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Cuestionario de patrimonio y hojas de trabajo
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés.
For your convenience, the complete English version of this form is attached below the Spanish version.
Estate planning involves making decisions about how your assets should be managed, protected, and distributed after your death.
A trust is a legal arrangement where a trustee holds and manages assets on behalf of a beneficiary according to specific instructions outlined in a trust document.
Using a trust can provide various advantages, such as avoiding probate, maintaining privacy, controlling asset distribution, minimizing estate taxes, and protecting assets from creditors.
Michigan allows various types of trusts, including revocable living trusts, irrevocable trusts, special needs trusts, charitable trusts, and more. The choice depends on your specific goals and circumstances.
A revocable living trust is a flexible legal arrangement where you can transfer ownership of assets to a trust while maintaining control over them during your lifetime. It allows easy modification or revocation if your circumstances change.
Yes, in Michigan, you can serve as the trustee of your own trust. However, it's advisable to appoint a successor trustee to manage the trust after your death or if you become unable to handle the responsibilities.
No, trusts are not solely for the wealthy. Trusts can benefit individuals of various financial backgrounds, as they offer asset protection, privacy, and control over asset distribution, irrespective of the overall wealth.
A trustee is responsible for managing the assets held in a trust and ensuring they are distributed according to the instructions provided. They have a fiduciary duty to act in the best interest of the beneficiaries.
If you have a revocable living trust, you can modify or revoke it at any time while you are still mentally competent. However, once you pass away or become incapacitated, the trust becomes irrevocable.
Yes, it is highly recommended to consult with an experienced estate planning attorney in Michigan who can offer guidance specific to your circumstances, ensure legal compliance, and help draft the necessary documents.
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