Legal Question in Wills and Trusts in Michigan

Re: Trusts

It is possible. That is exactly the type of situation that can and should be considered and addressed when the trust document is drawn up.

Re: Trusts

This will be a very ambiguous answer, it depends. The goals and protections desired by the creation of a trust must be ascertained. Trusts are excellent instruments used on a daily basis, and will continue to be, but like any legal tool must be properly configured to meet the needs of each client individually.

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Re: Trusts

You're confusing trustees and beneficiaries.

Trustees administer the trust and are responsible for management.

Beneficiaries are entitled to the *benefit* of the trust. Usually these two groups are separate to avoid ownership confusion, as your quewstion indicates.

Counsel for the person setting up the trust should ensure that trust contingencies are covered with direction to the trustees for management.

Specific intention should cover the ownership of the trust assets and build in such creditor shields as the grantors desire.