12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Benefits of a Living Trust in Zip Code 49005

Benefits of a Living Trust in Zip Code 49005


If you want to really know what your friends and family think of you die broke, and then see who shows up for the funeral.
 
- Gregory Nunn


You can make your own basic Living Trust or create a living trust jointly with your spouse. There are many available types of living trust, though some are complicated and can only be used for certain circumstances.

Creating a Living Trust Online

  • Bypass Living Trust: This can be used for married couples with a combined estate that can surpass the estate tax threshold.
  • Special Need Living Trust: Leaving a property to someone with disability.
  • Spendthrift living trust: The beneficiary is someone deemed unable to control his spending and who cannot be trusted to manage money. This living trust will control the beneficiary's ability to spend money.

The Essentials in Creating a Living Trust

You need to decide the following before you begin building your online living trust documents at 12Law.com:

  • List of your beneficiaries
  • List of back up beneficiaries
  • List of young beneficiaries that require guardianship and property management until they reach adulthood
  • First and second choice of successor trustee


  • How to Create a Living Trust

    • Use 12Law.com to create your online living trust document. It shouldn't take long to think through what you want in this important legal document
    • Have your living trust document notarized. Sign your document in front of a notary public. Usually, banks offer free notary services
    • Transfer property into your living trust. Depending on the type of property you are transferring to your living trust, the transfer may take a few weeks to take effect. All property with a title or deed needs to have the title or deed documents updated. This step is absolutely essential.

    How to Change or Revoke Your Living Trust

    Restating or revoking your living trust by adding or removing property is done by transferring your property ownership back to yourself, updating the list of living trust property attached to the trust document and also by revising the property titles.


    When to Use a Living Trust

    Making a revocable living trust can fulfill your wish of giving your property to the beneficiaries of your choice. A living trust avoids any possibility of having the estate tied up in probate (a big advantage over a Last Will and Testament).

    A living trust can spare your family from the expense and delay of a probate that is common when using a will. It can prevent probate from tying up your real estate and other miscellaneous assets. If you have money in a bank, brokerage, and other retirement accounts it would be effective to name "payable-on-death" beneficiaries for each account.

    A living trust can ensure that what you bequeath remains confidential, except when it comes to real estate transfers that can be made public. Making a living trust is not much more complicated than making a will. The important thing to note, however, is to make sure that ownership of all the property you have indicated in the living trust document is legally transferred to the trust, with you as the trustee.

    It may be a good idea to appoint another trustee for the living trust., in case you become incapacitated. He or she will take care of your financial affairs when you are incapable of doing it and will take over the management of the trust assets after you die. The absence of a living trust will make the court arrange someone to take over the affairs you left behind.


    Individual or Shared Living Trusts for Couples

    A Living Trust can be individual or shared. Couples can make a probate-avoiding trust together as a shared living trust. This is preferable especially if you have large, jointly held assets. Needing to divide up the jointly owned property is avoided. Shared living trusts can also be useful to bequeath property to a surviving spouse.

    When one grantor dies, the property left to the surviving spouse stays in the living trust and does not need to be transferred. In the case of individual living trusts, the property left to the survivor has to be transferred from the living trust of the grantee to the survivors then to avoid probate, again placed in the survivor's living trust. Individual trusts may make sense in certain circumstances:

  • Both of you have signed an agreement that each spouse's earning and other income are separate and each of you wants to keep your property separately
  • You are newly married with little or no property together
  • You owned property before marriage and don't want it comingled with assets you will acquire together during the marriage. You will be in sole control of your own trust property.
  • Community Property States. Decisions you make may be affected by the community property laws of your state. This law states that, as a general rule, spouses should share income acquired during marriage 50-50. Properties earned during the marriage are a community property regardless of the name in the title.
  • Non- Community Property States. The name stated in the title document is considered the owner of that property. If you acquire property together, consider a shared living trust. If you own separate property, then an individual living trust may be appropriate for one or both of you
  •  
    Personalize & Print a Free MI Living Trust Create This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
    Page 11
    Page 12
    Page 13
    Page 14
    Page 15
    Page 16
    Related Legal Services near Zip Code 49005
    F. Mark Hugger
    2020 Hogback Rd Suite 13
    Ann Arbor, MI 48105
    (734) 975-9150
    Criminal Law Attorneys, Attorneys
    Rademaker Law PC
    2920 Fuller Ave NE
    Grand Rapids, MI 49505
    (616) 364-8791
    Divorce Attorneys, Attorneys, Criminal Law Attorneys, Family Law Attorneys, DUI & DWI Attorneys
    Rademaker & Kelley PC Law Group of
    2920 Fuller Ave NE
    Grand Rapids, MI 49505
    (616) 364-8791
    Accident & Property Damage Attorneys,  Family Law Attorneys,  Attorneys,  Criminal Law Attorneys,  D
    Sevick Law PLLC
    2002 Hogback Road, Suite #11
    Ann Arbor, MI 48105
    (888) 473-8425
    Attorneys, Legal Service Plans, Elder Law Attorneys, General Practice Attorneys, Real Estate Attorne
    Leah Gatch Tremonti
    2020 Hogback Rd Ste 13
    Ann Arbor, MI 48105
    (734) 677-7900
    Attorneys, Legal Service Plans
    Park Soo
    3055 Plymouth Rd
    Ann Arbor, MI 48105
    (734) 996-7777
    General Practice Attorneys, Attorneys
    Rabideau Christopher
    2922 Fuller Ave NE # B118
    Grand Rapids, MI 49505
    (616) 364-6607
    General Practice Attorneys, Attorneys
    Mc Croskey Law Offices
    2922 Fuller Ave NE Ste 118
    Grand Rapids, MI 49505
    (616) 364-6607
    Insurance Attorneys,  Attorneys,  Social Security & Disability Law Attorneys,  Personal Injury Law A
    Metasystems
    3422 Autumn Ln
    Ann Arbor, MI 48105
    (734) 332-6115
    Attorneys Support & Service Bureaus
    C Frederick Robinson
    2501 N Saginaw St
    Flint, MI 48505
    (810) 234-5856
    Attorneys, Legal Service Plans
    Fifelski Legal PLC
    2002 Hogback Rd Ste 20
    Ann Arbor, MI 48105
    (734) 677-5825
    Criminal Law Attorneys, Legal Service Plans
    Irons, Joan L
    2920 Fuller Ave NE
    Grand Rapids, MI 49505
    (616) 364-5490
    Divorce Attorneys,  Attorneys,  Family Law Attorneys,  Adoption Law Attorneys,  Child Custody Attorn
    Sweeney Law Offices
    2035 Hogback Rd Ste 207
    Ann Arbor, MI 48105
    (734) 926-5297
    Attorneys,  General Practice Attorneys,  Bankruptcy Services,  Bankruptcy Law Attorneys
    Management Service For Pros
    2243 Oakwood Ave NE
    Grand Rapids, MI 49505
    (616) 363-5200
    Attorneys Support & Service Bureaus,  Attorneys Referral & Information Service,  Attorneys,  Legal S
    McCroskey Law
    2922 Fuller Ave NE
    Grand Rapids, MI 49505
    (616) 365-5179
    Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Attorneys
    Pear Sperling Eggan & Daniels PC
    24 Frank Lloyd Wright Dr
    Ann Arbor, MI 48105
    (734) 665-4441
    Family Law Attorneys,  Business Law Attorneys,  Arbitration & Mediation Attorneys,  Arbitration Serv
    Kempner David E
    24 Frank Lloyd Wright Dr # 1
    Ann Arbor, MI 48105
    (734) 665-4441
    Attorneys, Legal Service Plans
    Dellenbusch Caroline
    2944 Fuller Ave NE
    Grand Rapids, MI 49505
    (616) 451-4242
    Attorneys, Legal Service Plans
    Hogan & Associates PC
    2156 Plainfield Ave NE
    Grand Rapids, MI 49505
    (616) 214-3389
    Bankruptcy Law Attorneys,  Attorneys,  Real Estate Attorneys,  Wills, Trusts & Estate Planning Atto
    Total Attorneys - Bankruptcy
    PO Box 271900
    Afton, MI 49705
    (231) 994-3277
    Bankruptcy Law Attorneys,  Attorneys,  Banking & Mortgage Law Attorneys,  Bankruptcy Services,  Lega
    Labell William & Karen
    59897 Apple St
    Allouez, MI 49805
    (906) 337-2546
    General Practice Attorneys
    Phillips Linda A
    2045 Hogback Rd
    Ann Arbor, MI 48105
    (734) 663-2443
    Attorneys, Family Law Attorneys, Wills, Trusts & Estate Planning Attorneys
    Michael Nicholson
    265 High Orchard Ln
    Ann Arbor, MI 48105
    (734) 213-1987
    Attorneys, General Practice Attorneys
    Hulswit David E PLC
    2922 Fuller Ave NE # B211
    Grand Rapids, MI 49505
    (616) 464-1119
    Attorneys,  Labor & Employment Law Attorneys,  Federal Law Attorneys,  Employee Benefits & Worker Co
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US