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You could end up paying from $2,000 to $8,000 to create a trust. If you do use an attorney, make sure you fully understand his or her fee schedule beforehand. Its also wise to find an attorney who specializes specifically in trusts.
A Living Trust can help you avoid Probate in Michigan, but a Will cannot. A Living Trust is a private document which does not require any court intervention. Most Living Trust transfers take place in the privacy of your attorneys office shortly after a death.
A trust remains private and does not need court approval and is not made public. Trusts are also much more difficult to contest than wills, providing added security that your wishes will be carried out. Another benefit of creating a living trust in Michigan is the control it offers.
Michigan law provides a spouse the legal right to make a claim against their spouses estate. A living trust can override this right, which can be helpful in regards to second marriages when the deceased spouse wants to protect assets for children from a prior marriage.
Drawbacks of a living trust The most docHub disadvantages of trusts include costs of set and administration. Trusts have a complex structure and intricate formation and termination procedures. The trustor hands over control of their assets to trustees.
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Heres a good rule of thumb: If you have a net worth of at least $100,000 and have a substantial amount of assets in real estate, or have very specific instructions on how and when you want your estate to be distributed among your heirs after you die, then a trust could be for you.
A Living Trust can help you avoid Probate in Michigan, but a Will cannot. A Living Trust is a private document which does not require any court intervention. Most Living Trust transfers take place in the privacy of your attorneys office shortly after a death.
With that said, revocable trusts, irrevocable trusts, and asset protection trusts are among some of the most common types to consider.

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