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Trusts
Plan. Protect. Prosper.
Grand Rapids Trust Lawyer
Secure Your Family's Future with A Well-Structured Trust
Attorneys prepare trusts to accomplish a wide array of goals in Michigan. Many people are familiar with the revocable living trusts established to avoid probate, but other types of trusts can serve many different purposes with an overarching goal of protecting assets from unnecessary waste. Despite their reputation as a tool used only by the very wealthy, trusts can benefit people in a variety of economic situations.
It is important to ensure that your trust coordinates with other aspects of your estate plans. If you own a business, your trust should also align with your plans for business succession.
At Inhulsen Law, we prepare custom trusts designed with your specific goals in mind. Because of our extensive experience with commercial law, we can provide our clients with a unique level of understanding when it comes to management of trust assets and other aspects of trust administration.
Understanding Trusts in Michigan
A trust is an artificial entity set up to hold property for the benefit of one or more people known as beneficiaries. Putting property in trust protects it in certain ways. Some trusts are more flexible than others which makes them easy to use and change, but these trusts offer less protection.
Trusts start out empty until someone, usually the person who created the trust, transfers property into the trust. From that point on, the property is managed by the trustee. Because the property is held in the trust for the beneficiary, the trustee has a duty to manage trust property in a way that is advantageous to the beneficiary rather than in a way the benefits the trustee personally. This is a fiduciary duty, and it is sacred under the law. If a trustee acts in a way that serves their own interests instead of the beneficiary’s interests, the beneficiary can sue the trustee for breach of duty.
Revocable Living Trusts
When a trust is set up as revocable, the person who created it can easily change the terms or cancel the trust entirely. They can remove property from the trust at any time, so this type of trust is very flexible.
The most common reason that people establish revocable living trusts is so that they can enable their property to pass to loved ones without the need to go through the Michigan probate process. With this type of trust, the creator of the trust usually also serves as the primary trustee and enjoys the use of the property as the primary beneficiary. This allows them to use the property in the trust just as they did before the trust existed.
Where the trust proves valuable is in situations when the trust creator passes away or becomes incapacitated. At that point, an alternate trustee can step in to manage all assets in the trust. This eliminates the need for probate. It also allows trust property to pass directly to alternate beneficiaries after the death of the primary beneficiary.
If the assets were not in a trust or set up to pass directly in some other way, they would become part of an estate and the probate court would need to oversee the distribution of the assets, which is a lengthy and expensive process. People set up revocable living trusts to prevent their loved ones from having to deal with the legal hassles and costs of probate.
Irrevocable Trusts
When a trust is irrevocable, it is difficult if not impossible to change the terms. Once someone transfers property into the trust, they lose control over it and they cannot remove that property again. The trustee will use the trust property to fulfill the purposes of the trust.
Why would people give up control and ownership of their property? Because moving assets into a trust provides a means to protect those assets from a variety of risks. To understand how that works, it is helpful to consider some examples of different types of irrevocable trusts.
- Special needs trusts hold assets for individuals who receive means-tested benefits such as Medicaid. If these individuals owned the assets outright, they would lose Medicaid, SSI, and other benefits.
Our Clients Say It Best
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“I have been very impressed with Inhulsen law services. The knowledge and professionalism were invaluable. John explained everything clearly and kept me informed throughout the process. I was very pleased with the successful outcome and learned so much from him. I would highly recommend this place!”- Lourdes B.
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“If you are looking for an attorney who will truly help you build the life you deserve, then look no further Inhulsen Law. As an attorney who has the opportunity to collaborate with John, I can attest to his depth of knowledge as well as his commitment to excellence. Whether you need assistance with the complexities of business formation and planning or building and estate plan to protect the future of your family, John will apply a creative and honest approach that will make you instantly realize you made the right choice hiring Inhulsen Law.”- Joshua S.
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“Fantastic firm, very personable and receptive to what you’re looking for. Listened to my mom and I for her estate planning. Angela was also very attentive to our needs. Have a life long partnership. Thank you both!”- Salty Dog
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“My wife and I had a very positive experience working with Inhulsen Law to update our Will and to put our assets into Living Trusts. The process is very thorough and they take a no-pressure approach to understanding your needs and will give you multiple options, explaining the benefits of each. They use a model where no question is a bad question and will break down what can seem like a complicated process into an easy to understand format. They take a very personal approach to getting to know you and your needs and we never felt rushed, pressured, or confused throughout the whole process. If you want an Attorney who values their clients seeking a long term relationship with you, you should work with Inhulsen Law.”- Curt W.
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“I had an excellent experience working with John on our estate planning. He took the time to explain everything clearly, answered all of our questions, and made what initially felt overwhelming into a smooth and stress-free process. We truly appreciated his attention to detail, professionalism, and ability to tailor the plan to our family’s specific needs. We now feel confident knowing everything is in order. We highly recommend John Inhulsen to anyone looking for a knowledgeable and caring estate planning attorney.”- Becky L.
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“I had John draw up my will and was so impressed with how knowledgeable and kind he and his staff were. The process was thoroughly explained and it is a huge relief to have things settled for my kids. I definitely recommend him and his services!”- Heidi H.
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“Answer to prayer! My husband and I finally decided it was time to put a Trust and Will in place. It was unnerving to think about estate planning because we did not know who to talk to, where to start or what to expect. Thankfully, after searching the internet for a law firm, we discovered Inhulsen Law. We were more than impressed with the outstanding reviews! Setting up an appointment with John was simple and quick. The entire process was explained to us in an uncomplicated way. In our first meeting with John it was apparent to us that he has a genuine interest in building relationships with people and helping them obtain their goals. John's character is stellar and his knowledge of the law is extensive. It feels good to have a law firm you can trust and someone like John you can reach out to and feel confident he will point you in the right direction.”- Lori A.
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“Recently John Inhulsen took time out of his day to call me when I encountered a legal matter over my head. John talked me through it and made me feel so much better about what I was facing. John's professionalism is first tier. Obviously, he knows and understands the legal world, all aspects. I recommend his team highly.”- Ted L.
Talk to Us About Creating or Administering a Trust in Michigan
If you’d like to learn more about setting up a trust or if you need assistance administering a trust in Michigan, the team at Inhulsen Law is ready to assist. Whether you are gathering information and asking questions or you are ready to get started, we invite you to contact us to learn more about the ways we can help.
