Having to change their minds is something that most people experience with some frequency. The catalyst for change can vary depending on the individual and circumstances, but typically, parties do not enjoy finding themselves in an irreversible scenario. Because of this apprehension, Michigan residents interested in using trusts during estate planning may wish to consider creating revocable trusts.
For individuals desiring flexibility, revocable trusts can prove useful. After its creation, this type of trust can go through alterations, depending on the desires of the creator. Because it can be difficult to predict financial needs and goals, being able to make changes to such an account could help an individual feel more control and less anxious about making such decisions.
Additionally, a trust could be appealing to those parties who value their privacy. Though a will can offer many useful benefits, that document goes into the public record and can be accessed by anyone with the means to review it. With a trust, however, a person's information remains private, and the court typically does not have to step in to handle the affairs associated with a trust as is necessary when it comes to probating a will.
The use of revocable trusts could allow parties to feel more secure when it comes to protecting their assets while also resting easy in knowing that they can change their minds about the terms of the trusts if they desire. Because a variety of trusts do exist, Michigan residents may wish to explore those options to determine which may work best for their situations. Seasoned estate planning attorneys could assist interested parties with this endeavor.
Source: fool.com, "Revocable Trusts: What You Need to Know", Dan Caplinger, June 23, 2017