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Is it better to have a will or trust in Michigan?

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.

What is spouse inheritance law?

Without the presence of a valid Will, the Intestate Succession Law, 1985 promotes spousal inheritance of property and assets. It recognises the spouse(s) of the deceased, their biological or adopted children, surviving parents and the customary family, prioritising spouses, and children.

How do trusts work in Michigan?

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.

What are the disadvantages of a living trust?

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.

Does marriage override a deed of trust?

If a cohabiting couple later marry or if you are already married, the Declaration of Trust will be superseded by the Matrimonial Causes Act 1973. The Court has the power to determine the distribution of assets between the married couple and this could mean overturning the Declaration of Trust.

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