[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/nmichlaw.com\/blog\/estate-planning-and-trusts\/#BlogPosting","mainEntityOfPage":"https:\/\/nmichlaw.com\/blog\/estate-planning-and-trusts\/","headline":"Estate Planning and Trusts","name":"Estate Planning and Trusts","description":"Planning for the future takes on many forms. Many families plan for college, vacations and even the purchase of their dream home. One other type of planning Michigan families need to consider is\u00a0estate planning. Estate planning can take on different &hellip; <a href=\"https:\/\/nmichlaw.com\/blog\/estate-planning-and-trusts\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a>","datePublished":"2017-08-17","dateModified":"2022-06-20","author":{"@type":"Person","@id":"https:\/\/nmichlaw.com\/blog\/author\/nmichlaw\/#Person","name":"Alward Fisher","url":"https:\/\/nmichlaw.com\/blog\/author\/nmichlaw\/","identifier":10,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/63071aa228c966abd886a2cbb647b07806c39706d3fbac14fe9c4c475edc7457?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/63071aa228c966abd886a2cbb647b07806c39706d3fbac14fe9c4c475edc7457?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Alward Fisher","logo":{"@type":"ImageObject","@id":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/09\/logo-fisher.png","url":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/09\/logo-fisher.png","width":288,"height":103}},"image":{"@type":"ImageObject","@id":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/10\/feature-home-mobile-1.jpg","url":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/10\/feature-home-mobile-1.jpg","height":"100","width":"100"},"url":"https:\/\/nmichlaw.com\/blog\/estate-planning-and-trusts\/","about":["Estate Planning"],"wordCount":349,"articleBody":"Planning for the future takes on many forms. Many families plan for college, vacations and even the purchase of their dream home. One other type of planning Michigan families need to consider is\u00a0estate planning.Estate planning can take on different forms. Some families find that a simple will is all that is necessary. However, other families discover that trusts are a better option given their circumstances. There are a number of different types of trusts to be considered.A revocable trust is established during the individual\u2019s lifetime. Prior to the individual\u2019s death, he or she can make changes to or even revoke the trust. With a revocable trust, title to property is transferred to the trust with the individual creating the trust acting as trustee. One benefit of the revocable trust is that is allows the property to be transferred without going through probate. However, property placed in a revocable trust may still be subject to collections efforts by an individual\u2019s creditors.Another form of trust is the irrevocable trust. Once an irrevocable trust is created, it cannot be changed or revoked. This stipulation applies to all parties, including the individual who created the trust.Protecting assets and providing for loved ones is the premise behind the estate planning process. As each individual and family is considering how they wish their assets to be distributed, trusts are an option that should be looked at. Experienced legal counsel can help one analyze the situation and determine the appropriate estate planning options for each Michigan family\u2019s future.Source:\u00a0estate.findlaw.com, \u201cTypes of Trusts\u201c, Accessed on Aug. 16, 2017About the AuthorLatest PostsAlward FisherAt Alward Fisher, we provide more than savvy legal representation. We provide peace of mind. Peace of mind for your business. Peace of mind for your family. And the peace of mind for your future. No matter what types of legal challenges you are facing, we can help you find solutions.Can Someone with the Power of Attorney Change a Will?Can a Divorce Be Denied in Michigan?What Is the Downside of Collaborative Divorce?"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/nmichlaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Estate Planning and Trusts","item":"https:\/\/nmichlaw.com\/blog\/estate-planning-and-trusts\/#breadcrumbitem"}]}]