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

In Michigan, both wills and trusts have their place in estate planning. A will is suitable for simple estates and clear asset distribution, while a trust is ideal for those seeking to avoid probate, retain more control over their assets, and ensure privacy.

Can you write your own trust in Michigan?

No state law in Michigan prevents you from drafting your own living trust document. But, the document must meet the states requirements to be legally enforceable.

What are the rules for trusts in Michigan?

Michigan law has specific rules for establishing a trust. To create a trust, you must be at least 18 years old and mentally competent. This means you must be of sound mind, understanding the nature of your property, the identity of your family and friends, and the purpose of the trust you are creating.

Can you write your own will in Michigan?

You can prepare and sign a statutory will without help from a lawyer. Even though you can make a statutory will without a lawyer, you may still want to talk to one if you have questions or if your situation is complicated. If you prepare a will from scratch, you might make mistakes that could make the will invalid.

Can you set up a trust without an attorney in Michigan?

Creating a living trust in Michigan is straightforward but requires planning. While you can set it up yourself, hiring a lawyer is advisable if your estate is large or complex. Michigans Uniform Probate Code simplifies probate, making living trusts unnecessary for most with smaller estates.

michigan wills and trusts forms

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How much does it cost to do a trust in Michigan?

If you opt to hire an attorney, your total cost will depend on the attorneys rates and the complexity of your estate. You could end up paying from $2,000 to $8,000 to create a trust.

How much does it cost to set up a trust in Michigan?

Selecting the wrong trustee is easily the biggest blunder parents can make when setting up a trust fund. As estate planning attorneys, weve seen first-hand how this critical error undermines so many parents good intentions.

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