A Living Trust is a legal document that puts all your assets into a trust and designates a trustee to have legal possession of the assets and properties listed. The assets that may be in a trust include investments, bank accounts, real estate, vehicles, valuable personal belongings, and more. A Living Trust will also state exactly where you want your assets to go after you pass away. The main advantages of a Living Trust are that your assets avoid the probate process after you pass, keeping all your assets private, as compared to a will, which is public knowledge.
Disadvantages Of A Living Trust
Though the process of creating a living trust is not difficult, it can be time-consuming and require a lot of paperwork. It also requires you to keep a record of anything that changes within your assets. Also, if you want to refinance your property, it may be difficult if it is under the title of the trust. Many financial institutions will require the trust documents before they continue with the refinance application. Finally, it gives creditors a chance to still collect any debt you owe them from your properties even after you pass away.
Living Trust With Gentry Nalley
If you or someone you love is looking to create a living trust in Flint, MI, Lansing, MI, Gladwin, MI, and the surrounding areas, our skilled attorney, Erika McNamara, is here to help. Ms. McNamara is committed to family values, integrity, and privacy. She will make sure that your wishes are protected and that your assets are properly distributed or preserved at your time of death or incapacitation. We understand that your assets are important to you and will provide you with our best guidance through the entire process. Call us at (517) 522-4092 or click here to contact us so we can help you today!