Revocable Living Trust requirements in Michigan
- You must be at least 18 years old and of sound mind to create a trust in Michigan.
- The trust document must name a trustee (you can be your own trustee) and at least one beneficiary.
- You must transfer ownership of your assets into the trust—this is called funding.
- The trust must be signed in the presence of a notary public, as Michigan requires notarization for a valid trust.
- Witnesses are not required for a trust in Michigan, but notarization is essential.
- You should have a pour-over will to catch any assets not transferred to the trust.
Ready to protect your assets and avoid probate in Michigan? Contact a local estate planning attorney to get started today.
Create your revocable living trustHow to create a Revocable Living Trust in Michigan, step by step
- Decide what assets to put in the trust—real estate, bank accounts, investments, and personal property.
- Draft a trust document that names yourself as trustee, a successor trustee, and your beneficiaries.
- Sign the trust document in front of a Michigan notary public to make it legal.
- Transfer ownership of each asset into the trust—this may require changing titles or beneficiary designations.
- Keep a copy of the trust document with your estate planning papers and inform your successor trustee where to find it.
- Review and update your trust periodically, especially after major life events like marriage, divorce, or birth of a child.
Cost considerations
In Michigan, the cost to set up a revocable living trust varies. An attorney may charge between $1,500 and $3,500 for a basic trust package, while online templates can be much cheaper. However, attorney-prepared trusts are more likely to be customized correctly for Michigan law and your specific needs.
Before Creating a Michigan Revocable Living Trust
Make the process smoother by gathering key documents and understanding Michigan's specific requirements before you start. This checklist helps you prepare for creating your trust.
- List all significant assets and their current approximate values, including real estate, bank accounts, investments, and personal property.
- Decide who will be your trustee, co-trustee, and successor trustee, and choose at least one alternate in case your first choice is unavailable.
- Identify your beneficiaries (who gets what) and consider contingencies (what happens if a beneficiary dies before you).
- Gather legal names, addresses, and Social Security numbers for yourself, your spouse (if applicable), trustees, and beneficiaries.
- Have your existing estate planning documents (like a will or previous trust) ready to review and avoid conflicts.
- In Michigan, a trust must be signed by the grantor (you) and either notarized or signed by two witnesses—choose a notary for convenience and to ensure self-proving status.
Common questions
What is the difference between a living trust and a will in Michigan?
A will goes through probate court in Michigan, which can be time-consuming and public. A living trust avoids probate for assets placed in it, and it is private. However, you still need a will (a pour-over will) to cover any assets not in the trust.
Do I need to notarize my revocable living trust in Michigan?
Yes, Michigan law requires that your trust document be notarized to be legally valid. Witnesses are not required, but the notary will confirm your identity and signing.
Can I be my own trustee?
Absolutely. In a revocable living trust, you can serve as trustee and manage your assets as you normally would. You also name a successor trustee to take over if you become incapacitated or pass away.
What happens to my trust if I move out of Michigan?
A revocable living trust is generally valid in other states, but you should review it to ensure it complies with your new state's rules. Your Michigan trust will still work, but you may need to update certain provisions.