In previous articles, we have discussed trusts. What is trust? How can we help you out in creating trust? In this article, let us start our legal discussion further.
How do I create Trust in Michigan?
Creating trust in Michigan is not complicated if you have the right help. This is where Haque Legal can help you with.
If you are ready to have your trust handled properly, we are here for you.
To begin, how does one create Trust in Michigan?
In the State of Michigan, trust is created solely to put things in order or have another individual handle your affairs.
What are the usual kinds of trust?
Generally, there are two kinds of trust – the minor trust and the spendthrift trust.
A Minor Trust is a trust for a beneficiary who is a minor. The title is handled by the law firm and could contain provisions on whether the child will be able to get a hold of his finances and handle it on his own.
Generally, we believe that a minor trust is good as long as you can gauge your child’s maturity at a specific age.
Of course, the Uniform Transfers to Minors Act (UTMA) applies in the State of Michigan. This will be discussed more in the UTMA article that we will post later on.
A Spendthrift Trust is where the beneficiary cannot spend the principal or borrow against it. Some spendthrift trusts contain provisions for cutting off the beneficiary for specific reasons. We have also handled some trusts of this nature.
Under the Michigan Trust Code, a spendthrift limitation is valid and enforceable. This can be found in MCL 700.7502(1).
There is also the inheritance trust in Michigan. The concept of inheritance trust is the one that we suggest to our clients whenever they feel that their in-laws might remarry in case their child divorces them or passes away.
Parents who want their children and grandchildren to benefit from their bequest, not their in-law or in-law’s new spouse or children who are not their grandchildren can rely on the concept of an inheritance trust.
Now that you know about the different kinds of trust, we will dive deeper into the coming articles.
Let Haque Legal Help You With Your Case
If you require a lawyer who can assist you with ensuring that you protect your rights, it is important to know that you also have a team that can help you out with your specific needs.
Our law firm is dedicated to making sure that those who are innocent will be protected by the law and that the full extent of justice will be used.
The article that you have read is based on general applications of the law. It is not legal advice and it is not to be construed as any legal consultation with the firm. No client-attorney relationship is created when you read the articles we have provided.
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If you need a Southfield family lawyer to help you during your proceedings, call us immediately. If you have any problem with the law or are seeking justice and truth, our numbers are standing by to take your call.