Many of our clients have revocable living trusts into which they transfer their assets, such as property, bank accounts, and business assets. The trust may also receive proceeds from life insurance policies or retirement accounts. When the individual dies, his or her assets are not owned by the decedent; they are owned by the trust. As such, no probate of these assets is required.
Instead, a successor trustee is named in the trust to administer the assets in much the same way as a will would be administered. The trustee pays bills and transfers assets in accordance with the directions contained in the trust document, but without any involvement of the probate court. There are legal requirements that are binding upon the trustee.
When you are named as a trustee, it is critically important to have advice and guidance in the administration of the trust from an experienced attorney who understands Michigan’s trust laws. We provide the assistance and guidance you need while allowing you to handle the management decisions and other details which your loved one intended you to handle and which you are comfortable handling.