How and when to transfer assets to beneficiaries can be a difficult decision for many Michigan residents. Some prefer the traditional process of wills and probate. Others, however, look for ways to save and make the process easier. A careful analysis of how the trust and probate administration process affects the individual's estate can help one decide the best way to transfer assets.
Trusts are often created as a means of transferring assets in a manner that minimizes cost and confusion for loved ones. Assets are placed into the trust during one's lifetime and allow the individual to control who receives assets and when they are disbursed. Additionally, depending upon the type of trust, changes can be made as the individual sees fit.