Page 8 - Senior Times South Central Michigan August 2020 - 27-08
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Page 8 Senior Times - August 2020
   I’M NOT A MILLIONAIRE, SO WHY DO I NEED A TRUST?
By: Stacey Lott, Elder Law Attorney
  I’m not a millionaire, so why do I need a trust? That is one of the questions that I am asked the most in my practice. It seems that there is a com- mon misconception that unless you have a huge taxable estate, there is no reason to have a trust. However, there are several very good reasons to create a living or revocable or even an irrevocable trust agreement, if the situation calls for it.
you (or you and your spouse) own. If all of your assets are “in the trust” upon your death, then those assets do not need to go through the probate court process in order to be distributed to your beneficiaries. That makes a trust a very valuable tool in “avoiding probate.” Generally having an estate plan drafted that includes a living trust is less expensive than hiring an attorney to represent you in the probate process. Unfortunately, a will alone is not enough to avoid probate, so a trust is the best way to go for that reason.
all, your minor children generally would receive their money when they are 18 years old. Most people agree that 18 is way too young to inherit any large amounts of money. As a result, creating a trust fund for your children to take care of their needs and then distribute the remainder when they are old and mature enough to handle it, is a very important planning tool for parents.
The first, and probably most common, reason people choose to create a trust is to “avoid pro- bate.” If you have a trust agreement drafted up by an attorney, the attorney should always explain
The second most common, and probably most important, reason to create a trust is if you have a minor child. If you do not set up distribution in a trust, and only have a will or no estate planning at
The ease of administration is also a great rea- son to create a trust. After you pass away, your loved ones are going to be dealing with so much. They will be grieving your loss, dealing with the funeral, the creditors, the medical bills, etc. It is such a gift to them to make sure that they don't have to be dealing with lawyers and court after
to you how to “fund” your trust. Funding a trust means that you make sure that the trust is either the “owner” or the “beneficiary” of the assets that
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ADULT DAY CARE PETS
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122
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65
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60
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111
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                        ARBOR OAKS SEMI-ASSISTED LIVING
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                        BROOKLYN SEMI-ASSISTED LIVING CENTER
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                           DEER RUN INDEPENDENT VILLAS
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                          EVERGREEN SENIOR CARE & REHAB CENTER
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= CITY ✚ = MED MANAGEMENT  = EMERGENCY CALL     Like to be added? Email Christyn McCleary at cmccleary@scenepun.com.










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