of a disabled adult

If you have a child with a disability, you may rightly be concerned about how to continue caring for the child after he or she is an adult. At the Bingham Legal Group PC, we understand the questions that you and other Detroit residents with special-needs children may have. One particularly pressing question is how to ensure your child is taken care of after you have passed away.

Trusts and guardianships can protect an incapacitated parent

It is an unfortunate fact for residents of Detroit and elsewhere that not everyone is able to live to old age with full mental capacities. Numerous conditions, including dementia, Alzheimer’s disease and stroke, can reduce an elderly person’s mental acuity and ability to make informed decisions. In many of these cases, the responsibility falls to the adult children to take care of their parents’ financial interests.

I'm a beneficiary of a trust. Can I contest it?

You've probably heard of a will contest: A beneficiary of a will or another party goes to court in an attempt to prove the will is invalid. There are several good reasons for doing so. A party might have access to a will that was written later than the one being probated. A beneficiary might argue that the deceased was not in sound mind when the will was written. There might be allegations that a caregiver pressured the deceased person into revising the will. Whatever the situation, attorneys for the disputing parties can resolve the issue out of court or seek a ruling from a judge.

What are trusts and their benefits?

With estate planning in Michigan, you have many choices when it comes to the legacy you wish to leave to your loved ones. You might want to make sure your grandchildren's college tuition is taken care of. Perhaps one of your relatives is a disabled person and you want to be sure he or she is provided for. You could also be concerned about how the assets you leave to your beneficiaries are handled. Establishing a trust for your heirs could be an effective option for any of these situations, as well as others.

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For an appointment and consultation, call an attorney at 248-952-8783 or contact us online. Bingham Legal Group PC is a full-service estate planning and probate firm providing counsel and service to individuals and businesses in Bingham Farms, the greater metropolitan Detroit area and throughout Michigan.

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Bingham legal group

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Bingham Farms, MI 48025

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