Living Trust Attorney in Michigan – Lambert & Lambert, PLC
Lambert Law is a father and son legal practice located in Rochester, MI, providing services to clients throughout southeastern Michigan since 1992. We take extra steps to ensure that we deliver experienced and trusted customer service for all our clients.
Do I Need an Attorney for My Living Trust?
It is recommended to hire an attorney. A living trust is a legal document that will allow you to pass assets to family members after you die. It can protect from creditors, protect your assets from being taken by the government if you become disabled, and ensure that your wishes are carried out upon your death. If you have any questions about setting up a living trust or need assistance with creating one, call us today at (248) 431-7127.
What Are Some of the Benefits of Having a Living Trust?
A living trust allows you to avoid probate court proceedings when passing on property. Probate court is where the executor of your estate must go through the process of selling all your assets and distributing them among beneficiaries before they can be released to heirs. This can take months or even years depending on how many assets there are in your estate. With a living trust, instead of having everything sold off and distributed immediately, only the assets transferred into the trust are sold, and those proceeds are then used to pay off debts and distribute the remaining funds to beneficiaries.
A living trust can help protect against the possibility of losing your home to foreclosure. In order to foreclose on a mortgage, the lender needs to first file a lawsuit to obtain a judgment against you. Once this has been done, it takes several weeks for the bank to execute the judgment and seize your house. During this time, you may not know what’s happening and could lose your home. However, a living trust can prevent this because once the bank files a lis pendens notice on your home, the trustee of the trust can sell the home without ever having to sue you.
Finally, a living trust can help ensure that your final wishes are carried out after you die. You can leave instructions in your will as to who gets what, but if you don’t set up a living trust, the state law that governs intestacy applies to your estate. Under intestacy laws, your property goes to your spouse, children, parents, siblings, grandchildren, etc., according to their relationship to you. Because this distribution can be very complicated, it is best to use a living trust to ensure that your wishes are followed.
The experienced team at Lambert Law can help you create a living trust that meets your specific needs. We offer free consultations, which means we won’t charge you anything until you decide to hire us. Call our office today at (248) 431-7127 to learn more.
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Rochester, MI 48307
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When To Use a Living Trust Attorney?
If you want to avoid probate, you should consider creating a living trust. A living trust allows assets to pass directly to beneficiaries without going through probate court. This avoids delays in receiving distributions from your estate. It also protects your assets from creditors if you become incapacitated.
You may need to use a living trust for many reasons. These include:
- Avoid probate court fees and delays. Probate court proceedings take time and cost money.
- Protecting your assets from creditors.
- Helping protect your heirs’ inheritances.
- Managing your business interests.
- Passing on certain types of real estate.
- Transferring assets to a beneficiary outside of your will.
- Providing for disabled beneficiaries.
- Preventing the sale of your home during your lifetime.
- Avoiding gift tax consequences.
When Do You Need a Probate Attorney?
A probate estate is one where someone has died without leaving a will. The person who dies must then appoint a personal representative (also called an executor) to administer the estate. This involves making sure all debts are paid, the property is sold if necessary, and any remaining funds are distributed to beneficiaries. Understanding the probate process is essential to understanding how to create a living trust. Lambert Law is here to help.
For over 24 years, our clients have approached Lambert Law for our skilled guidance. We can supply clients with skilled legal advice and consulting services in a variety of legal areas. Contact the Living Trust lawyers at Lambert Law (248) 431-7127 with any questions you might have.