Let Wills & Trusts Now!! of Royal Oak, MI Help You Create The Trust You Need Today
WHAT IS A TRUST?
A trust is a separate legal entity that you create, into which you can transfer some or all of your property. The trust property is legally owned by a trustee. The trustee can be you in some instances or a person or company that you designate in others. The trustee controls the property for the benefit of those designated in the trust document, according to rules you set out in the trust document. Because the trust survives the trustee and the settlor (the person who put the property into the trust), there is no need for probate.
Although wills are very important, did you know that a trust takes effect as soon as you create them?