A living trust is similar to a living will. This is a common way of protecting assest from creditors.
A Michigan living trust can be terminated or changed at any time. A trust owner can always go through the process of changing or terminating a trust at any time. Yes a Michigan living trust can be terminated or changed at any time. Provided the owner of the trust is still iving it can be changed with a simple form.
There are several resources to do your work. The following are the websites with their contact in ti to get your job done. www.michiganestateplanninglawyerblog.com and http://www.local.com/results.aspx?keyword=living+trust&location=Michigan
A good way to obtain information about a Michigan Living Will would be to go to http://www.uslegalforms.com/livingwills/michigan-living-will-forms.htm. On that website, there is a wealth of information as well as a way to order a living will.
The web address of the Michigan State Trust-Railway is: http://mstrp.com
The phone number of the Michigan State Trust-Railway is: 989-725-9464.
You have five years to settle things but the trust runs as long as it was set to.
In Michigan, embezzlement by a trustee of a living trust would likely be considered a breach of fiduciary duty. The trustee has a legal obligation to manage the trust assets for the benefit of the beneficiaries and any misappropriation of trust funds can result in civil or criminal penalties. Beneficiaries can take legal action to recover the misappropriated funds and remove the trustee from their position.
Get StartedThe Living Trust Revocation is a document used to revoke a living trust or joint living trust. The Revocation can be used to either dismantle the entire plan of using a revocable living trust or to revoke the "old" living trust in preparation for preparing and signing a "new" living trust. However, if a new living trust will be created, and if it will have the same number of grantors as the revoked living trust, consider amending and restating the existing living trust instead of revoking it. If the living trust is merely restated and not revoked/replaced, the assets already transferred to the living trust will remain in the living trust, avoiding the need to transfer each of them. (See this program's Living Trust or Joint Living Trust documents and select the option to "Amend" the Trust.)
People have mixed opinions on whether or not to get a living trust. You can find out lots of information online about if a living trust is right for you and how to get one set up. One website to give you information is savewealth.com.
The address of the Michigan State Trust-Railway is: 405 S Washington St, Owosso, MI 48867
A living trust is simply a trust created by a living person. It is also known as an "inter vivos trust". That's Latin meaning a trust between living persons. Conversely, a trust created by someone in a will is called a testamentary trust.