Rochester, MI Trusts

Otlewski And Maloney, P.C.

Otlewski And Maloney, P.C. believes that experience and knowledge matters when it comes to our clients future. Call today for a one on one consultation with either, J. Douglas Otlewski and
John Maloney.

Will or Trust? Which Is Right For YOU?

Features of a Trust
A revocable living trust is a formal property management arrangement that is established to start functioning during your lifetime. If, at any time, your circumstances change, the trust can be modified or even canceled. The trust continues to operate after your death, to protect your family and beneficiaries. The three most important benefits of having a living trust are these:

1. Protection in the event of incapacity.
The trust can help maintain your financial independence should you suffer physical or mental disability. Your Trustee will continue to provide full management of trust assets, paying the income and principal of trust for the benefit of you and your family.
2. Probate avoidance.
The trust is designed to avoid the costs and delays of probate, so there will be no interruption in the income that it provides to your family.
3. Privacy.
Unlike your will, the trust agreement is not filed in probate court and therefore will not become a matter of public record. You need not fear that there will be publicity in the newspapers concerning the size and disposition of the property in the trust.

Establishing A Trust
The revocable living trust has been designed to assist you in developing a successful estate plan. Income from the trust may be reinvested, paid to you, or deposited into your checking or savings account on a monthly or quarterly basis. A joint agreement is often used by married couples who wish to enter into the trust relationship as joint tenants with rights of survivorship.
Once you have established a trust you may make additional deposits to it or take withdrawals from it as needed.

Investing
Your trust may hold individual stocks and bonds, or your assets may be invested in mutual and common trust funds, or in any investment that you select.

The Trust and Estate Planning
You will have six options for the disposition of trust assets upon your death. You may make modifications at any time. To summarize briefly, the six choices are these:

1. Distribute a specific amount to a named beneficiary, with the balance passing to your estate, for distribution under your Will.
2. Distribute the entire trust property to a named beneficiary, or to a group of beneficiaries in equal shares.
3. Hold the property in a continued trust for a named beneficiary for life.
4. Hold the property in a continued trust for a named beneficiary until he or she reaches a stated age.
5. Hold the property in a continued trust for a specific number of years.
6. Distribute the property to another previously established trust.

Otlewski And Maloney, P.C. is here to help you. If you want to be sure your estate is protected with a Trust or a Will, or if you need to update your legal documents to reflect your current wishes, call us for a consultation. We also specialize in planning for families with developmentally disabled children or grandchildren, and work daily with the Oakland County Probate Court and Rochester District Court.

Contact Otlewski And Maloney, P.C. today at 888-239-6990, or browse the website for more information about wills or estate planning.

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