Understanding Michigan Trust Administration
If you have implemented a trust-based plan, Malicoat Law can provide various levels of trust administration services in Michigan. We can help navigate your loved one through the Michigan trust administration process while adhering to your instructions outlined in the estate plan. Our law firm can support your trusted appointees, such as successor trustees and personal representatives, so they understand their duties and make informed decisions.
We can assist with all aspects of probate and trust administration. A Michigan probate attorney at our law firm works with a variety of trusts, including living trusts, in Michigan, in addition to distributing assets according to your will. We can ensure that an estate will be administered according to the law and to a loved one’s final wishes.
Understanding the Revocable Trust Administration Process in Michigan
A revocable trust, also known as a living trust, can help simplify your estate’s transition. This type of trust can be an option for avoiding the probate process.
Revocable living trusts ensure that your assets are distributed according to the terms of the trust, avoiding guardianship during your lifetime and probate at your death. Still, the process may require some assistance in administering them.
When a revocable trust is established, a trustee is named to manage the assets in the trust for the grantor’s benefit during their lifetime. This type of trust allows the grantor to change the trust after it’s set up and even permits the grantor to eliminate it. Alternatively, an irrevocable trust can’t be altered once created, which offers less flexibility.
Understanding a Michigan Probate Attorney’s Role
Knowing the role of the Michigan probate lawyer is an essential step to take at the beginning of the probate process, regardless of whether you are the personal representative or an heir of the estate. Understanding the role of the lawyer hired by the personal representative of the estate is one of the most significant ways to avoid conflict in probating a Michigan estate. Personal representatives typically don’t understand the probate process and leave the work to their lawyers.
Some of the shared responsibilities of a personal representative that a lawyer assists with include:
Duty to communicate. All beneficiaries must be notified of the estate and the identity of the executor. They must be provided with a copy of the inventory, court filings, documents that require a beneficiary’s signature, etc.
Duty to account. All funds paid out of the estate for expenses must be explained in detail in regular estate accountings.
Duty to treat all beneficiaries equally. All funds must be distributed to each beneficiary simultaneously.
Your Estate and Trust Administration Attorney in Michigan
Our law office will provide sound legal advice to guide you or a loved one through the Michigan estate and trust administration process. In the event of a loved one’s death, our estate and trust administration attorneys will facilitate the transition of assets quickly and efficiently.
Malicoat Law can help you and your loved ones understand estate planning, elder law, business planning, probate, and VA planning, as well as estate and trust administration. Our Michigan law firm welcomes the opportunity to consult with new clients in cities like Bay City, Auburn, Freeland, Saginaw, Mount Pleasant, Tawas City, East Tawas, Hale, or Oscoda.